Just received this by email. Easily the best mapping and explanation of the written documentation that I have ever seen. The issue is whether any of this makes any difference. Max may be right in following the paper trail. But my bet is on the actual money and then comparing it to the paper trail to see where it matches up and where it does not. Those are the points of conflict that need to be resolved in litigation. Max writes
“I created charts and graphs for the transfer of a negotiable note and for the sale of a non-negotiable note. Also, I decided to actually track a Wells Fargo RMBS deal in order to attempt to explain how both relate to the securitization process. The attached is the only real “charting” I have ever seen that seeks to explain the differences between Article 3 and 9 along with the deal documents that would be associated with each track (3 or 9).
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