Carmel Butler / House of Commons

[roony]

Ok, great so the 395 forms will state if the sub-charge mortgages the legal title & equity, or just the equity?

 

Or can you only grant a sub-charge if you include the legal title?

[supersleuth]

Thats even better, so the 395 form is proof the spv granted a trustee the right to mortgage the legal title to the mortgage it owns ( not the property owned by the borrower).

 

 

Virtually right..the form 395 is proof that the SPV has exercised its LEGAL POWERS, AS THE LEGAL OWNER. To create a sub-charge you must be the LEGAL OWNER. So if the SPV was not the legal owner of your mortgage - it could not create a sub-charge.

 

But the bit where you say, that that the SPV granted a trustee the right to mortgage the legal title is incorrect. It is the SPV that HAS granted the Trustee a MORTGAGE on YOUR mortgage (i.e the subcharge). Therefore, the Trustee OWNs a mortgage against your mortgage contract.

 

If the SPV doesn't pay ITS lender (i.e. its investors), then the Trustee will enforce ITS mortgage against the SPV, who will in turn HAVE to enforce its mortgage against you, in order to pay its investors.

 

Think of it like dominoes.

[roony]

The granted bit is a bit confusing, the SPV transferred the sub-charge to the trustee, after creating it?

 

Or did the spv grant the trustee a right to create a sub-charge on your mortgage?

[supersleuth]

Roony, please re-read the posts and mull it over.

[enoughisenough]

Love to take the credit for Supers disection of this aspect of the argument. I have been erroneously credited for something Super posted above, Credit where credit is due. EIE is a baby in this compared to Super.

[roony]

I have, thanks ss

 

Would you mind quickly explaining, or point to a post, how the lender transfers the legal title to the spv?

 

I know this has been discussed at length lol, im just having a hard time finding out what the legal process behind this transfer of legal title from the lender to the spv is.

 

Again apologies for rehashing subjects.

[SadButTrue]

Please do rehash, I am learning too

[roony]

I'm guessing this is why Abbey's SPV is registered at Abbey House & not in some Cayman Island

 

Taken from a prospectus http://www.eurobank.gr/Uploads/pdf/Offering%20Circular%20for%20Themeleion%20Mortgage%20Finance%20PLC_14_june.pdf

 

 

The Issuer (The SPV) shall not so long as any of the Notes remains outstanding:

 

(ii) Restrictions on Activities:

 

(b) open or have an interest in any account whatsoever with any bank or other financial institution, save where such account or the Issuer's interest therein is immediately charged in favour of, and to the satisfaction of, the Trustee so as to form part of the Security;

© have any subsidiaries;

 

(d) own or lease any premises or have any employees;

(e) amend, supplement or otherwise modify its Memorandum and Articles of Association; or

(f) issue any further shares;

 

 

Any new news on Carmel Butler?

Edited April 23, 2009 by roony

[SadButTrue]

So how is the legal transferred from lender to spv ?

[roony]

I think supersleuth explains it a cple of pages back, its basically a mortgage on your legal title, that gets transferred to the spv, from what i understand.

 

I'm still going through all the threads posted on here, its just taking ages which is why i've been asking basic questions.

 

I was wondering what law states the legal title has to be transferred if you create a sub-charge?

[bustthematrix]

I'll second supersleuth's vote BRW!

 

And I'll third it. Brilliant summation BRW - didn't watch the program but your post is so lucid.

 

I don't tend to visit this thread much so probably time to sub in....

Edited April 23, 2009 by bustthematrix

[enoughisenough]

Banker Rhymes with is certainly gaining notoriety/respect for this.

 

I am sure to forward this post by he or she in respect of a a very very wicked plan I have to a person or persons renowned for getting up the shirt tails of these wickless wonders.

 

Did have an idea though - we won't name, shame and PUBLICISE if they start treating us fairly - permanently - for the lifetime of our contracts?

 

Didn't think so peeps, so in that well worn legal phrase 'for the avoidance of doubt' - trawlers consider this as our full and final offer!

 

Oooh If only you trawlers knew which persons are in mind???

 

Scary!!

 

There will be more oooh so much more to come!

 

NOW SIT UP AND BEHAVE YOURSELVES!

 

(Unless your are Just obeying orders from your SPiV masters)

[banker_rhymes_with]

Hello Folks!

 

I've alerted the Site Team, so if SS and JonCris could hold off Posting for a little while, they may be able to clear up the last few Posts to edit out names.

 

Cheers,

BRW

[HSBCrusher]

I have moved all the off topic stuff to the BG.

 

I just moved the lot, so apologies if some innocent posts have got moved with them.

 

keep it civil please folks, abuse will likely result in moderation.

[supersleuth]

Yes HSBCrusher, Edit out the names.....oh just how very revealing it is that the NAME was so on the ball and complained....is this more of the alleged defamation...anyone watching this thread over the last few hours WILL now KNOW where SAD BUT TRUE COMES FROM AND WE NOW KNOW WHO IS THE COMPLAINANT!!! And you're complainant is here on this site on a Friday evening. It really is SAD BUT TRUE the power that these people have over us even discussing their rot.

 

 

Note that this post has mentioned NO names - will your complainant want this post removed too?

[HSBCrusher]

All the stuff has been removed to the BG, well, nearly all.

[enoughisenough]

SBT GOT very short shrift from me-moronic line of inquiry IMHO! It was obvious after about 5 posts. Totally rubbish. Raise your game you wotsits!

[supersleuth]

My goodness, your complainant didn't stop at much...every single post from today has GONE. Noticed that the point at which I became "unapproved" is when I asked SAD if she/he worked for a particular law firm? Tjat's the point at which things became unapproved. But also Noticed that you didn't have any objection to SAD mentioning names? Interesting...but then again, SAD was only mentioning an individual and not a powerful law firm. And by god are they powerful. They can control the CAG site too by the looks of things at the drop of a hat. Well done powerful law firm.

[enoughisenough]

PS CAPSTONE ARE ON RECRUITMENT OVERDRIVE. Anyone feeling confident enough to do a Donnie Brasco?

Just asked because I asked before and no one got back:D

[supersleuth]

Shocked and disappointed with you Site Team - a whole 24HRs of posts gone missing because of one powerful law firm - what happened to freedom of speech, oh, that's right, you're only free to speak if the powerful law firm agrees with what you say - right? They sit as judge and jury in their own cause and that's OK is it?

 

The only good thing that has come out of this is that some of us now know who is interferring with free speech and who it is that is threatening you.

[SadButTrue]

Talk about delusions of grandeur

 

If it helps building up the value of your own self importance, continue to think that I am from some law firm etc.

 

You are sadly mistaken and kidding yourself

[JonCris]

SS Admin know the score;) & have sent you a PM

[enoughisenough]

IF this site is being interfered with can somebody please give us the official due date of the introduction of the new fascist regime. Or is that only privy to those already in the know? Has anybody here actually read the Regulation of Investigatory Powers Act (2000)? This is the most scary SH!T I have EVER come across. WE ARE 1984.

[supersleuth]

SAD,

 

I accept that you are hostile and nasty and that you will not be civil. That's fine. As of this moment, I will no longer respond to your irrelevant diatribe.

 

Oh EIE,

 

Thanks for your post - it's good to add some humour into all this rot - it made me laugh out loud!!!...even though it is another one of those SAD truths.

[JonCris]

SBT can you explain why it's important for YOU to know whether or not SS is Carmel Butler:confused: