Category Mortgage Securitisation

The Acquisition of the Mortgages- An Examination of a Prospectus for Mortgage Securitisation.


A very good piece from Mike, First Active – Ulster Bank Borrowers take note……   The Acquisition of the Mortgages- An Examination of a Prospectus for Mortgage Securitisation. Extracts taken from Prospectus. Print in red is used for my comments and to highlight the parties, while underlining is used for emphasis only.   Purchase . […]

Securitisation….questions and answers please ???


Following on from my last post, I would like to poses a number of questions, I shall follow-up with another post giving my answers to those same questions but, it is your replies I am interested in… 1. If the Bank has performed a True Sale of the mortgages in a Securitisation, why then is […]

Securitisation ….the undeniable root of all financial crisis…..


No matter how I analyse the financial crisis, I am always led back to Securitisation, the Shadow Banking world and Derivatives, the make-believe world which has caused so much hurt and pain for the ordinary men and women of Ireland and many other countries around the world. Let us be clear, the reason why we […]

Generally Accepted Accounting Principles (GAAP) and some other interesting stuff………join the dots……


The following are transcripts from “Taking on the Banks” by Thomas Anderson Book IV Generally Accepted Accounting Principles Banks are required to adhere to Generally Accepted Accounting Principles (GAAP). GAAP follows an accounting convention that lies at the heart of the double-entry bookkeeping system called the Matching Principle. This principle works as follows: When a […]

Irish Banks….Professional Diligence & Unfair Commercial Practice……….


“On 11 May 2005 the European Council and European Parliament adopted a directive on unfair commercial practices, which was transposed into Irish law by the Consumer Protection Act 2007 (the “2007 Act”). Under the 2007 Act, a commercial practice is to be regarded as unfair if it is: (a) contrary to the requirements of professional […]

Mortgage holders ‘not fully informed of their rights’ | Irish Examiner


The Master of the High Court, Edmund Honohan, made the comments as he said mortgage holders must be prepared to fight for their rights in the courts amid any moves to alter loan arrangements. In an interview with the Irish Examiner, he addressed the sale of over 13,000 Irish Nationwide home mortgages which will be completed […]

Banks and Morality..do they exist in the same sphere?….


…or is it the case that never the twain can meet? Is high finance the be all and end all of human existence? is it possible to incorporate moral clauses into financial contracts? is there a requirement for such clauses? Who says that the term of lets say a Mortgage Contract must be set in […]

ICS (Irish Civil Service Building Society) Securitisation…Kildare Securities Ltd…..


So I had another friend ask if ICS (Irish Civil Service Building Society) had engaged in Securitisation? Short answer – YES  (it’s always yes ‘cos they all did) This one’s for you Pat & A But lets take a closer look….. first a little history…. Bank of Ireland bought ICS in 1985, prior to that […]

What happened to Irish Nationwide’s Armoin Residential Securities Ltd???………


Following on from my last post I can report the following: Armoin made an announcement to the Irish Stock Exchange indicating that on 1st July 2011 a full complete transfer of all its assets to IBRC would take place the following is a link to this announcement: http://origin-www.bloomberg.com/apps/news?pid=conewsstory&tkr=AIB:LN&sid=a_XbFioY01AQ NO CONSENT FROM THE BORROWERS SOUGHT IN […]

Armoin Residential Securities Ltd….Irish Nationwide’s weapon of financial destruction


On the eve of a hopefully successful display of ordinary people’s disgust at the impending sale of 13,000 plus Irish Homeowners Mortgages to unknown entities, probably foreign Vulture Funds I have taken a top-level look at Irish Nationwide Building Society’s parting salvo to the Irish People, the sale of 10,487 Residential Irish Mortgages which took […]

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