Published by VPRO on Nov 4, 2013
The Wall Street Code: a thriller about a genius algorithm builder who dared to stand up against Wall Street. Haim Bodek, aka The Algo Arms Dealer.
From the makers of the much-praised Quants: the Alchemists of Wall Street and Money & Speed: Inside the Black Box. Now the long-awaited final episode of a trilogy in search of the winners and losers of the tech revolution on Wall Street. Could mankind lose control of this increasingly complex system?
If only Judges understood the complexity of algorithms – and how Wall Street trading changes the instrument – they would realize these are not traditional mortgages… they are NTMs (nontraditional mortgages), possibly securities and current state mortgage and foreclosure codes just do not fit! It appears “the sophistication of the market” is beyond SEC comprehension – so, how do we expect the judiciary to understand the complexity?
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Deadly Clear 
Talk about changing the instrument !! Through the securitization process the physical paper note & mortgage is literally destroyed through the slice and dice of converting it into the securities sold to investors. Additionally onc converted it cannot be changed back, it is forever a security. There cannot be a note & mortgage and a security “owned” by a trust at the same time. The physical note & mortgage and the virtual securities cannot both exist at the same time. This is one of the major reasons that so few of the physical paper notes & mortgages can be produced in a foreclosure action. I am sure that this ties into UETA rules & regs in some way. It is a violation of accounting rules FAS 140 ALSO, it is called double booking I believe.