The Committee and more.
The Committee on Finance, Public Expenditure and Reform, and Taoiseach. The Central Bank and The official Tailte Éireann Registration Division.
The Big Short comes to Ireland; first sent May, 2022.
The Committee on Finance, Public Expenditure and Reform, and Taoiseach.
Leinster House
Kildare Street
Dublin
DO2 XR2O
Dear Ms xxxxxxxxx
I hope this letter finds you well in these difficult times, enclosed is a series of documents and a memory stick, The enclosed documents are from an SPV ratings company, C1 Charge’s and related documents. The memory stick contains more ratings and related documents.
The Vulture Funds in Ireland, back in 2012 the banks sold to the Vulture funds as highlighted by ‘Who are the Anglo Irish Bank Bondholders’ Vincent Byrne’s TV3’s ‘Tonight. It was not only Anglo; all of the Banks did the same.
The Big Short comes to Ireland 2020/2021/2022: Who is selling the portfolio we asked and did a lot of research, who owns what and who can take you to Court for a Possession Order of the family home, family farm?
Our research has uncovered serious issues around the Banks and Vulture funds, it is the splitting of the title, the SPV takes the equitable title and gives the legal title to debt collectors: Mars, Pepper, Everyday etc.
Pepper, Start Mortgages, Everyday Finance, Mars Capital, Cabot Finance, Carval and alike are now only cash collectors for those named in the files we have enclosed, the real owners of the Mortgages.
The above mentioned conceal from the Central Bank of Ireland, The Land Registry and the Courts the true owner of the loan and the fact that the above are just cash collectors for the SPV. There contract with the SPV can be terminated if they do not perform on that contract and collect enough cash for the SPV; it states in the contract that they need to get families paying 80%of their mortgage, if they do, they will move the family from none performing to ‘re-performing’ and move away from litigation or pending litigation.
These companies are little more than cash collectors. The banks / vulture funds sells the portfolio to an SPV, the vulture fund then goes bankrupt remote, they have sold the assetts, the SPV having securitiesed the loans and gives the collecting agent (Vulture Fund) the legal title to manage the mortgage account and sue where necessary. We become ‘cash in court’ as highlighted in the documents enclosed.
Land Registry is allowing the vulture funds onto the folio given they have ‘legal title’ and the Central Bank of Ireland makes no inquiries as to the true owner of the Mortgage Portfolio.
The SPV has charity status and pays no tax in Ireland.
When the likes of Mars Capital takes you to court they do so as the owners of the loan; they conceal the fact that they are not the owners; just the collection agent for the true owner. Likewise if there is already litigation by the likes of the EBS, Mars buys the litigation and applies to the Court to have the paperwork changed to their name.
They (Mars and alike) receive a fee for the collections and a fee for getting a possession order, around €50K for every possession order they get, plus 1 – 2 % of the sale value of the home. The monthly fee for managing the account, the bounty for the possession order and the percentage of the sale is the only funds they receive: all other monies go to the SPV.
The documents we have gives the true owner of the security and confer ‘Legal Title’ on the above entities.
The first question that must be asked is how is land Registry allowing the above entities onto the folio as owner of the charge? When they are not and only have legal title: given to them by the true owners.
Extracts from the ratings agent DBRS & KBR in the USA;
A) Extract / Example one: “Transfer of the Loans:- The seller (Jepson Residential 2019 1 DAC) will assign the mortgage loans to the issuer (Hudson Advisers Ireland DAC) by means of equitable assignment on the transaction closing date. Start is the legal title holder of the mortgage loans and will transfer the title over to Pepper. The legal title will pass to the issuer if a perfection trigger occurs. The issuer will enter a deed of charge over the collateral in favour of the security trustee for all amounts due under the notes”.
B) Extract / Example two; “Part 3 – Material Contracts
1 Acquisition Agreement.
2 Declaration of Trust between the Chargor and Mars Capital Finance Ireland DAC dated 18 February 2021 (as amended and/or supplemented from time to time, including on 18 March 2021).
3 Consultant Agreement.
4 Security Power of Attorney.
5 Servicing and Loan Administration Agreement between the Chargor (PanelviewDAC) and Mars Capital Finance Ireland DAC dated 1 April 2021.
6 Borrower PPN Agreement.
7 Portfolio Deed of Transfer and Assignment.
Snap shot of who is doing what!
1. 2021, Pepper to Delphi Sec’ N01. C1 charge and C1 charge notes: Irish Charge.
