Well Amex declines to answer Securitisation Question

[retap-falco]

Found this PDF of a letter from CEO of MBNA to the US SEC telling them how proud MBNA are to have securitized $146Bn of managed assets (ie: our credit card debts). Does this count?

 

http://www.sec.gov/rules/proposed/s72104/wright071204.pdf

[Rhia]

Another great thread I've been missing. Subbing right NOW!

[angry cat]

Found this PDF of a letter from CEO of MBNA to the US SEC telling them how proud MBNA are to have securitized $146Bn of managed assets (ie: our credit card debts). Does this count?

 

http://www.sec.gov/rules/proposed/s72104/wright071204.pdf

 

Thanks for that retap-falco!

 

AC

[Rhia]

Just a thought but couldn't you write to the FSA and ask them this question. Does American Express Europe securitise its loans either in SPVs, CDOs or any similar vehicle created for such a purpose.

 

In the USA it's the SEC in Washington - you could also email them and ask the same question. If they securitise in the USA how can they not securitise elsehwere as it's a global operation.

[the_shadow]

Just a thought but couldn't you write to the FSA and ask them this question. Does American Express Europe securitise its loans either in SPVs, CDOs or any similar vehicle created for such a purpose.

 

In the USA it's the SEC in Washington - you could also email them and ask the same question. If they securitise in the USA how can they not securitise elsehwere as it's a global operation.

 

Amex europe is just a clearing house for repayments I believe, BRW can confirm. Does anyone know offhand if the SEC are required to respond to cross-border requests or is it for american citizens only?

 

S.

[Rhia]

I don't know Shadow. I am sure they will answer a question if you say you are banking with AMEX or such like. You could also ask if Europe is just a clearing house because if so it's a clearing house with a road sign pointing to the USA (I guess).

[Desperate Daniella]

My computer died so I have missed a couple of weeks. As you know they ignored my question about securitisation and said they would continue to get the DCAs to chase me but I haven't replied yet, and I haven't heard a word from them or their DCAs either.

[Kraken1]

I don't get this. why is whether an account has been securitised relevant?

[the_shadow]

I don't get this. why is whether an account has been securitised relevant?

 

You need to read back through the thread, specifically about Amex UK/Europe being a clearing house for payments to its parent company which holds the assets.....

 

...and the fact that the sale of securities in the states is different law to the UK and the type of sale.

 

S.

[castella]

Hi everyone

Does anyone have any amex letters sent from Fort Lauderdale Florida

with a note on the back of the envelope stating

"if undelivered return to PO Box 297810 Ft Lauderdale, Fl 33329-7810 Please do not send correspondance to this address" or-

PO Box 297823 FT Lauderdale, Fl 33329-7823 Please do not send correspondance to this address"

One envelope had the monthly Amex bill in With a American Express Services Europe Ltd Department 671 Brighton BN88 1AH England bill address inside, the other had-

 

Using an American Exress with chip and pin is as easy as1234 with the chip & pin number in the envelope with an address of American Express Services Europe Ltd PO Box 70 Brighton BN88 1AH England .

This one on the front of the envelope has INTL Priority Airmail. US POSTAGE PAID FT LAUDERDALE FL. PERMIT NO 4497

 

Any thoughts

Regards castella

[Hungryforinfo]

I am just putting together my response to Amex and am obtaining information via different threads depending on the issue (DN's and what appears to be the usual application form and no agreement). I have to send in my response to claim by tomorrow. I have posted in the Legal section Strict proof question for court claim defence on the issue I just read again on this thread.

 

I am posting this here as The Shadow asked in an earlier post if I had a thread.

Edited July 27, 2009 by Hungryforinfo
Out of sequence post needs clarifying

[Desperate Daniella]

Hi Castella,

 

You are absolutely right. My statements (haven't had any for months now) used to come from Fort Lauderdale which adds I think to the likelihood that the accounts were securitised to the US. Well spotted.

 

Hungryforinfo, I'll look at your thread now.

 

DD

[Rhia]

Have a look at www.ft.com there's a story about credit card debt and quotes about how securitised credit card debt is defaulting. Why don't you ask them to swear a statement of truth as to do they securitise their credit card debts?

[davey77]

Hi everyone

Does anyone have any amex letters sent from Fort Lauderdale Florida

with a note on the back of the envelope stating

"if undelivered return to PO Box 297810 Ft Lauderdale, Fl 33329-7810 Please do not send correspondance to this address" or-

PO Box 297823 FT Lauderdale, Fl 33329-7823 Please do not send correspondance to this address"

One envelope had the monthly Amex bill in With a American Express Services Europe Ltd Department 671 Brighton BN88 1AH England bill address inside, the other had-

 

Using an American Exress with chip and pin is as easy as1234 with the chip & pin number in the envelope with an address of American Express Services Europe Ltd PO Box 70 Brighton BN88 1AH England .

