Article re LIBOR

[CYNthesys]

Re: Article re LIBOR

Quickly gone through NHL (Paragon) documents
Mortgage taken out in November 1986
Letter fom NHL dated October 1987 advising that it was transferring its interest to the Chase Manhattan Bank but NHL was continuing to manage the mortgage on Chase's behalf

JP Morgan Chase is one of the US Banks that were found to be fixing LIBOR

[CYNthesys]

Re: Article re LIBOR

NHL was established in 1985, but cant find any info on its origin. I suspect its holding company was a US Bank, but Ive drawn a blank

HELP PLEASE

[des8]

Re: Article re LIBOR

Details of NHL start up seems sparse.
All I can find is this report in today's Financial news:
"In 1991 UK mortgage lender National Home Loans came close to insolvency and was saved only by a Bank of England-ordered bailout by a consortium of 59 banks.
Set up in 1987 to capitalise on the surge in UK home ownership, NHL was one of country’s biggest mortgage lenders. The collapse of the UK housing market in 1991 and the Bank of Credit and Commercial International scandal dented confidence in NHL, which was funded through the capital markets. It had also lent to low-income borrowers.
NHL was in danger of breaching its covenants, which its lenders agreed to waive as well as extending the maturity of its debt and consolidating its loans into a large facility, a deal that was led by JP Morgan.

However, NHL was later forced to request £200m in emergency funding to keep it afloat as savers began withdrawing their deposits, and the Bank of England stepped in to bail it out. Buyers were initially sought for NHL but none emerged. The announcement of a £48m loss for 1991 did not help.
New management was put in place and NHL ceased lending. The banking arm was closed and the company became a mortgage administrator.
Rebranded Paragon in 1995, NHL refocused its business on the buy-to-let market but, in an ominous echo of Northern Rock, the company continues to rely on the capital markets for its funding. The troubles at Northern Rock have taken their toll on Paragon, whose share price has fallen 60% this year. From trading as high as 695p last November, the stock hit a 52-week low last month of 207.5p."

i wonder if the info you're looking for is available from Companies House.... might be worth checking.

[CYNthesys]

Re: Article re LIBOR

Getting even more confused now, havent been able to find anything useful on Companies House

1st Letter Oct 1987 advising transfer of mortgage to NHL Second Funding PLC and then transferred to Chase Manhattan Bank N.A

2nd Letter Sept 1991 advising transfer of mortgage to Homer Finance (No 1) PLC, which Homer would then transfer to Morgan Guaranty Trust Co of New York

3rd Letter Oct 1991 advising that transfer re 2nd letter had been completed

[CYNthesys]

Re: Article re LIBOR

Been back to Companies House

NHL was previously called ******s 274 PLC, and I've have attached info Ive obtained on ******s

[Ruby]

Re: Article re LIBOR

Does anyone know whether JP Morgan is the re branded name for Morgan Stanley Bank?

I have always found it strange why in my t & c's it clearly states that my interest rate is linked to LIBOR however when questioned the company said their borrowing was linked to LIBOR but not our interest rate :confused2: (which has remained exactly the same since February 2009). Mind you the company in question is Arrow Global, who like any other DCA would like to convince us pigs do fly.

[des8]

Re: Article re LIBOR

Morgn Stanley was founded in the mid thirties by two directors of JP Morgan, following banking legislation in USA.
Over time and various mergers and takeovers the firms drifted apart and now are competitors.