Click through for chart in all its ginormous glory

Dan Edstrom is an expert in charting such relationships and it took him a year to find out who actually owned his home. Note the “Black Hole” on the right side near the top. Apparently some details are unknowable, even to an expert.

Such a deranged system of mortgage securitization is error-prone, obviously way too complicated, and no doubt designed this way on purpose so as to deliberately obfuscate ownership and responsibility. “This diagram shows that they are not following the borrower’s instructions in the security instrument.”