This one on the front of the envelope has INTL Priority Airmail. US POSTAGE PAID FT LAUDERDALE FL. PERMIT NO 4497

 

Any thoughts

Regards castella

 

Think they just have different depts depending on what subject they are writing to you about. I have had those Ft Laudersale ones too.

[davey77]

davey77 posted this on his own thread, I thought it was relevant to this dicussion.

 

I have had a response from the ICO to the question sent to them (post 11 of this thread).

 

"Case Reference Number **********

 

Dear Mr *

 

Thank you for your correspondence dated 21 May 2009, regarding whether information about an account that has been part of a securitisation pool would be classed as personal data. I apologise for the delay in replying to you which was due to the large volume of correspondence that the office is currently handling. This has meant that we have not been able to reply as promptly as we would have wished.

 

Under the Data Protection Act,

 

“personal data” means data which relate to a living individual who can be identified:-

 

(a) from those data, or

(b) from those data and other information which is in the possession of, or is likely to come into the possession of, the data controller

 

However, we would need further information before we could give you a definitive answer on whether such information would be classed as personal data in this case. Therefore, we would advise you to make a subject access request to the organisation for the information in the first instance. If you have already done so and have received a response from the organisation, we would ask you to complete and return a copy of our complaint form together with a copy of your correspondence with the organisation. We can then investigate the matter and provide you with a fuller response.

 

To help us deal with your returned complaint form as quickly as possible, please reply to this email, being careful not to amend the information in the ‘subject’ field, sending the form as an attachment. Please quote the above case reference number in all future correspondence about this matter. Failure to do so may delay the processing of your complaint.

 

As we cannot progress your enquiry/complaint without the information we have asked for it will now be closed until you return the form to us.

 

If you require any further advice or assistance please contact our Helpline on 01625 545745.

 

Yours sincerely

 

 

 

Caroline Thompson

Case Officer

DP Case Reception Unit"

[alangee]

I have had exactly the same response from ICO as davey.

 

I have also been pushing Amex, and last monthe asked them the following in their reply to "it is irrelevant to the issue at hand" comment:

 

Prior to November 2008, the main source of funding for American Express came from securitisation. The securitisation would most likely have taken place through your parent company in USA. This would have been by absolute assignment to an SPV, who would then own the account(s), but they would continue to be serviced by American Express. So, you see that to know if any or all of the above accounts were ever securitised is relevant. At best American Express would only have had an equitable stake in these accounts.

 

Can you categorically state that American Express Services Europe Limited, have always been the absolute owners of each of the above accounts, and have never at any stage only held an equitable stake in them?

 

Their answer was:

 

"Your above numbered ......... were funded by American Express Services Europe Ltd. We do not beleive it is necessary to provide any further information as to the source of funding as it is irrelevant to the issue at hand.

 

Any further correspondence received from you with regard to this matter will be read and filed, but no response will be sent."

 

I have replied by saying:

 

Your reluctance to state that American Express Services Europe Limited, have always been the absolute owners of each of the above accounts, has been noted.

If we cannot get the information from the OC, and the ICO do not seem able to help, what is the next step?

 

Alan

[cadwallader]

Isn't Amex neatly sidestepping the issue in their reply (yes, of course they are:)) but surely the source of funding for your credit card is not really relevant - this has probably come form previous tranches of debt being securitised. The question is what have they done with your credit card debt - i.e. have they securitised it (to provide funding for further tranches of lending) and what sort of securitisation was it, e.g. the income stream or transferring the debt itself to an SPV.

 

So their answer "Your above numbered ......... were funded by American Express Services Europe Ltd. We do not beleive it is necessary to provide any further information as to the source of funding as it is irrelevant to the issue at hand" is probably correct.

[alangee]

Thats true cadwallader, but I asked them if they had always been the absolute owners, and to that there was no reply.

 

Alan

[cadwallader]

Sure, wasn't trying to distract from your very valid point, only thought that yet again the dark side was answering a question that hadn't been asked so as to distract us.

[angry cat]

Wilmington Trust SP Services:

Securitization.Net

 

AC

[angry cat]

http://www.isr-e.com/PDFs/ISR/ISR_DIRECTORY_2009.pdf

[angry cat]

ASF Conference Page: Sponsors at the ASF 2005

[foolishgirl]

ASF Conference Page: Sponsors at the ASF 2005

 

Why am I not surprised? All the same old culprits, including Lehmans!!

[angry cat]

Wilmington Trust Strikes Corporate Debt Trustee Deal with Bank of America

 

Note Link buy the MBNA debts through Wilmington Trust SP! (plus others)

 

Company Name: Asset Link Capital (Holdings) Limited

Business Description: A group engaged in comprise the collection of charged-off consumer receivables.

Sectors: Support Services

Cost of Sales: £32.1m

Parent Company: WILMINGTON TRUST SP SERVICES (LONDON) LIMITED

 

Also known as BCT Conduit Limited

[rev.ian]

I at last have a reply from Amex after 3 attempts.

American Express has not included the above account ending XXXX in any securitised program up to and including 11 September 2009, but reserve the right to do so at any time.

They would have a job as the account is cancelled.