Mortgage Securitisation - Preferred

[Missy06]

I've already sent a SAR to Preferred specifically asking for the name of each company to whom they passed my data info in respect of the securitasation, etc as suggested by SuperSleuth and Capstone sent me an acknowledgement letter this week. Below is the content of the letter:

 

"Subject Access Request Under Section 7 of the Data Protection Act 1998

I acknowledge receipt of your letter in which you requested copies of information held on our records, together with your cheque for £10 in respect of the fee payable in this respect; both of which were received on......

 

Please kindly note:

 

1) Under the terms of the Data Protection Act we are granted 40 days from receipt of the payment to provide information held.

 

2) Where data information is held on your file for a third party details will not be released without the 3rd parties written consent. this includes for example where the account is in joint names.

 

Where 3rd party correspondeance is held, we will not release copies of this information to you without first obtaining the 3rd parties written consent.

 

We will contact you once we are in a position to provide the information you have requested......"

 

The account is only in my name so I don't think 2) applies to me anyway........I wait to see what they come back with. In the meantime, I'd like to get the prospectus from the ISE if it's available...

[iconoclash]

Hi - I think Preferred are on this list - its just a section from the link I posted up before: hope this helps:) (BarCap RMBS Servicing)

Figure 12: UK non-conforming transactions servicing arrangements

 

Transaction Issue year Primary servicer Subcontracted to Special servicer Master servicer Back-up servicer

Residential Mortgage

Securities 20 Plc (RMS 20)

Feb 05 Homeloan Management Ltd Kensington Mortgage Company

RMAC 2005-NS1 Plc Feb 05 GMAC Homeloan Management Ltd GMAC

ROOF 1 Feb 05 Crown Mortgage Management

Limited

 

SalesSecuritisationSecuritisation Closing DateSellerBuyerSecuritisation Volume (equiv GBP m)Size of Purchased Pool (equiv GBP m)Clavis 2006-1Jun-06GMAC-RFCBasinghall Finance PLC600600Alba 2006-1May-06Kensington Group plc / GMAC-RFCOakwood Homeloans Ltd556556Leek 17Mar-06Kensington Mortgages plcPlatform Funding Ltd1,173129Alba 2005-1Oct-05Platform Funding Ltd / Preferred Mortgages LtdOakwood Homeloans Ltd300300Leek 16Oct-05Kensington Group plcPlatform Funding Ltd960131Bluestone 2005-1Aug-05Platform Funding LtdRedstone Mortgages plc108108RMAC 2005-NSP2Jun-05Amber Home Loans LtdGMAC-RFC Ltd1,00015Bluestone Securities plc 2004-1Dec-04Rooftop Mortgages/ Amber Home Loans LtdRedstone Mortgages plc28859 Rooftop / 229 Amber

Crown Mortgage Management

Limited

Homeloan Management Ltd

Southern Pacific Securities

05-1 Plc

Feb 05 Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Homeloan Management Ltd

Marble Arch Residential

Securitisation Ltd No 3

Mar 05 Matlock Capital Ltd Vertex Mortgage Services Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Crown Mortgage Management

Limited

Leek Finance Number

Fifteen PLC

Apr 05 Platform Funding Limited Western Mortgage Services Ltd Western Mortgage Services Ltd

Preferred Residential

Securities 2005-01 PLC

Apr 05 Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Homeloan Management Ltd

RMAC 2005-NSP2 PLC May 05 GMAC Homeloan Management Ltd GMAC

Southern Pacific Financing

05-B Plc

Jun 05 Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd

Mortgages No. 7 PLC Jul 05 Mortgages Plc Mortgages Plc Homeloan Management Ltd

Southern Pacific Securities

05-2 Plc

Jul 05 Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Homeloan Management Ltd

Money Partners Securities

1 Plc

Aug 05 Homeloan Management Ltd Kensington Mortgage Company

RMAC 2005-NS3 Plc Sep 05 GMAC Homeloan Management Ltd GMAC Homeloan Management Ltd