2. 2021, Pepper to Delphi Sec’ N01. C1 charge and C1 charge notes: UK Charge.
3. 2021, Windmill Funding (old GE loans) to Balbec.
4. 2018, Old GE loans to Windmill and old Leeds Mortgages to Dilosk N02. Backdated 2018 to 2012.
5. 2018, Old GE (2012) mortgages from Windmill to Goldman Sachs. Backdated from 2018 to 2012.
6. 2020, From Pepper to Finance Ire N02, loans emanating from Pepper themselves 2018 – 2020.
7. 2020, From Pepper to Finance Ire N03, loans emanating from Pepper themselves 2018 – 2020.
8. 2121, Summerhill portfolio: INBS, Bank of Scotland, Start, Nua.
9. 2020, ERL Securities 2020, NPL1, Ptsb p.l.c. – Start – LSF XI – Glass II.
10. 2020, ERL Securities 2020, NPL2, Ptsb p.l.c. – Lonestar.
11. 2019, Jepson portfolio; Bank of Ireland, Start, Nua, Lonestar, Bank of Scotland.
12. 2021, Jamestown portfolio; Bank of Scotland, Start, Nua.
13. Dilosk N02: ICS Building Society.
14. 2019, ERL Securities portfolio; LSF IX Java Trust, LSF IX Paris, Investec Bank, Nua, Bank of Scotland, Start.
The ratings agents assessment of the value of the portfolios.
1. European Residential Loan Securitisation 2019-NPL1 DAC
The mortgage loans were originated by BoSI, Start Mortgages DAC, and Nua Mortgages Limited, and are secured by Irish residential properties. Servicing of the portfolio is done by Start Mortgages DAC. Hudson Advisors Ireland DAC was appointed as the Issuer Administration Consultant and as such acts in an oversight and monitoring capacity and provides input on asset resolution strategies.
2. Dilosk RMBS No. 1 Limited (Issuer) is a securitisation of a portfolio of first-ranking Irish residential mortgages originated by ICS Building Society (ICS). Bank of Ireland (BoI) sold the ICS brand, mortgage platform, broker.
3. Jamestown Residential 2021-1 DAC
The portfolio includes mortgages originated by three Irish originators Bank of Scotland (Ireland) Limited (67.1%, BoSI), Start Mortgages DAC (29.3%, Start) and Nua Mortgages Limited (3.7%, Nua). Jamestown Residential comprises loans which collateralised Jepson Residential 2019-1 DAC (Jepson 2019-1) which is the seller in the transaction. Jamestown Residential is essentially a refinancing of the notes currently outstanding under Jepson 2019-1 transaction. The loans comprising Jamestown Residential portfolio will be
initially serviced by Start.
4.European Residential Loan Securitisation 2019-NPL2 DAC
Proceeds from the issuance of the Class A to Class D notes are used to purchase first-charge performing and non-performing Irish residential mortgage loans originated by Permanent TSB p.l.c. The non-performing loans (NPLs) comprise the majority of the portfolio. Lone Star International Finance DAC (Lone Star) acquired the mortgage loans in 2018. Servicing of the mortgage loans is conducted by Start Mortgages DAC (Start), which will continue as administrator of the assets for the transaction. Hudson Advisors Ireland DAC (Hudson) is appointed as the Issuer administration consultant.
5. European Residential Loan Securitisation 2019-NPL2 DAC.
Originator: Ptsb plc.
The acquisition of the pool by Start Mortgages DAC (Start) and LSF XI Glas II completed on 7 February 2020. Administrator; Start, Legal title holder; Start.
6. Seller is Shoreline: European Residential Loan Securitisation 2018-1 DAC
The mortgage loans were originated by Irish Nationwide Building Society (INBS) and are secured by Irish residential properties and a small proportion of non-Irish residential properties. Loans secured by non-Irish properties represent 0.3% of the mortgage portfolio. INBS was effectively nationalised in August 2010 following a state bailout. In 2011, INBS under state ownership was merged with Anglo Irish Bank to form the Irish Banking Resolution Corporation (IBRC). In February 2013, IBRC was put into special liquidation by the Irish government as part of its strategy to resolve legacy bank assets. The mortgage loans were acquired by Lone Star Funds through the seller in March 2014. Servicing of the portfolio was subsequently migrated over to Pepper Finance Corporation (Ireland) DAC (PAS). PAS will be appointed Administrator of the assets for the transaction. Hudson Advisors Ireland DAC (“Hudson”) will be appointed as the Issuer Administration Consultant and as such will act in an oversight and monitoring capacity and provide input on asset resolution strategies.
