Man Makes Ridiculously Complicated Chart To Find Out Who Owns His Mortgage (CHART)
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We all know the mortgage securitization process is complicated.
But just how complicated? The chart below from Zero Hedge shows the convoluted journey a mortgage takes as it morphs into a security.
Dan Edstrom, of DTC Systems, who performs securitization audits, and who is giving a seminar in California next month, spent a year putting together a diagram that traces the path of his own house's mortgage. "Just When You Thought You Knew Something About Mortgage Securitizations," says Zero Hedge, you are presented with this almost hilariously complicated chart.
A controversy of allegedly shoddy paperwork has raised doubts about the legitimacy of foreclosures nationwide (a crisis illustrated here and here), eliciting complaints from homeowners and investors alike.
The Congressional Oversight Panel, a bailout watchdog, released a statement Tuesday that says the scandal over alleged "robo-signers," foreclosure processors who approve documents without reading them, "may have concealed much deeper problems" in the mortgage industry, HuffPost's Shahien Nasiripour reports. (See the most shocking robo-signer statements.)
Regulators will have their hands full. "[D]ecide how long you think it will take for Barney Frank and Eric Holder to sort everything out," Zero Hedge says.