Paper Tangible Converted Electronic

Payment Intangible
Payment Intangible (Rights to Payments)

Copy-Scan-Destroy Underlying Collateral Instruments

Subject to Laws of Local Jurisdiction
Paper Tangibles

Home Owner Investment Trust Investment Trust Investment Trust

Paper Tangible Seller-Securitizer Depositor Trustee
Promissory Note
Originator

Negotiable Purchase Swaps Accepts as Trustee Investors

Instrument Paper Tangible Payment Intangible Payment Intangible
For For Beneficial
Creates Trust Certificates Trust Interest in
Home Owner Payment Intangibles
Paper Tangible Takes Possession Takes Possession Certificates
Mortgage Packages Paper Tangible Paper Tangible
Deed of Trust Payment Intangibles As Collateral As Collateral
Into a Securities per PSA per PSA
Offering Owner/Holder Owner/Holder
Pool
Collateral
MERS MERS MERS MERS MERS

MERS as Nominee MERS as Nominee MERS as Nominee MERS as Nominee MERS as Nominee

Originator Seller/Securitizer Depositor Trustee Certificate Holders

LENDER “X1” LENDER “X2” LENDER “X3” LENDER “X4” LENDER “X5”

Owner/Holder Tangible Owner/Holder Tangible Owner/Holder Tangible Owner/Holder Tangible Owner/Holder Tangible

Note Note Note Note Note

Public UCC Transfer UCC Transfer UCC Transfer UCC Transfer

Records Article 9 Article 9 Article 9 Article 9
Lien Perfection Lien Perfection Lien Perfection Lien Perfection
Subsequent Subsequent Subsequent Subsequent
Purchaser Purchaser Purchaser Purchaser
Paper Paper Paper Paper
Tangible Tangible Tangible Tangible

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