Quote:
Originally Posted by xoxoxoBruce
My mortgage was sold to a different lender a half dozen times. But not being bundled into a package, each buyer had to look at it by itself, and judge it's merit as an investment for them. When they are bundled, the buyer is buying a surprise package.  |
Your loan was sold once - maybe twice. What was sold over and over was the servicing rights - collecting the payments.
Unless your loan was one of the few that don't get carved up, it was put into a pool of other similar loans, and the combined payments from you and your pool-mates are split up into all sorts of interesting structures. However, as complicated as the structures are, all the payments to all the structures have to equal all the payments by all the borrowers for any given month. And that can get incredibly complicated.