Tag: Reverse Engineering

The Chart Heard Around the World

By Daniel Edstrom 

The following are excerpts from testimony submitted by the Honorable New York Supreme Court Justice F. Dana Winslow.  Submitted as an attachment is my Securitization Reverse Engineering diagram of my families loan / securitization.  It is now part of the Congressional Record.  

  

F. DANA WINSLOW
NYS SUPREME COURT JUSTICE
Before the House of Representatives
DECEMBER 2, 2010

ON 

CAUSES AND EFFECTS OF THE
FORECLOSURE
CRISIS 

HOUSE OF REPRESENTATIVES COMMITTEE ON THE JUDICIARY 

 FORECLOSED JUSTICE:
CAUSES AND EFFECTS OF THE FORECLOSURE CRISIS 

Hon. F. Dana Winslow
December 2, 2010 

Excerpts:  

Difficulty arises in multiple unrecorded transfers of the legal
ownership of the Mortgage (with or without the transfer of the Note)
and with tracing and proving the chain of title. I refer the Committee
to the attached diagram [Attachment “A”] obtained on the internet,
which I believe to be both a nonsensical and accurate depiction of the
problems concerning mortgagee chain of title. 

Exhibit “A”:Securitization Reverse Engineering Attachment 

  

  

  

 

 

 

Just When You Thought You Knew Something About Mortgage Securitizations

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.

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Just When You Thought You Knew Something About Mortgage Securitizations

by williambanzai7

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:

  1. Transaction Parties and Flow (similar to the chart below, but much easier to understand)
  2. Note exchanged for a bond Foreclosure parties
  3. Priority of Payments from the Security Instrument (Mortgage, Deed of Trust, Security Deed or Mortgage Deed)
  4. 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”