ROOF 2 Sep 05 Crown Mortgage Management

Limited

Crown Mortgage Management

Limited

Homeloan Management Ltd

Leek Finance Number

Sixteen PLC

Oct 05 Platform Funding Limited (PFL)

MAS6 (KMC)

Western Mortgage Services Ltd Western Mortgage Services Ltd

Residential Mortgage

Securities 21 Plc (RMS 21)

Oct 05 Homeloan Management Ltd Kensington Mortgage Company

ALBA 2005-1 Nov 05 Homeloan Management Ltd

(PML)

Western Mortgage Services Ltd

(PFL)

Oakwood Homeloans Ltd

Money Partners Securities

2 Plc

Nov 05 Homeloan Management Ltd Kensington Mortgage Company

Preferred Residential

Securities 05-2 PLC

Nov 05 Capstone Mortgage Services Ltd Capstone Mortgage Services Ltd Homeloan Management Ltd

RMAC 2005-NS4 Plc Nov 05 GMAC Homeloan Management Ltd GMAC Homeloan Management Ltd

 

sorry this is very untidy to read isnt it - lost the formatting - go the other links and see the docs as pdfs - previous page CML etc

Edited February 28, 2009 by iconoclash
additional info

[scedminc]

Hi all,

 

Take a look at what I found on the Treasury Commitee website in respect of the banking crisis. It contains written evidence and there is some interesting info on securitisation. A must read for anyone interested in the legal issues of securitisation and is very clear and easy to understand which helps.

 

I have downloaded the memo from the Treasury Commitee website and converted it to pdf for easier viewing. Download it and take a look it is memo number 107 by Carmel Butler.

BankingCrisisMemos250209.pdf

[iconoclash]

Hi - yes - read it and downloaded, excellent. All members should be reading this and ALL ministers, member of parliament, bank and mortgage customers, everyone, especially mortgage customers!!!:)

[supersleuth]

Hi Missy06,

 

Very interesting the poppycok nonsense that your lender sent you re your SAR.

 

All that rubbish saying that if it's a joint account they have to have the 3rd party consent - pleaseeeees they just don't stop finding ways to circumvent the law. Whilst in your case you say that your account is in your sole name so none of that 3rd party nonsense applies to you. BUT for those caggers who get this rubbish reply please remember -

 

The account is JOINT AND SEVERAL at law, which means that anything one person on the account does, automatically applies to the other. The lenders make full use of this joint and several legal doctrine when it suits them e.g., if one account holder doesn't pay, the other account holder is liable for the fulll amount. They can sue one person on the account or they can sue both - they choice is theirs. So e.g. if a spouse takes off, and the lender can't find that absent spouse, then they sue the one spouse that they can find and that spouse alone is liable for the whole lot! So it doesn't matter which account holder is served as long as one of you is served with court papers.

 

Likewise, if one account holder serves e.g. an SAR, that SAR counts as served by both account holders under the joint and several doctrine. But note that when they want to get out of giving one account holder information, they cry ohhh DPA - we can't tell you without the other! Nonsense, joint and serveral works both ways. The co-account holder can't claim that a lender violated their DPA rights when the information the lender holds is the data of both of you JOINT AND SERVERALLY!

 

Sorry for this rant, but what's really going on here is that the lender doesn't want to tell YOU!!! what they're doing with your account!!! and what's more they don't want to tell the co-account holder either. This is just a stalling tactic to keep concealed that which they don't want you to know and just don't want to tell you. They're not protecting your data, their protecting their own data they don't want to tell you about.

 

Supersleuth

[Missy06]

Are they telling you this as there records do not go back this far or because ALBA dint do nothing prior to this date with the ISE? Also how did you find out it is ALBA?

 

Hiya Scedminc,

 

well I'm not too sure which it is but I'll email them to confirm.

