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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jim McMannis who wrote (87976)9/3/2007 1:49:26 PM
From: Paul KernRead Replies (1) of 306849
 
That's a major problem with short sales. Too many layers of mortgage holders to deal with. All the way from mortgage holders to past HOA dues. OTOH, there are still enough to choose from where there is only the first mortgage holders to deal with.

There two, or maybe three, slices and dices;

1) A Mortgage backed security.

Which was combined with other Mortgage backed securities into a

2) Collateralized Debt obligation

Which was combined with other Collateralized Debt obligations, including maybe credit card debt, car loans, commercial paper, allowances owed to your ten and twelve year olds and god knows what into an

3) Asset Backed Security.

The only know entity is originator/servicer who passes the payments up the chain to the creators of the other paper.

Each pass through results in a tiny cut for servicing the payments.
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