"I’m pretty sure there’s a promissory note behind the mortgage, and the mortgage is just to secure the note."

A lot is being made of Tiger's mortgage as reported by Jose Lambiet, but buried in the story is a more reasonable explanation.

“What I believe is happening,” Bendeck said, “is that the settlement calls for deferred payments to the ex-wife. I’m pretty sure there’s a promissory note behind the mortgage, and the mortgage is just to secure the note. They did it like this for privacy.”

Elin probably got some dough up front, Bendeck said, but she’ll have to wait five years to get it all.

“I have a feeling this (the $54 million) is just a piece of the entire package.”

Speculation has placed the value of the divorce, after six years of wedded bliss, between $100 million and $500 million. There is, however, no way to know for sure, Bendeck said.

“The prenup they signed could have set a percentage of Tiger’s earnings during the marriage as settlement,” she said. “What looked reasonable then can seem insane at the time of the divorce.”

Now, if you want to read an amazing story about shady loans and the morons who provide them, check out Bill Shaikin's LA Times piece today on Dodger shyster Frank McCourt.