 

I thought it was ALBA as no other name has been mentioned on the thread!!......or did I miss something?!?

 

How did you find out that yours is ALBA?!?

[Missy06]

Are they telling you this as there records do not go back this far or because ALBA dint do nothing prior to this date with the ISE? Also how did you find out it is ALBA?

 

I just remembered reading post #44 on this thread and quote which said the Alba 2005 deal was Oakwoods first in the UK (see in red below):

 

"The deal, which was completed on 30th November 2005 through the Alba 2005-1 vehicle, comprised £200 million of near-prime residential mortgage assets from Preferred Mortgages Limited, and £100 million of conforming Buy to Let assets from Platform Home Loans Limited. The deal represents Oakwood’s first securitization in the UK. The company has previously completed four securitizations through its Australian subsidiary, Pepper Homeloans. This transaction is part of Oakwood’s on-going strategy to expand its activity in the UK mortgage market.

The assets will be serviced by Homeloan Management Limited (Preferred) and Western Mortgage Services (Platform) while Oakwood will act as Special Servicer on both portfolios.The transaction also included a monoline wrap of one AAA tranche provided by CIFG. Michael Culhane, Chief Executive of Oakwood, commented, “Platform and Preferred are both well established mortgage lenders with solid track records and strong asset performance. This transaction significantly enhances our position in both the UK mortgage space and the wider investment community.

The Oakwood Homeloans team have worked hard to build on the experience of its first acquisition from Amber Homeloans in February and have successfully tackled the challenge of a first time securitisation. We now look forward to continuing to develop Oakwood Homeloans as an efficient and reliable purchaser, securitiser and special servicer of UK mortgage assets.” CSFB acted as financial advisor and warehouse provider to Oakwood for the acquisition of the mortgage pools. The lead managers on the securitisation were Credit Suisse First Boston and Lehman Brothers. Oakwood was advised in the transaction by Clifford Chance.

[Missy06]

Hiya,

 

found out that

 

".....The mortgage loans are originated by Oakwood Home Loans Limited, and this represents Oakwood™s first entry into the securitisation market. The arranger and bookrunner was Credit Suisse first Boston. The issue is guaranteed by CIFG Europe. We also provided the corporate services for OGA1-Alba Plc, which was used to warehouse the mortgages before the securitisation itself".

 

 

Found at Alba 2005-1 Plc | Law Debenture

 

This seems to imply that aside from Alba 2005-1, we should also check out this OGA1-Alba Plc.....or what?!?

[Missy06]

Ok,I've managed to find the Alba 2005-1 propectus...and it's 244 pages!

 

How do I find my mortgage now?!?

[supersleuth]

Hi Missy06,

 

My mortgage was originated in September 2003. It was warehoused at North Yorkshire Mortgages Limited, and then sold to Basinghall Finance PLC (WestLB subsidiary). North Yorkshire Mortgages Limited also sold mortgages to other investment bank subsidiaries e.g. Lehmans (ie. Preferred, SPML etc.)

 

Supersleuth

[Last of the Mohicans]

We really need someone whos done it to compile a brief step-by-step on how to get hold of a prospectus someone suspects may hold their mortgage!

The more aplications there are, the more mortgages found directly equals the number of Land Registry Charges provable beyond reasonable doubt to be false and illegally unchanged.

A good number - 20 plus for arguments sake is an absolute certainly that theres "no smoke without fire" - thats the first step to making the media aware and getting something done.

[Last of the Mohicans]

Ok,I've managed to find the Alba 2005-1 propectus...and it's 244 pages!

 

How do I find my mortgage now?!?

 

I've never seen a prospectus, but I *believe* your mortgage will be listed by its Land Registry title number Missy - eg: AB12345 or CD67890.

 

If you have your Title Number, you'll need to find it in the prospectus.

If you dont have your title number, if you dont want to ask the solicitor who dealt with your last conveyancing (who should have it, and a copy of it) you can find it online at the Land Registry.

