Sub Prime lenders

emmaHarris_2

Another thread that may help others:

http://forums.moneysavingexpert.com/showthread.html?t=191113

saver_sam

emmaHarris wrote:

1. Does anyone know what the current repossession/eviction rates are in England & Wales? The CML site is out of date by nearly a year.

new figures due out on 5th May i believe for Q1 2006

emmaHarris wrote:

2. Does anyone know Beacon Homeloans...what do they do?
3. What does anyone know about Redstone Mortgages, who are they?

If you search for members on the cml site they come up with details of both companies if thats of any help, redstone links to a website that might give you more about the company the are associated with.

emmaHarris_2

http://www.kpmg.co.uk/services/ts/s/pt.cfm

http://www.odpm.gov.uk/index.asp?id=1155554

emmaHarris_2

Impact of securitisation on consumers
It is not required by law that consumers give permission for their mortgages to be securitised although it is a part of the agreed code of practice. There is little evidence that mortgagors are concerned except perhaps where foreign names appear on documents. Most importantly, issuers are still the first port of call and they see the capacity to sell other products to their customers as a major benefit of winning mortgage business - so they do not want this relationship muddied.

The main ways that consumers could be affected by a growth in securitisation include:

securitisation may lead to lower mortgage costs. However, this appears unlikely at least in the shorter term because of their relatively high cost of issuance. The benefits come more from the reduced risk of volatility;
greater standardisation could lead to a smaller range of products. Lenders argue that this is unlikely because the benefits come from standardisation of documentation and approach rather than the specific mortgage instrument; and
it could lead to greater emphasis on credit rating processes, penalising those with higher risks. This cost must be traded against the benefits of better risk assessment overall.

emmaHarris_2

http://www.fanniemaefoundation.org/programs/hpd/pdf/hpd_1503_Eggert.pdf

For servicer read administrator

emmaHarris_2

HI stanmoresaver:)

emmaHarris_2

new figures due out on 5th May i believe for Q1 2006

Great! Will be interesting to see the trends and hopefully in line with our enquiries regarding what is and what is not incorporated within these figures

Thanks Saver_Sam

emmaHarris_2

Just to bring you up to date: Shelter has now shown and interest in this topic of how sub prime lenders are operating, as follows:

---

Original Message

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From: Email & Name Provided
Sent: 02 May 2006 10:39
To: XXXXXX
Subject: Re: The new UK Mortgage Forum at www.townandabout.com


Dear XXXX

Thank you for sending through this information.

I am part of Shelter's XXXX team and have been taking an increasing interest recently in the problems caused by the growth in the sub-prime sector of the mortgage market. I was very interested to read some of the material on the discussion forum you have set up. I was also interested in the letter you have sent to the Courts Service and HM Treasury. Would you please keep me informed of any response you get to this letter? I would like to know myself the answer to some of the questions you have asked.

regards
Name Provided

Name Provided
Office Held Provided
Shelter
88 Old St
London EC1V 9HU
Direct Line: Tel No Provided
fax: Fax No Provided
Email Address Supplied

emmaHarris_2

As you are aware there is consultation going on with the Department of Constitutional Affairs, The Office of the Deputy Prime Minister and the HM Treasury. Following these discussions, we have now been able to obtain more in depth information in regard to repossession rates and evictions. I am in further discussions with them towards providing this information by county and region as well as by lender in conjunction with other entities.

The figures and trends 2001 - 2006 can be viewed HERE

Joe_Bloggs

Or from the DCA http://www.dca.gov.uk/statistics/cjust.htm
J_B.