7. Summerhill Residential 2021-1 DAC.
The portfolio includes mortgages originated by four Irish originators, Irish Nationwide Building Society (45.8%, INBS), Bank of Scotland plc/Bank of Scotland (Ireland) Limited (34.8%), Start Mortgages DAC (16.8%, Start) and Nua Mortgages Limited (2.6%, Nua). Summerhill Residential comprises loans which collateralised Shamrock Residential 2019-1 DAC (Shamrock 2019-1) which is the seller in the transaction.
8. Shamrock Residential 2022-1 DAC.
The portfolio can be divided into two sub-portfolios, Barrow and Bay. The beneficial interest in the Barrow sub-portfolio was acquired from Cerberus in Nov 2021, who originally purchased these mortgages from the originating banks through a series of acquisitions between 2016 and 2018. Similarly, the beneficial interest in the Bay sub-portfolio was acquired in February 2022 from the originating bank. The Barrow sub-portfolio is serviced by Cabot Financial (Ireland) Limited (Cabot) and the Bay sub-portfolio is serviced by Mars Capital Finance Ireland DAC (Mars).
9.Glenbeigh 2 Issuer 2021-2 Designated Activity Company.
The issuer is a bankruptcy-remote special-purpose vehicle (SPV) incorporated in Ireland. The
proceeds from the issuance of the collateralised notes were used to purchase a buy-to-let (BTL)
residential mortgage portfolio originated by Permanent TSB Plc (PTSB; the originator or the original seller). The portfolio was purchased by Citibank, N.A., London Branch (the sponsor) on 13 November 2020, and the beneficial interest was immediately transferred to Glenbeigh 2 Seller DAC (the interim seller). On the closing date, the beneficial interests were sold to the issuer via multiple
interim sellers.
10. Primrose Residential 2021-1 DAC.
The portfolio includes mortgages originated by three Irish originators, Permanent TSB plc (72.7%, PTSB), Irish Nationwide Building Society (14.8%, INBS) and Springboard Mortgages Limited (12.5%, Springboard). Primrose Residential comprises loans from two portfolios, the first
which collateralised European Residential Loan Securitisation 2019-PL1 DAC (ERLS 2019-PL1) (aggregating €619.2 million; 72.7%) and second of which collateralised Grand Canal Securities 1 DAC (GCS1) (aggregating €232.6 million; 27.3%).
Primrose Residential is essentially a refinancing of the notes currently outstanding under each of the respective transactions. The loans comprising Primrose Residential portfolio will continue to be serviced by Start Mortgages DAC (Start;72.7%) and Mars Capital Finance Ireland DAC (Mars;27.3%). The ERLS 2019-PL1 portfolio loans were acquired by Lone Star as part of
the Glas1 portfolio sale by PTSB in 2018. The GCS1 portfolio loans were acquired by Mars Capital from Irish Bank Resolution Corporation (IBRC) and PTSB at various points in the last decade.
11. Glenbeigh Securities 2018-1 DAC.
The beneficial interest of the mortgage loans has been transferred to the issuer at closing, while the legal title of the mortgage loans will be transferred from PTSB to Pepper Finance Corporation (Ireland) DAC (Pepper) within six months from the closing date.
12. Glenbeigh 2 Issuer 2021-1 DAC.
The loans in the portfolio were originated by Permanent TSB plc and were sold on 13 November 2020 to Citibank, N.A., London Branch (Sponsor) which transferred the beneficial interest of the portfolio to Glenbeigh 2 Seller DAC (Interim Seller under Glenbeigh 2) and in turn to Glenbeigh 2 Seller 2021-2 DAC (Seller under Glenbeigh 2). The servicing of the loans was transferred to Pepper Finance Corporation (Ireland) DAC (Pepper) in March 2021.
13.Issuer Glenbeigh 2
Seller Glenbeigh 2 Warehouse DAC Seller Glenbeigh 2 Seller 2 DAC
Interim Seller Glenbeigh 2 Seller DAC Interim Servicer
PTSB Legal Title Holder, and Original
Seller Master Servicer and Pepper
Permanent TSB plc Pepper Finance Corporation (Ireland.
14. Primrose Residential 2022-1 DAC.
The mortgage loans in the portfolio were originated by Permanent TSB P.L.C. (PTSB, 62.6%), Springboard Mortgages Limited (Springboard, 20.9%) and Irish Nationwide Building Society
(INBS, 16.5%). About 37.4% of the loans in the portfolio were previously securitised under the Grand Canal Securities 2 DAC (Canal portfolio).