[midge61]

Hi all

 

Having had a quick scan of my prospectus I think it is a pre - sale document and all the things like mortgage agreements and charges are held by the Trustee, and therefore ot so easy to find.

 

I might be wrong but that is how it seems to me.

[Last of the Mohicans]

Hi all

 

Having had a quick scan of my prospectus I think it is a pre - sale document and all the things like mortgage agreements and charges are held by the Trustee, and therefore ot so easy to find.

 

I might be wrong but that is how it seems to me.

 

 

Could be Midge...

 

-

 

Thought I'd add this as grist to any applicable mill: the accounts of a company snappily called "Southern Pacific 05-A Parent Ltd"

 

Note the section I've arrowed.

 

You may find your "prospectus" has a matching name at Companies House - might be a Ltd Co, might be a PLC... the "Mortgage Company" who say they have a legal charge and try to repo you may well be a loss-making subsiduary or a subsiduary of a subsiduary... that will end up owned by - or have its way in the world "subsidised" by (fanfare) Lehman Brothers.

 

Whoever they were...

 

[Last of the Mohicans]

Hi all

 

Having had a quick scan of my prospectus I think it is a pre - sale document and all the things like mortgage agreements and charges are held by the Trustee, and therefore ot so easy to find.

 

I might be wrong but that is how it seems to me.

 

 

Midge, can you scan or otherwise post in a bit of your prospectus please? Any part with a name on, a trustee, directors (Limited companies can be directors).

[Missy06]

I've never seen a prospectus, but I *believe* your mortgage will be listed by its Land Registry title number Missy - eg: AB12345 or CD67890.

 

If you have your Title Number, you'll need to find it in the prospectus.

If you dont have your title number, if you dont want to ask the solicitor who dealt with your last conveyancing (who should have it, and a copy of it) you can find it online at the Land Registry.

 

I have my title number from the land reg docs sent to me when Preferred were seeking repossession.

 

Are u saying I should just look up my title number in the prospectus?

 

Actually, from what I can see there are no title numbers in these prospectuses......or am I wrong?!? .....Supersleauth....what do u think?

[Missy06]

Hi Missy06,

 

My mortgage was originated in September 2003. It was warehoused at North Yorkshire Mortgages Limited, and then sold to Basinghall Finance PLC (WestLB subsidiary). North Yorkshire Mortgages Limited also sold mortgages to other investment bank subsidiaries e.g. Lehmans (ie. Preferred, SPML etc.)

 

Supersleuth

 

Ok thanks for that.......now could you please share with us how you got this info as I can't seem to get anyone who knows how to track which deal ones mortgage was sold!:-|........I feel like I'm going round in circles here!

[scedminc]

Hi,

 

I contact the country court today to ask how I would go about asking for a hearing as I feel my suspended reposession order was granted when it should not have been if the court or myself knew about facts i.e securitisation etc. I suggested that the claimant withheld information that was important to the case. I was advised I should seek legal advise as it would not be straight forward to ask for a hearing. I asked about a variation order and they said this is not the correct way forward as this would only be to vary the original terms of the order and not to question whether it should be valid or not. Does anyone know the correct procedure I need to take (SuperSleuth)?

 

Thanks

[Last of the Mohicans]

Hi,

 

I contact the country court today to ask how I would go about asking for a hearing as I feel my suspended reposession order was granted when it should not have been if the court or myself knew about facts i.e securitisation etc. I suggested that the claimant withheld information that was important to the case. I was advised I should seek legal advise as it would not be straight forward to ask for a hearing. I asked about a variation order and they said this is not the correct way forward as this would only be to vary the original terms of the order and not to question whether it should be valid or not. Does anyone know the correct procedure I need to take (SuperSleuth)?

 

Thanks

 

Great minds think alike

 

I asked the same a couple of days ago - but got a different answer.

