We all know the mortgage securitization process is complicated.
But just how complicated? This chart 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.