Beware third party rules on mortgage transfers

“In our view, the code could potentially slow the increase in mortgage arrears in Ireland, and may allow lenders to start repossession proceedings sooner.

"We view this as a credit positive for the senior notes in outstanding residential mortgage backed securities.”

Let’s translate this quote from the Standard & Poor’s ratings agency as they commented on the new Central Bank code on mortgage arrears.

The important line is the second one. Your mortgage was sold to third parties by your bank. These third parties are hedge funds, insurance companies, etc. These are the senior note holders. Your bank was paid in full for your mortgage by these institutions. Your bank now acts as a debt collector for these third parties. Basically, they bought your promise to pay from the banks. The Irish Central Bank rules clearly state that a debt cannot be sold on to third party investors without your consent. If it was then the debt is null and void.

The next question to ask yourself is was your mortgage sold on to investors? The answer to this question is the same as the one about the bear, the woods and toilet facilities he used.

So unless you received a letter stating your mortgage was no longer owned by your bank then your mortgage is null and void. This is just another example of the multi-layered fraud that continues daily in this country, all perpetrated by the suited and booted ones.

It will continue until you no longer give your consent.

Barry Fitzgerald

Lissarda

Cork

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