The absurdity of the mortgage money trail

By
Real Estate Broker/Owner with Olsen Ziegler Realty

The absurdity of the mortgage money trail...

When a professional who performs securitization audits for a living can't reverse engineer a mortgage paper trail, common sense ought to prevail and say this is a fundamentally bad design. 

Check out this chart, it will both make you laugh and cry.  When I was a software engineer in a former professional life, I've created just about every type of chart known.  We also reverse engineered code sometimes (if we could) when the source code wasn't available.

This is a debacle (imho) and I wish every newspaper in the country would put this chart on front page of every major daily and start a conversation.

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Rainmaker
273,670
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

What a joke! This is an example of smart people running amok. Just smart people trying to out smart other smart people and make a buck.

Dec 05, 2010 02:59 PM #1
Rainer
39,273
Jessica Leimback
Agave Homes & Investments - Mesa, AZ
Broker,SFR,CNE,CSSPE

Wow I tried to follow that chart around and I couldn't. I could blame it on the time of night but it would not matter.

Dec 05, 2010 03:15 PM #2
Rainer
145,203
Andrzej Niemyjski
Realty One Group - Sun City West, AZ

I think I stopped after 6th box its way too complex for me

Dec 05, 2010 04:24 PM #3
Rainmaker
1,561,863
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Your idea of every newspaper in the Nation putting this on Page One is a great one!  Wish they'd do it.  I saw this chart before, and it's a mind blower all right!!  Something is really wrong with this, and I hope it changes, or we're doomed to repeat!

Dec 05, 2010 06:16 PM #4
Rainmaker
564,419
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Wayne -- Totally agree.

Hi Jessica -- It hurt my brain too.

Hi Andrzej -- I'm with ya!

Hi Carla -- Sad but true I'm afraid.

Dec 06, 2010 11:11 AM #5
Rainmaker
138,476
Kelly Turbeville
Keller Williams - Lake Forest, CA
Turning Real Estate Dreams into Reality

This is proof Greed will take you off track!  Scary!

Dec 09, 2010 02:51 PM #6
Rainmaker
564,419
Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Kelly -- So true. Happy New Year to you.

Jan 02, 2011 03:13 AM #7
Rainer
8,042
Craig Grella
CreativeREO - Nashville, TN

There has been so much in the news about this recently, and it's really about time.  The florida attorney general released a presentation about mortgage scams and the foreclosure servicing debacle that was just settled by the attorneys general of several states.  The level of incompetence among the servicing companies and many of its workers is staggering.  Blatent fraud, improper document handling, forged signatures, the list goes on and on.

Then this week, the head of the new consumer protection agency does the media and comes out with a quote saying getting a mortgage should be just as easy as purchasing any other product. You should be able to summarize the transaction on one page, and if it takes longer than that then something is wrong. I tend to agree.

Jan 18, 2011 07:39 AM #8
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Rainmaker
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Chris Olsen

Broker Owner Cleveland Ohio Real Estate
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