100 INTRODUCTORY FACTS ABOUT MORTGAGE SECURITIZATION
By LYNN E. SZYMONIAK, ESQ., ED., Fraud Digest (www.frauddigest.com) LISA EPSTEIN, www.foreclosurehamlet.org
1. Most mortgages in the U.S. are owned by trusts.
2. The trusts are often referred to as “RMBS” trusts, an acronym standing for “residential mortgage-backed securities.”
3. The total U.S. mortgage debt is between $12 and $14 trillion. Of this, approximately $8 trillion was owned by trusts in 2008. Why is it important to learn about mortgage securitization? Reason #1: Most of the foreclosures filed in the U.S. in the last 5 years were filed by mortgage-backed trusts. Most of the foreclosures filed in the next 5 years will be filed by mortgage-backed trusts.
4. The trusts are made up of a bundle or pool of mortgages (often 5,000 – 8,000 mortgages per trust). The loans are almost always subprime loans. The value of the mortgages in each trust is usually between $500,000 and $2 billion.
5. Individual mortgages got packaged into RMBS Trusts; these RMBS trusts got bundled, sliced and sold as CDOs – collateralized debt obligations.
6. The mortgage loans in each pool – or RMBS Trust – usually include both first lien and second lien loans, and fixed-rate and adjustable rate loans.
7. There are different “layers” within each pile of loans, representing different qualities of loans. It is not unusual for each pile to have as many as 20 different layers – these layers are sometimes called classes or “tranches.”
8. Certificates are issued to investors to represent the purchase – so investors are often called “certificate holders.”
9. There are often minimum investment requirements – such as “Offered certificates must be purchased in minimum total investments of $100,000 per class.”
FRAUD STOPPERS PMA Mortgage Foreclosure Defense Blog Update April 18, 2017
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