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In this video, Christopher Rocky, the Director of Education at Mortgage Resolution Services, discusses the Pooling and Servicing Agreement (PSA) and its relevance to short sales. He notes that many viewers may be unfamiliar with the PSA and its influence on short sale processes. Rocky highlights that between 2002 and mid-2007, loan documents included a disclosure indicating that loans would likely be sold into the secondary market as mortgage-backed securities, such as CDOs (Collateralized Debt Obligations). He emphasizes that the terms set by investors in these securities play a crucial role in determining how short sales are handled.