Alan and Lisa give you a short update on current news in Ireland and the UK.
For most people who have stepped outside the matrix and are aware of the issues that mankind is up against, it’s time to start looking at what we can change rather than worry about the things that we cannot change.
Ian Tyler, a former banker and an expert in derivatives, says what went on at Ulster Bank and NatWest points to an “appalling accounting fraud”. NatWest fixed-rate loan scheme for companies ‘effectively theft’ The bank’s Northern Ireland subsidiary has been accused of ‘outrageous’ behaviour.
It’s about a year now since there were reports in the media of the potential perils for borrowers of so-called ‘vulture funds’, and the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 is the government’s response to those concerns. The unregulated ‘vulture funds’ purchased portfolios of mortgage and other loans from regulated Irish lenders. This activity raised concerns that Irish borrowers would lose the protection of the Central Bank’s various codes of conduct and be exposed to unfair treatment at the hands of ‘vulture funds’ in their quest for quick profit.
The civil action was filed in November 2018 alleging misconduct related to UBS’s underwriting and issuance of residential mortgage-backed securities (RMBS) issued in 2006 and 2007, according to the justice department.
“In the wake of the 2008 financial crisis, people all across the country experienced financial ruin and emotional devastation, and many are still recovering nearly 15 years later,” said associate attorney general Vanita Gupta.
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