Who owns your mortgage?

[Dave Schwartz]

http://www.huffingtonpost.com/2010/11/16/mortgage-security-chart_n_784274.html

Man Makes Ridiculously Complicated Chart To Find Out Who Owns His Mortgage (CHART)

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.

[newtothegame]

Amazingly Dave, I was listening to a story the other night about a guy who had just recently paid off his home. Last and final payment. He called the bank to which he was making his payments to get his deed. Come to find out, his mortgage had been sold so many times, that the current bank didnt have it. Long story short, after tracing and searching, Countrywide (now defunct) was the last known in possession of it and he was going to have to write Washington DC to track it down. I feel for the guy. Sad part is all of our mortgages (deeds) are probably in similiar limbo somewhere lol

[riskman]

Here is an article that appeared in Rolling Stone Mag. Matt Taibbi: Courts Helping Banks Screw Over Homeowners
Retired judges are rushing through complex cases to speed foreclosures in Florida
http://www.rollingstone.com/politics/news/17390/232611?mostpop=1&RS_show_page=0

Here is page four of the article. What have we let happen to us? What a disaster.
http://www.rollingstone.com/politics/news/17390/232611?mostpop=1&RS_show_page=4

[jballscalls]

Amazingly Dave, I was listening to a story the other night about a guy who had just recently paid off his home. Last and final payment. He called the bank to which he was making his payments to get his deed. Come to find out, his mortgage had been sold so many times, that the current bank didnt have it. Long story short, after tracing and searching, Countrywide (now defunct) was the last known in possession of it and he was going to have to write Washington DC to track it down. I feel for the guy. Sad part is all of our mortgages (deeds) are probably in similiar limbo somewhere lol

my mortgage is through a private company (basically a guy who just does them on his own) in Cincinnati, i should ask him if he still has the deed LOL

I love being 2300 miles away from the only house i own LOL