We thank the guys from zerohedge.com for this article!
Make sure you visit them today to learn more…
Dan Edstrom is a guy who is in the right place at the right time.
His profession? He performs securitization audits (Reverse Engineering and Failure Analysis) for a company called DTC-Systems.
The typical audit includes numerous diagrams including the following:
- Transaction Parties and Flow (similar to the chart below, but much easier to understand)
- Note exchanged for a bond Foreclosure parties
- Priority of Payments from the Security Instrument (Mortgage, Deed of Trust, Security Deed or Mortgage Deed)
- Priority of Payments from the Pooling and Servicing Agreement
This diagram shows that they are not following the borrowers instructions in the security instrument Continue reading “Just When You Thought You Knew Something About Mortgage Securitizations”