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Hi all, newbie alert
I have been watching the whole fraudclosuregate fiasco unravelling in the US over the last month or so. It got me thinking. Since the vocabulary and legalities of the UK and the US are different it is very difficult for the layman to find out if there's an equivalent fiasco going on in the UK.
Can anyone enlighten me as to the mortgage securitisation, MBS (Mortgage Backed Securities), RMBS (Residential MBS) and CMBS (Commercial MBS) system in the UK? What is the UK equivalent of MERS in the US? Do we have one?
Many US sites are encouraging the citizens of most states to write to their loan/mortgage servicer and demand to see the 'note' meaning the mortgage agreement with the current 'owner' defined. The gist of the debacle in the US is that the originating bank who first wrote the loan sold the loan on through a securitisation process. The trust (SIV) who administer the securitised loan should then be registered as the 'owner' of the loan. In which case, upon default of the home owner on their mortgage payments, the trust should apply to the courts for reposession (foreclosure in US parlance). However, since the mortgages written were fraudulent (there was never any chance of them being paid back, the fees, commissions and profit were taken up front by the originator and securitiser and the toxic remnant passed over into the MBS) the originating banks deliberately destroyed the paperwork which would have served as evidence of their crime. The transfer was then entered into MERS (an electronic database supposedly to keep track of the mortgagee, mortgagor and MBS owners). However, when applying for reposession or foreclosure only a hard copy original document with a wet ink signature is acceptable in law and therefore they cannot use the MERS database entry. But the original documents were deliberately destroyed presenting a dilemma. So the banks (who became simple servicers after they sold the mortgages on) simply recreated the 'original' documents using photoshop and took the homeowners to court for reposession instead of the true 'owners' i.e. MERS. MERS can't take anyone to court because MERS has no employees, it is a shell company). They've now been caught fraudulently 'recreating' the original documents and as a result nearly all foreclosures have ceased until some bright spark comes up with a solution.
Without a paper trail it is not possible to say who owns your mortgage and therefore there is no-one who can legally take you to court to reposess or foreclose upon your house.
How can I go about finding out how the comparable system works in the UK?
Thanks in advance.
You can follow the US fiasco here:
zero hedge | on a long enough timeline, the survival rate for everyone drops to zero
Market-Ticker - MarketTicker Forums
Foreclosure Fraud Fighting Foreclosure Fraud by Sharing the Knowledge
ps
How do you add "UK" as a tag when it won't allow a tag below 3 letters?
Can anyone enlighten me as to the mortgage securitisation, MBS (Mortgage Backed Securities), RMBS (Residential MBS) and CMBS (Commercial MBS) system in the UK? What is the UK equivalent of MERS in the US? Do we have one?
Many US sites are encouraging the citizens of most states to write to their loan/mortgage servicer and demand to see the 'note' meaning the mortgage agreement with the current 'owner' defined. The gist of the debacle in the US is that the originating bank who first wrote the loan sold the loan on through a securitisation process. The trust (SIV) who administer the securitised loan should then be registered as the 'owner' of the loan. In which case, upon default of the home owner on their mortgage payments, the trust should apply to the courts for reposession (foreclosure in US parlance). However, since the mortgages written were fraudulent (there was never any chance of them being paid back, the fees, commissions and profit were taken up front by the originator and securitiser and the toxic remnant passed over into the MBS) the originating banks deliberately destroyed the paperwork which would have served as evidence of their crime. The transfer was then entered into MERS (an electronic database supposedly to keep track of the mortgagee, mortgagor and MBS owners). However, when applying for reposession or foreclosure only a hard copy original document with a wet ink signature is acceptable in law and therefore they cannot use the MERS database entry. But the original documents were deliberately destroyed presenting a dilemma. So the banks (who became simple servicers after they sold the mortgages on) simply recreated the 'original' documents using photoshop and took the homeowners to court for reposession instead of the true 'owners' i.e. MERS. MERS can't take anyone to court because MERS has no employees, it is a shell company). They've now been caught fraudulently 'recreating' the original documents and as a result nearly all foreclosures have ceased until some bright spark comes up with a solution.
Without a paper trail it is not possible to say who owns your mortgage and therefore there is no-one who can legally take you to court to reposess or foreclose upon your house.
How can I go about finding out how the comparable system works in the UK?
Thanks in advance.
You can follow the US fiasco here:
zero hedge | on a long enough timeline, the survival rate for everyone drops to zero
Market-Ticker - MarketTicker Forums
Foreclosure Fraud Fighting Foreclosure Fraud by Sharing the Knowledge
ps
How do you add "UK" as a tag when it won't allow a tag below 3 letters?