15. Mars Capital to Panelview C1 charge.
15A. Mars to Warrington Residential 2022-1 DAC
The beneficial interests in the collateral are sold to the Issuer by Mars Capital Management Ireland DAC (Mars Capital) closing date. The €403.3 million portfolio of loans are collateralised by owner-occupied and buy-to-let (BTL) properties.
Seller, Retention Holder, Initial Option Holder Mars Capital Management Ireland DAC
Administrator Mars Capital Finance Ireland DAC
Warranty Provider Huath Residential DAC
Legal Title Holders
Mars Capital Finance Ireland DAC, Mars Capital Ireland DAC, Mars
Capital Ireland No. 2 DAC, Mars Capital Ireland No. 3 DAC, Mars
Capital Ireland No. 4 Limited
16.The Governor and Bank of Ireland.
Glen Securities Finance DAC (the “Issuer” or “Protection Seller” or “Glen Securities”), a €1.397 billion partially-funded synthetic securitisation of Irish residential mortgages originated by The Governor and Company of the Bank of Ireland (“BOI”, “Bank of Ireland” or the “Protection Buyer”), Bank of Ireland Mortgage Bank (“BOIMB”) or ICS Building Society (“ICS”), (collectively the “Original Lenders”).
17. Finance Ireland RMBS No. 3 DAC, Pepper sells its mortgages to Dilosk.
inance Ireland’s residential mortgages are available exclusively through appointed mortgage brokers. Pepper began originating mortgage loans in 2016, and in December 2018, it sold its mortgage business to Finance Ireland.
The beneficial interest of the mortgage loans was transferred to the issuer, whereas the legal titles
of the mortgage loans remained with Finance Ireland.
18. Jepson Residential 2019-1 DAC.
The mortgage loans were originated by Bank of Scotland (Ireland) Limited (BoSI; 67.1%), Start Mortgages DAC (Start; 29.2%) and NUA Mortgages Limited (NUA; 3.8%) and are secured by Irish residential properties. Lone Star Funds, acquired the mortgage loans originated by Start and NUA in December 2014. The mortgage loans originated by BoSI were acquired in February 2015.
Mars Capital to Panelview to Warrington:
In the Deed of the 30th of April, 2021, it lists 6 companies that are selling their mortgage portfolios, Mars Capital are number 6, as the seller, not the buyer.
The global deed of transfer is signed by all 6 sellers; including, Mars Capital.
At the point 1 of the ‘Now This deed Withesseth as follows’, (Take notice). It states “In consideration of payment by Panelview”.
To fully understand who this company is and their relationship to Mars Capital CRO.IE a C1 charge and the particular of the C1 charge dated the same date as the global deed of transfer!
The C1 Charge is by Panelview DAC, in the ‘short particular description’ it states that Panelview are the legal and beneficial owners of the charge, likewise they state that they are, in the case of land, the owners of the charge.
They go on to state that “Charged as a first fixed charge they are entitled to be registered as owners, all mortgaged property”.
In the further Particulars of the Panelview C1 form it states:
Charged as a first fixed charge all its other (if any) freehold and leasehold
property now (at the date of the Debenture) vested in it (whether or not
registered), together with all buildings, fixtures (including trade fixtures)
and fixed plant and machinery from time to time thereon;
Charged as a first fixed charge all its other (if any) freehold and leasehold
property now (at the date of the Debenture) vested in it (whether or not registered), together with all buildings, fixtures (including trade fixtures) and fixed plant and machinery from time to time thereon;
Charged as a first fixed charge, all of its present (at the date of the
Debenture) and future rights, title and interest in and to the insurances and the Insurance Proceeds, ………..
The Chargor, as legal and/or beneficial owner and as a continuing security for the
payment, performance and discharge of the Secured Obligations in favour of the
Security Agent as security trustee for the Secured Parties, thereby assigned and agreed to assign absolutely all its rights, title and interest in:
The Further Particulars goes on the state:
“Ancillary Rights” means:
(f) all of the Chargor’s claims, rights, remedies, powers of recovery and powers of enforcement in respect of the Secured Assets and the benefit of any other warranties, guarantees, indemnities, agreements or undertakings in respect of the
Secured Assets;
(g) any other monies and proceeds (including proceeds of sale) paid or payable in respect of the Secured Assets;
And more incriminating is “Mortgaged Property” means all freehold, leasehold and other immoveabl property in which the Chargor holds or acquires a legal and/or beneficial interest.
