Mortgage Securitisation

Dublinboy99

I have established that my mortgage was transferred to a Special Purpose Company by the company I took out my mortgage with in 2008. Can I use this information to my advantage when dealing with the bank? I was told it puts me in a stronger position but not sure how it does?

coylemj

Dublinboy99 wrote: »

I have established that my mortgage was transferred to a Special Purpose Company by the company I took out my mortgage with in 2008. Can I use this information to my advantage when dealing with the bank? I was told it puts me in a stronger position but not sure how it does?

A 'stronger position' to do what?

Did you think to ask the person who told you that?

john.han

Ask your solicitor about this

http://www.rte.ie/news/business/2015/0327/690313-bank-of-scotland/

Tom Young

Did you borrow the money OP? If the answer is yes, then you are due to pay it back to the institution you borrowed from.

The mortgage instrument or indeed the loan could have been wrapped in foil and glitter, but it does not, repeat does not change your agreement and the mortgagees requirement that you repay one single iota.

whippet

There is a group of people who owe huge sums to a number of banks due to failed property related investments who are peddling this idea in the desperate hope that they will be able to keep their big houses and not pay a penny back to the banks.

They are claiming all sorts of rubbish about securitisation and are throwing out affidavits like confetti but yet they still owe the money and are just buying a little more time for themselves before they have to face reality

I really don't want to get too deep into this but the thread title is misleading. The OP isn't actually discussing securitisation by the sounds of it, he's discussing a transfer or assignment.

Marcusm

Dublinboy99 wrote: »

I have established that my mortgage was transferred to a Special Purpose Company by the company I took out my mortgage with in 2008. Can I use this information to my advantage when dealing with the bank? I was told it puts me in a stronger position but not sure how it does?

Mortgage securitisation is a normal part of financing house purchases; you will have benefited from the lower cost of funds applicable to mortgages which it was assumed could be securities. Given that it was 2008, it was likely not to have been a true securitisation as those markets substantially died in 2007. Instead it will have been a mechanism for the bank to parcel up the loans into bonds which could have been used to pledge to ECB to raise finance to ensure the bank could continue operating.

If you have a genuine belief that your mortgage loan was inappropriately lent or that you were duped into borrowing the money, seek redress throught he Ombudsman/Courts.

A 2008 securitisation will almost certainly remain wholly controlled by the lending institution - ie no 3rd party investors - so even if a large group got together to seek to frustrate the lender, it could be undone.

Focus on genuine grievances not on attempting to game a system, likely advised by Freemen or some similar group for persons of dubious purpose.

Carawaystick

Marcusm wrote: »

Focus on genuine grievances not on attempting to game a system

Yeah, leave that to bankers or cops, if they "forget" or "don't understand" the law, the state will back them in their gaming.

Mr. Incognito

These are non regulated entities so the central bank codes of conduct on mortgage arrears does not apply to them.

Leaves you in a much much weaker position.