A Mortgage-Backed Security Map: The Fantastic Fate of One Man’s Loan
The complexities of getting or refinancing a mortgage are many: the broker you can or can’t trust, the screening of your income and credit, the appraisal, the fear that rates will rise before approval, the title search, the paperwork at closing…
That’s what the homeowner sees. But out of sight and mind have been complexities greater still — until now. Banks have moved massively to foreclose. Homeowners have struggled desperately to resist. And finally, they’ve found a weapon: robo-signers who paid even less attention to the paperwork, it seems, than the homeowners themselves, throwing the legality of the foreclosure process itself into doubt. The deeper you look into the intricate details of securitization, however, the more sympathy you may have for homeowners and robo-signers both.
Consider the case of homeowner Daniel Edstrom, who happens to perform securitization audits for a company called DTC-Systems. With a background in computer technology, Edstrom figured he’d look into the history of his own mortgage.
A larger version of the chart is available here.
And you can continue reading here…
~
that mess is not accidental is by design the more complex the less chance kf direct liability
And this guy is an expert in doing what he does, establishing mortgage histories for auditing purposes!
I was blown away by his chart.
What chance in hell does Joe Average have in understanding this mess?I can see the frustration by a bankruptcy judge in the rocket dockets. I’m not justifying their simple “You didn’t pay, your outta there,” just because some bank “says” you owe them money, but OMG, what a mess to wade through if a conscientious judge decides to go into this dark swamp!