It costs you £75 to get a re-hearing and theres a straightforward form you fill in to do so - I wont say the number right now, need to check, then I'll edit - but I put the case to my County Court manager - that I had grounds to believe that the plaintiff was not, and could not prove their charge was legitemate and had hoodwinked the judge - and she pointed me straight at the form and told me the charge.

[scedminc]

Great minds think alike

 

I asked the same a couple of days ago - but got a different answer.

It costs you £75 to get a re-hearing and theres a straightforward form you fill in to do so - I wont say the number right now, need to check, then I'll edit - but I put the case to my County Court manager - that I had grounds to believe that the plaintiff was not, and could not prove their charge was legitemate and had hoodwinked the judge - and she pointed me straight at the form and told me the charge.

 

I must admit I did think it was the hearing as to vary an order but just thought i'd ask seeing the person at the court disagreed. After all to strike out the original order because it was not lawful would still be a vary of the original order.

Edited March 7, 2009 by scedminc
.

[Last of the Mohicans]

I must admit I did think it was the hearing as to vary an order but just thought i'd ask seeing the person at the court disagreed. After all to strike out the original order because it was not lawful would still be a vary of the original order.

 

 

Yeah, I think a lot of advice depends on the luck of the draw as to who you speak to. I will dig out the form I was advised on later...

 

In the meantime, if you have a repo against your from a company calling itself Rooftop Mortgages Ltd and pruporting to be a chargeholder, the judge might be interested in seeing this little beauty:

 

Right click, save and view or print out ... enjoy

Edited March 7, 2009 by Last of the Mohicans

[scedminc]

Yeah, I think a lot of advice depends on the luck of the draw as to who you speak to. I will dig out the form I was advised on later...

 

In the meantime, if you have a repo against your from a company calling itself Rooftop Mortgages Ltd and pruporting to be a chargeholder, the judge might be interested in seeing this little beauty:

 

 

 

 

 

Wow thats a very good document to have. Suprised this is in the public domain as it totally exposes them and in black and white it is clear they admit breaking the law and just see it as an acceptable risk. Wonder if a judge would agree that law breaking is an acceptable risk. Unfortunately my mortgage is with or was with Preferred Mortgages. Where did you find such a document. Is a directors report something that is submitted each year with accounts and may be found on Companies House?

[iconoclash]

I've never seen a prospectus, but I *believe* your mortgage will be listed by its Land Registry title number Missy - eg: AB12345 or CD67890.

 

If you have your Title Number, you'll need to find it in the prospectus.

If you dont have your title number, if you dont want to ask the solicitor who dealt with your last conveyancing (who should have it, and a copy of it) you can find it online at the Land Registry.

 

Hi - can I suggest that anyone who has a prospectus allows others to search for their titles too - and vice verce - does that make sense. Have another thread or private list of title numbers or somesuch since it seems that we are searching for the same pools to dip our toes in!!:)

[Last of the Mohicans]

Wow thats a very good document to have. Suprised this is in the public domain as it totally exposes them and in black and white it is clear they admit breaking the law and just see it as an acceptable risk. Wonder if a judge would agree that law breaking is an acceptable risk. Unfortunately my mortgage is with or was with Preferred Mortgages. Where did you find such a document. Is a directors report something that is submitted each year with accounts and may be found on Companies House?

 

 

Exactly that - costs a quid in PDF form. I've chucked about £20 at it so far based on hunches and the trail to other companies mentioned in certain docs. Lots of things point to one company, but I'll keep me powder dry on that for now

Company search

Just type your search in the slot, then click other docs when you get the result.

You also get to see all the subsidiary Co's and so on if you move up and down the list a bit. Some familiar names...

[Last of the Mohicans]

Hi - can I suggest that anyone who has a prospectus allows others to search for their titles too - and vice verce - does that make sense. Have another thread or private list of title numbers or somesuch since it seems that we are searching for the same pools to dip our toes in!!:)

 

 

this would be SUCH a good idea