# Trust

> Trust turns pools of individual promises into tradable capital-market claims

| Field | Value |
|---|---|
| Stable ID | `node:kiduna:real-estate-mortgage:securitization:trust` |
| Family | Securitization & MBS |
| Domain | Economics |
| Era | Agentic Age |
| Kind | concept |
| Archetype | The Field |
| Claim layers | empirical, cultural_historical, synthesis, interpretive, symbolic_divinatory |

## What it is

Trust is a concept in the Securitization & MBS family, defined here by the function it performs in the property system rather than by label alone.

## What it actually does

Trust turns pools of individual promises into tradable capital-market claims.

## Why it exists

It exists because place is unique and immovable while law, capital, information, and human lives must still coordinate around it across time.

## System mechanics

- **Who uses it:** owner, occupant, buyer, seller, lender, investor, steward, regulator
- **Incentives:** access, certainty, control, value, continuity
- **Inputs:** place, people, records, rules, resources, time
- **Outputs:** rights, constraints, uses, relationships, consequences
- **Dependencies:** Pool, Loan Delivery, Servicing, Investor, Disclosure

## Archetypal reading

- **Essence:** Trust turns pools of individual promises into tradable capital-market claims
- **Gift:** Clarity about trust makes a hidden allocation of place, time, authority, value, or risk available for deliberate choice.
- **Wound / Shadow:** When trust is treated as neutral or inevitable, its costs can be shifted to people who hold less information, authority, liquidity, or mobility.
- **Failure mode:** The failure mode appears when trust is stale, opaque, mispriced, misrecorded, overextended, or applied outside the conditions that made it useful.

## Lenses

- **Personal:** Notice where trust appears as a structure in your own commitments: what is held, promised, priced, protected, excluded, or deferred?
- **Business:** Trust reveals a handoff among information, authority, incentives, operating work, and capital. Make the owner of each handoff explicit.
- **Financial:** Trust changes the timing, priority, comparability, liquidity, or distribution of cash flow and risk.
- **Property:** Trust changes how a physical place can be used, valued, financed, transferred, occupied, maintained, or reclaimed.
- **Community:** Trust can create benefits inside one parcel while exporting costs or opportunity to neighbors, institutions, or future residents.

## Divination

The Field enters the reading through Trust. The issue is not only what is visible; it is which map of ownership, time, risk, authority, or belonging currently governs the situation.

**Question:** What changes when Trust becomes the unit of analysis?

**Guidance:** Shift scale, clock, stakeholder, boundary, and claim layer before choosing a move.

## Game function

Creates a graph move that changes the active map. Initiative 4.

## Relationships

- **Federal Housing Finance Agency transfers into Trust.** Federal Housing Finance Agency transfers into Trust through a change in rights, information, cash flow, priority, timing, or physical use.
- **Special-Purpose Vehicle prices Trust.** Special-Purpose Vehicle prices Trust through a change in rights, information, cash flow, priority, timing, or physical use.
- **Trust documents Tranche.** Trust documents Tranche through a change in rights, information, cash flow, priority, timing, or physical use.
- **Trust is governed by Conditional Prepayment Rate.** Trust is governed by Conditional Prepayment Rate through a change in rights, information, cash flow, priority, timing, or physical use.

## Oppositions

- Use Value versus Exchange Value
- Speed versus Diligence

## Historical lineage and regulatory context

Read Trust through the lineage of Securitization & MBS: earlier customary or local arrangements became recorded, standardized, financed, regulated, digitized, or contested over time.

Rules vary by jurisdiction and transaction. Use the cited primary sources as starting points and verify current local law, program guides, contracts, and professional standards before operational use.

## Visual direction

Text-free rounded-square enamel artifact for Trust: one dominant symbolic mechanism with a restrained secondary counterforce; vitreous midnight enamel, blackened steel, warm brass, copper accents, mortgage-paper cream, deep green, slate, and sky blue.

## Engine output / Sentinel handoff

The generative interpretation above is preserved as Engine Output. Sentinel factors: jurisdiction-specific rules, factual uncertainty, financial risk. These factors request contextual review; they do not delete or silently rewrite the candidate.

## Research / provenance

- [Dodd-Frank Act Rulemaking: Asset-Backed Securities](https://www.sec.gov/spotlight/dodd-frank/assetbackedsecurities.shtml) — U.S. Securities and Exchange Commission; ABS and RMBS securitization, tranching, disclosure.
- [Ginnie Mae MBS Guide](https://www.ginniemae.gov/issuers/program_guidelines/Pages/mbs_guide.aspx) — Ginnie Mae; pooling, issuance, custody, servicing, investor reporting.
- [TBA Trading and Liquidity in the Agency MBS Market](https://www.newyorkfed.org/research/epr/2013/1212vick.html) — Federal Reserve Bank of New York; TBA mechanics and liquidity.
