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Tawnyowl

Kensington Mortgages-Subprime Greed.

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Tawnyowl here on one of my Sunday let off steam hours.MAY I SAY THIS IS MY VIEW ONLY AND ANYTHNG SAID ON THIS THREAD IS MEANT TO BE VIEWED AS A THOUGHT NOTHING ELSE.BUT SOME THINGS ARE SO TRANSPARENT THEY DONT NEED EVIDENCE.I understand many of you are paying fees,charges, councellor fees and may soon be paying a huge hike in your mortgage when fixed rate ends and interest rates slide upwards as may well happen soon.A small story for a Sunday.It involves bankers,brokers,share dealings,companies being formed,offshoots of them,offers to tempt you and more.Here we go.THIS IS HOW it started for me ON SEPT 16TH 2008=Re:http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/127712-mortgage-arrears-kensington-nervous-14.html Quote-

Just wondering about Kensington who owns them -condition of company-health of them-what they r up to at the moment-then will do conclusion-my own view of them.Will try to be not to biassed-sniffer dog going in.South African bank pays £283m for troubled Kensington Mortgages

 

 

 

 

30TH MAY 2007.

Investec, the South-African investment bank, is to buy the British sub-prime lender Kensington Mortgages for £283m. The companies announced the deal yesterday at the same time as Kensington issued its second profits warning in the space of three months.

Kensington said it would recommend the deal to shareholders on the grounds that Investec has much better access to the capital needed to expand the lender's mortgage book.

Yesterday's profits warning specifically blamed competition from rival lenders with better credit ratings for Kensington's woes. "This has primarily been caused by intense competition from other providers, particularly those with access to lower cost funding," the company said.

While Investec's offer of 519.5p a share represents a 6 per cent premium compared with Kensington's closing share price on Tuesday, analysts said that Investec had picked up the company cheaply.NOW I WILL JUST SLIP THIS IN(Perhaps he didnt agree going into the Kensingtons of the world.) --Imagine this.1-A boardroom battle takes place maybe maybe not.2-Shortly afterwards a banker dumps his shares in a bank he started along with others.INVESTEC.Giving reasons like which would have been accepted at the time-i want to do more fishing-slightly altered but along those lines.He was youngish.3-Shortly afterwards 30TH MAY 2007 they buy a group in this country Kensington who then suddenly form offshoots a broker a mortgage arm- and themselves, Packager all the other things that go with it.We fall into their web-broker TML searches market as advertised-noooooo they put you into arms of other mortgage comp they own MONEY PARTNERS, then back to KENSINGTON next day avoiding cash back offers available at time.Trouble starts-re subprime crisis .Other mortgage company moves---14 Jan 2008

Goldman Sachs buys Money Partners

 

Speculation surrounding the future of specialist lender Money Partners ended last week with the news it has been bought by Goldman Sachs.

 

Money Partners appointed Pricewater*houseCoopers last Sep*tember to help it source outside investment, amid concerns over funding lines after the near-complete shutdown of the securitisation market (mortgagesolutions-online.com, 27/09/07). The move means Money Partners will be the only UK lender to be owned outright by Goldman Sachs – the only investment bank to escape write-downs in the aftermath of the US sub-prime crisis.

 

Money Partners declined to comment on how the business might change as a result of the deal.Along with broker leaving main company still there to collect payments-fees councillor fees -end of fixed rate increases-every flaming fee imadginable.

. SEPT2008-QUOTE-OLIVE FAMILY- Looks to me like Investec own Kensington as a search for Kensington group plc comes up with Kensington HQ. I had a feeling that they had been bought out last year by a South African Company. Rumour also has that since then they have actually beeen strugling but I havent seen the facts any where. Just wishful thinking I guess. You carry on digging Tawny.

NOW Palomina,a nice chap from Wiltshire once called me Methuselah who was a biblical character who lived to be 700 years old,now Palomina is a wise one,he was saying it will take you 700 years to pay just one of your debts off at token payments.He also said he had a friend who told him many years ago as it was their profession said to me in 1996 that we were entering the phase that every single civilisation in recorded history has encountered, at exactly the same stage of development.

 

That phase is the collapse of the civilisation.

 

I asked if he though WW3 was imminent.

His reply?

 

"No, it will be an economic collapse that will begin in the USA".

 

That was in 1996 - how right we probably was...

 

It sounds scary, but it really shouldn't be.

We will return to good basic principles, and we will become a happy society once again.What i am saying is that TML,MONEYPARTNERS AND KENSINGTON NEED TO BE INVESTIGATED,THEY WERE ALL THE SAME GROUP FOR A WHILE.TAKING BROKER FEES,AVOIDING CASHBACK DEALS COUNCELLOR FEES,ERC FEES ALL THE RIP OFF FEES,still doing it,all need investigating,take it to them,a wise one could develop the letters.Even down to the insurance they offered.Remember this is my view only and maybe biassed-mmm.Tawnyowl.

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The above post was meant for another thread,but maybe you would like to read it anyway.Sometimes it put things in your life in perspective,Tawnyowl.

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