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Behind the Securitization Curtain – 21st Century Mortgage Casino

Posted by DEADLY CLEAR on April 18, 2012




It all started with a loan application called a “1003.”  EVERY lender in the scheme used the same loan application software.  In fact, Fannie Mae patented the sucker. Inside this specific patent are numerous patents related to and referenced that make up the beloved 1003 loan application. These patents are listed on line in the USPTO.

One of the reference patents is a gem called the “Online system for fulfiling loan applications from loan originators” and it describes how technological methodology is integrated into the mortgage lending process.   Continue reading on DEADLY CLEAR →

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Tags: 1003, Churchill, Day, Derby, Downs, Fannie Mae, Freddie Mac, MBS, application, casino, More…loan, mortgage, number, online, patent, securitization, system

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