I you would like a better idea of how "your" mortgage becomes a mortgage backed security and all of the steps and process, go to the attached link and take a look at this chart. I know that a lot of folks that are going through the process of loan modifications and or short sales get very frustrated over how slow the process is and how difficult it is to get a straight answer as to where they are in the process. Well once you get a chance to take a look at this chart and see how many different entities are involved in the process and ownership of "your" mortgage, I think it may give you a better understanding of why the process is so slow and how hard some of the people involve are working on your behalf.