National Collegiate Student Loan Trust 2007-4 v. Heather R. Seldal

CourtCourt of Appeals of Wisconsin
DecidedJanuary 30, 2025
Docket2024AP001268
StatusUnpublished

This text of National Collegiate Student Loan Trust 2007-4 v. Heather R. Seldal (National Collegiate Student Loan Trust 2007-4 v. Heather R. Seldal) is published on Counsel Stack Legal Research, covering Court of Appeals of Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
National Collegiate Student Loan Trust 2007-4 v. Heather R. Seldal, (Wis. Ct. App. 2025).

Opinion

COURT OF APPEALS DECISION NOTICE DATED AND FILED This opinion is subject to further editing. If published, the official version will appear in the bound volume of the Official Reports. January 30, 2025 A party may file with the Supreme Court a Samuel A. Christensen petition to review an adverse decision by the Clerk of Court of Appeals Court of Appeals. See WIS. STAT. § 808.10 and RULE 809.62.

Appeal No. 2024AP1268 Cir. Ct. No. 2021CV192

STATE OF WISCONSIN IN COURT OF APPEALS DISTRICT IV

NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-4,

PLAINTIFF-RESPONDENT,

V.

HEATHER R. SELDAL,

DEFENDANT-APPELLANT.

APPEAL from an order of the circuit court for Dane County: STEPHEN E. EHLKE, Judge. Affirmed.

Before Blanchard, Graham, and Taylor, JJ.

¶1 GRAHAM, J. This is the second appeal that stems from Heather Seldal’s attempt to certify a class of Wisconsin residents with claims against National Collegiate Student Loan Trust 2007-4 (“the Trust”). Seldal argues that the circuit court erroneously exercised its discretion when it denied her class No. 2024AP1268

certification motion after this case was remanded to the circuit court following the prior appeal. We reject Seldal’s arguments and affirm.

BACKGROUND

¶2 Seldal took out a student loan from PNC Bank in 2007. This appeal concerns what happened to the ownership of the loan after Seldal’s transaction with PNC was complete, and more specifically, the parties’ dispute over whether the Trust is the entity that currently owns Seldal’s loan and has the right to collect on it.

¶3 The Trust was formed for the purpose of offering securities that are backed by student loan assets. As further discussed in detail below, the Trust contends that Seldal’s student loan with PNC was bundled with the student loans of hundreds of other PNC borrowers, and that the resulting “pool” of PNC loans was “sold, assigned, and transferred” to the Trust through a two-step transaction. For the most part, Seldal does not take issue with the Trust’s description of what occurred in that transaction, but she disputes whether the loans were actually assigned to the Trust, and she further alleges that, even if they were, the Trust cannot prove that fact with admissible evidence.

¶4 At this point, it may be helpful to provide additional detail about the student loan securitization transaction through which the Trust allegedly acquired Seldal’s loan. According to the Trust, 18 pools of private student loans, including a PNC pool containing Seldal’s loan, were assigned to the Trust in a two-step transaction that occurred on September 20, 2007. The Trust makes the following allegations about this transaction, which Seldal does not meaningfully dispute except as noted below.

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¶5 In the first step of the transaction, an entity named First Marblehead Corporation (“Marblehead”) arranged for more than a dozen banks, including PNC, to assign pools of private student loans held by the respective banks to an intermediary depositor named National Collegiate Funding (“NCF”). All of the loans in these pools had been processed by a single entity called The Education Resource Institute (TERI), and they were assigned to NCF through 18 separate contracts, which are referred to as “pool supplement” agreements.

¶6 Each of the 18 pool supplement agreements is named for the bank that originated the pool of loans (e.g., the “Pool Supplement PNC Bank, N.A.”). The individual loans in each pool were not specifically identified in the text of any of the pool supplement agreements. Instead, each of the 18 pool supplement agreements referred to the pool of loans by the name of the originating bank (e.g., the “Transferred PNC Bank Alternative Loans”). According to the Trust, the individual loans that were included in the pools were specifically identified in electronic “schedules” that were made part of the pool supplement agreements. (Here, Seldal appears to acknowledge the existence of the 18 pool supplement agreements, but she disputes the existence and the authenticity of the schedules that allegedly identify the specific loans that were assigned through the pool supplement agreements.)

¶7 In the second step of the transaction, NCF entered into a contract in which it assigned the 18 pool supplements to the Trust. That contract was called the “Deposit and Sale Agreement,” and a schedule attached to the agreement identified the names of the 18 pools of loans that were being assigned to the Trust. (At this stage in the litigation, Seldal acknowledges the existence of the Deposit and Sale Agreement, and she does not appear to dispute the existence of its schedule.)

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¶8 As it specifically pertains to Seldal’s loan, the Trust alleges that Seldal’s loan was pooled with other PNC loans and assigned to NCF through a contract called “Pool Supplement PNC Bank, N.A. (hereinafter, the “PNC Pool Supplement Agreement”). The Trust further alleges that Seldal’s loan is specifically identified in the electronic “Schedule 1” that is referred to in the PNC Pool Supplement Agreement, and it points to a document in the record that, the Trust contends, is a redacted PDF printout of the PNC Schedule 1.1 Then, in the second step of the transaction, the Trust alleges that the loans included in the PNC Pool Supplement Agreement were assigned to the Trust through the Deposit and Sale Agreement, and that a schedule attached to that agreement identified the pool of PNC loans that includes Seldal’s loan.

¶9 Seldal stopped making payments on her loan in 2016. Following her default, the servicing of the loan was transferred to Transworld Systems, Inc. (“TSI”), which is the Trust’s servicer for defaulted loans. After TSI exhausted its efforts to collect on the loan, the Trust commenced a collection action against Seldal.

¶10 In her answer, Seldal denied that her loan had been assigned to the Trust. She alleged that the Trust could not prove the assignment because it did not possess the contracts assigning the loan from PNC to NCF and then from NCF to

1 Throughout her briefing, Seldal represents that the Trust does not have Schedule 1, and that it does not exist. She asserts, for example, that “a Pool Supplement was to list all of the loans allegedly transferred to [the Trust] on a Schedule (“Schedule1”), but there is no Schedule 1.” She also asserts that “[t]he Schedule 1 provided by [the Trust] does not list a single loan.” These assertions are misleading, given the affidavits and exhibits that have been made part of the record. At best, there is a disputed issue about the authenticity of the PDF printout of Schedule 1 that the Trust produced in discovery and filed with the circuit court.

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the Trust, and because any evidence that the Trust has to prove these assignments would be inadmissible under the Wisconsin rules of evidence.

¶11 Seldal then counterclaimed against the Trust on behalf of a putative class of Wisconsin residents.2 The class claims are aimed at the Trust’s attempts to collect payments from a class of Wisconsin residents whose student loans originated with banks that include but are not limited to PNC. In other words, the class claims are not limited to those student loans included in the “Schedule 1” that is referenced in the PNC Pool Supplement Agreement. Seldal seeks a declaration that the Trust “lacks the right to enforce or to collect” on the loans that were taken out by members of the putative class. She also seeks damages on behalf of the putative class on the ground that, she alleges, the Trust violated the Wisconsin Consumer Act by attempting to collect on the loans, knowing that it did not have the legal right to do so.3

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Bluebook (online)
National Collegiate Student Loan Trust 2007-4 v. Heather R. Seldal, Counsel Stack Legal Research, https://law.counselstack.com/opinion/national-collegiate-student-loan-trust-2007-4-v-heather-r-seldal-wisctapp-2025.