RBS / North Yorkshire Mortgages - Securitisation & Repo

[Trudy B]

Dear All

 

Firstly I should like to say what a fabulous job everyone is doing and I am sure there are loads of people who are extremely grateful.

 

This is concerning issues raised by the Carmel Butler report. Is anyone else having the same issues as me with RBS and North Yorkshire Mortgages? Wonder if anyone can help suss out my situation?

 

I understand the basic issues but not all the exact legal jargon and arguments.

 

Is anyone curently taking this to the FOS?

 

Had a mortgage with Platform. Part of or owned by major Building Societies so all OK or so I thought.

 

Months later got a letter saying it’s now gone to RBS – thought nothing of it, did not realise any significance. Merely assumed RBS had bought it all outright. Concealment?

 

Made redundant, asked RBS for help / assistances – nada. The minute I went 3 months in arrears they leapt on repo action. Started earning and offered to start paying mtg plus some to arrears – completely ignored all my letters, payments etc etc and RBS went to court insisting on nothing but repo. Loads of FSA not treating customers fairly breaches plus mistakes all over court paperwork, evidenced all this to judge who didn’t give a stuff but gave suspended order. Shoosmiths acting for RBS. Should have seen Shoosmiths sols and judge in action – no mortgage holder has a dogs chance.

 

Income over Christmas and early 09 bad so in arrears again. That's a resession for you!

 

Late Feb got letter form RBS saying the mortgage had been “transferred” to North Yorkshire Mortgages, same sort of letter from North Yorkshire Mortgages.

 

NYM have immediately jumped on arrears and the suspended order and have got letters from NYM and their sols, funnily enough Shoosmiths again, are seeking repo. Expecting the bailiff to knock on door with 14 day warrant for eviction an minute.

 

Keep asking NYM for help etc - they flatly ignore it. Clearly not treating customers fairly!!!

 

Am managing to scrape together some money for them coming in this week (finergs crossed) so may be able to get account back up to date but excluding previous arrears.

 

Wrote to NYM asking if my mortgage had been securitised and they did not answer my questions but sent copies of stuff via Shoosmiths. Asked for entire history of securisation - I do not believe this has been sent. More concealment?

 

Basically it gives a copy of a block letter to Land Reg from RBS which says RBS (“Transferor”) and Vindobona Finance Beta S.A acting in respect of its Compartment No 1 (the” Purchaser”) has agreed to transfer certain legal charges relating to the registered land of which the transferor is, or is entitled to be, registered as proprietor at the Land Registry. States NYM is the transferee.

 

The letter also says transferor requests the Chief Land Registrar to dispense with the requirement for the date of charge in respect of each title number to be contained in the transfer. Don't understand all this.

 

There is also another letter from NYM to someone unknown, big blank space, no heading, no title, no reference, from credit team manger at NYM

 

“We North Yorkshire Mortgages Limited consent to being substituted as the claimant in the claims subject to the application for a Global Substitution Order.”

 

Accompanying letter says "Mortgage account has been purchased" by NYM not full title you note.

 

It is bad enough having arrears and under threat of repo with requests for help denied but to be repo’d and get loads of court fees & charges by companies who are not entitled to do so is unacceptable.

 

Do we know what the Treasury Select Committee, FSA, MOJ etc is doing re the Carmel Butler report? Surely they cannot just ignore it? Plus the longer this goes on the more homeowners will be repossessed by firms who are not entitled.

 

This is what I think has been going on, what is now going on and why ……

 

Both RBS and NYM have no interest in helping because they are unable to because they were / are not the true mortgage owners and their ultimate contractual responsibilities are as administrators to the securitisation company. They were / are never in a position to make decisions to help.

 

If the securitisation company truly owns the mortgages then if they move the administration away from majority Government / Taxpayer owned RBS to NYM then they will not be forced to sign up to comply with Mr Brown’s new mortgage payment deferment initiative to help homeowners – very sneaky, very clever!

 

Any ideas, pointers, advice etc? What exact wordings should I be looking for or info asking for?

 

Many thanks once again to all!

Edited April 2, 2009 by Trudy B
add stuff from another letter

[kegi]

trudy b

copy your post or a link to it to the thread securitised loans preferred on this forum all about this subject real interesting these details of yours

kegi

[midge61]

subbing

[Trudy B]

Thank you Kegi, Midge61 and everyone I am a newbie so not fab at getting round site yet and understading everything

 

Have the letters and the land land reg forms they filed ..... anything else you want, anything i can help with?

[Suetonius]

Sounds like your mortgage has been passed around.

 

Who do you make your mortgage payments to at the moment ?

[Suetonius]

Platform Mortgages

Platform is the “one stop” intermediary lender of Britannia Building Society launched in February 2003. The company was created from the merger of Platform Home Loans and Verso, both Britannia subsidiaries.

 

North Yorkshire Mortgages (NYM)

Scarborough Building Society (Scarborough) provided mortgages, savings and insurance services to personal customers. Scarborough is also in active mortgage process outsourcing services through its subsidiary Scarborough Mortgage Services Limited (SMS) and mortgage portfolio management through its asset trading subsidiary, North Yorkshire Mortgages Limited. Scarborough Building Society was/has going to merge with Skipton Building Society.

 

As a mortgage process outsourcing service (MPO), the provision of residential mortgages involves the provision of the following back office functions: processing applications for mortgages, dealing with the day-to-day administration, collection of mortgage payments and enforcement in the case of borrowers that fall into arrears.

 

Lloyds TSB, HSBC, Barclays, RBS and Kent Reliance (and others) have outsourced parts of their MPO services (the rest remaining in-house) to non-UK based suppliers.

 

 

 

 

Edited April 2, 2009 by Suetonius

[Suetonius]

Basically it gives a copy of a block letter to Land Reg from RBS which says RBS (“Transferor”) and Vindobona Finance Beta S.A acting in respect of its Compartment No 1 (the” Purchaser”) has agreed to transfer certain legal charges relating to the registered land of which the transferor is, or is entitled to be, registered as proprietor at the Land Registry. States NYM is the transferee.

 

Going by what you have said, it would appear that your mortgage was securitised and then unsecuritised, (realistically, chances are is has been again). This must have been quite recent as this SPV was not created in Luxembourg until 12 September 2008.

 

I am not yet sure of the relationship but there is a connection between Vindobona and BAWAG PSK Jersey Capital Limited. Now Bawag PSK is actually a bank based in vienna.

 

Now this gets a little more interesting because in 2006, Bawag alledgedly agreed to pay $675 million to avoid criminal prosecution. The payment also resolved lawsuits by the Securities and Exchange Commission and investors. Not sure if this has any bearing though.

 

I am still trying to establish the involvement of RBS.

 

 

Edited April 2, 2009 by Suetonius

[Trudy B]

Thanks Suetonius:)

 

From late Feb 09 payments go to NYM, was RBS from some time in 07

[tifo]

interesting info