Mars Capital does not own the portfolio, they intend to gain a possession order, give those proceeds to an unrelated 3rd party and receive little more that a fee for doing so: “”Receivables” means all present (at the date of the Debenture) and future book debts and other debts, rental income, sales proceeds, revenues, royalties, fees, VAT and monetary claims and all other amounts at any time recoverable or receivable by, or due or owing to the Chargor arising from or in connection with the Mortgaged Property, the Material Contracts, the Leases, the Licences, the Ancillary.
There is no doubt that the Further Particulars relates to mortgages; as it states “”Security Interest” means any mortgage, charge (fixed or floating), pledge, hypothecation, lien, assignment by way of security, retention of title or any security interest whatsoever (whether by way of assignment, trust, title retention or otherwise) or any other agreement or arrangement having the effect of creating security or payment priority howsoever conferred or arising.
Mars Capital do not own any mortgages but are only servicing it for Panelview, Now moved onto the Warrington.
Part 3 – Material Contracts
1 Acquisition Agreement.
2 Declaration of Trust between the Chargor and Mars Capital Finance Ireland
DAC dated 18 February 2021 (as amended and/or supplemented from time
to time, including on 18 March 2021).
3 Consultant Agreement.
4 Security Power of Attorney.
5 Servicing and Loan Administration Agreement between the Chargor and
Mars Capital Finance Ireland DAC dated 1 April 2021.
The statement in the Particulars “all of the Chargor’s claims, rights, remedies, powers of recovery and powers of enforcement in respect of the Secured Assets and the benefit of any other warranties, guarantees, indemnities, agreements or undertakings in respect of the Secured Assets, Mars Capital have no right, what so ever to be on my folio, they have no rights to litigation as this is Champerty, selling litigation. Champerty in Ireland is outlawed.
Champerty is an illegal agreement in which a person with no previous interest in a lawsuit finances it with a view to sharing the disputed property if the suit succeeds.
The Criminal Justice (Theft and Fraud Offences) Act, 2001;- potentially, many offences in the Act, with the paperwork of Mars Capital and their claims seems fall under this Act;-
Under Section 6. Mars Capital could be trying to make a gain for themselves and could be in breach of the Act: (1) A person who dishonestly, with the intention of making a gain for himself or herself or another, or of causing loss to another, by any deception induces another to do or refrain from doing an act is guilty of an offence.
Under Section 2. Mars Capital could be trying to make a gain for themselves and could be in breach of the Act (2) A person guilty of an offence under this section is liable on conviction on indictment to a fine or imprisonment for a term not exceeding 5 years or both. Section 9. (1) A person who dishonestly, whether within or outside the State, operates or causes to be operated a computer within the State with the intention of making a gain for himself or herself or another, or of causing loss to another, is guilty of an offence. (2) A person guilty of an offence under this section is liable on conviction on indictment to a fine or imprisonment for a term not exceeding 10 years or both.
Under Section 11. Mars Capital could be trying to make a gain for themselves and could be in breach of the Act 11. Suppression of Documents. (1) A person is guilty of an offence if he or she dishonestly, with the intention of making a gain for himself or herself or another, or of causing loss to another, destroys, defaces or conceals any valuable security, any will or other testamentary document or any original document of or belonging to, or filed or deposited in, any court or any government department or office. 26. Using a false instrument: (1) A person who uses an instrument which is, and which he or she knows or believes to be, a false instrument, with the intention of inducing another person to accept it as genuine and, by reason of so accepting it, to do some act, or to make some omission, or to provide some service, to the prejudice of that person or any other person is guilty of an offence. (2) A person guilty of an offence under this section is liable on conviction on indictment to a fine or imprisonment for a term not exceeding 10 years or both.
Under Section 58. Mars Capital could be trying to make a gain for themselves and could be in breach of the Act 58. Liability for offences by bodies corporate and unincorporated. (a) an offence under this Act has been committed by a body corporate, and (b) the offence is proved to have been committed with the consent or connivance of, or to have been attributable to any neglect on the part of, a person who was either— (i) a director, manager, secretary or other officer of the body corporate, or (ii) a person purporting to act in any such capacity, that person, as well as the body corporate, is guilty of an offence and liable to be proceeded against and punished as if he or she were guilty of the first-mentioned offence.
All of the portfolios owned by Promontoria where sold to a company in the UK; ‘Mount Street Mortgage Servicing Limited’, Promontoria gave away all of its right to the said company but mascarades in the Irish Courts as the owner of the mortgage.
A couple of point of consideration:
Supreme Court of Judicature Act (Ireland) 1877, 28 (6).
Any absolute assignment, by writing under the hand of the assignor (not purporting to be by way of charge only), of any debt or other legal chose in action, of which express notice in writing shall have been given to the debtor trustee or other person from whom the assignor would have been entitled to receive or claim such debt or chose in action, shall be and be deemed to have been effectual in law (subject to all equities which would have been entitled to priority over the right of the assignee if this Act had not passed,) to pass and transfer the legal right to such debt or chose in action from the date of such notice, and all legal and other remedies for the same, and the power to give a good discharge for the same, without the concurrence of the assignor: Provided always, that if the debtor, trustee, or other person liable in respect of such debt or chose in action shall have had notice that such assignment is disputed by the assignor or any one claiming under him, or of any other opposing or conflicting claims to such debt or chose in action, lie shall be entitled, if he think fit, to call upon the several persons making claim thereto to interplead concerning the same, or he may, if he think fit, pay the same into the High Court of Justice under and in conformity with the provisions of the Acts for the relief of trustees.
Central Bank Act, 1971, 33: Whenever the holder of a licence (in this Part referred to as the transferor) agrees to transfer, in whole or in part, to another holder of a licence (in this Part referred to as the transferee) the business to which the licence relates—
Whilst the above is only quite illegal, it is sailing close to the wind, too many official bodies are turning a blind eye and the most prevalent ones are the Solicitors: both those conduction possession cases but those lodging liens into the land Registry, they are obviously party to all documentation, it is clearly immoral and the conduct of all of the above should be brought to question, whilst the authors are not experts on the law, securitisation, it is quite obvious to the naked eye who is profiting and who is losing.
Families are losing their homes at the expense of the Banks, Sub Prime Lenders, Vulture Funds and Money Collectors, yet again, matters were not addressed in 2012, let’s hope 2022 changes that. How many family homes and farms have been possessed by what is effectively the wrong entity.
It is interesting to note in these documents, that when litigation has started the ‘client’ is referred to as ‘Cash in Court’, likewise it notes that it is harder to get a possession order due to age or infirm. The enclosed documents (and those on the memory stick) show the predatory nature of the vulture funds: the ethics of the sellers (banks); KBRA ratings agent has attended some of Vulture funds office here in Ireland as part of their due diligence process.
All of the above leads to two notes;
(a): if the family wins the lottery tomorrow: they can’t redeem their mortgage, Mars (and alike) don’t own it, Mars would have to approach the SPV to remove all mortgages from the stock market, remove one Mortgage and refloat the portfolio………. that is never going to happen.
(b): when the litigant in person asks to see the mortgage deeds, either in court or out of court, they are shown the counterfoil deeds, (by why of explanation), when a mortgage deed is created there are two deeds, the true deed goes to the Bank and the counterfoil deed that creates the lien on the folio goes to Land Registry. That deed is lodged with Land Registry and stored in a warehouse in Swords, those deeds should never leave Land Registry, under their own rules, a disturbing fact is, the banks are producing these deed in Court and claiming them to be the true deeds, The deeds should never be able to leave the control of Land Registry and most certainly not be produced in Court as irrefutable proof of the original documents.
If you look into the ratings report on Senior Money, they rely on the death of the mortgagor, “The Weighted Average (WA) age of the youngest active borrower age in the pool is approximately 78 years of age. As a result, mortality and morbidity events will tend to be more back-loaded and therefore allow for a longer accrual period on the loan balance and increased crossover risk”.
“Repayment Assumptions; Mortality Assumptions: KBRA uses publicly available Irish mortality tables and estimates mortality timing based on the borrower’s age, gender or, in the case of multiple borrowers, the joint probability of those borrowers’ mortality”.
In real terms and quite morbid, they expect the mortgagor to pass away and they get the property!
In closing, I have enclosed a redacted copy of a letter from Mars Capital, the letter to the Mortgage holder outlines the balance, including arrears at €216,965.39 (Inclusive of arrears of €100,599.05), Mars are selling the loan to a mortgage to rent company for €145,904.00, The mortgagor ask Mars to release the mortgage to his family at the same price tag: Mars refused.
I would appreciate your initial thoughts and then an update as to whether this is something the Finance Committee would investigate and take to the forum.
Kind regards
