Cooperative bank sitting on 1000's of VOID mortgages

Siliquaesid

A subsidiary of the Cooperative bank could be sitting on 1000's of void and unerforceable mortgages which it purchased from a well "known" subprime lender.

Of the seven parts to the block of Alba2007-1 tranche sold by GMAC RFC in 2007 no less than FIVE were declared as insolvent by Ambac an assurance company which deals with this type of investment (which is really what the are).

It appears the result of this was that MAS No.5 hiked its interest rates to 5.75% (despite BoE being at just 0.5%) for its remaining borrowers to have them fund the "shortfall" due to MAS' failure to conduct adequate checks before purchasing these toxic assets.

Further investigation has revealed that a significant number of these mortgages contained an illegal claim of power of attorney which, because said Power of Attorney MUST be effected by a separate deed and which, in turn, must comply with the Power of Attorney Act 1971. This means that the charges of interest registered in favour of MAS no.5, which were applied to any of the properties, is void and thus ILLEGAL and should be removed by the Land Registry. This could entitle many on the "mortgagees" to full refunds plus statutory interest meaning the return of 100's of £1000's of wrongly demanded money!

Thrugelmir

Any links to an article on the topic?

Siliquaesid

http://self-realisation.com/equity/banksterbusters/tgbms-the-beginning-of-the-end/

And the result of talking to a LOT of GMAC and Ex-GMAC customers

Siliquaesid

https://forums.moneysavingexpert.com/discussion/comment/68058966#Comment_68058966

These articles are the result of 5 years of research into the questionable activities of these companies. THere is still a WHOLE load more dirt to uncover, but what I state is PROVABLE and I can provide the documents to do so, in fact I will, to the Police, on Monday 30 March 2015.

Feel free to conduct your own research too, you may well uncover something important.

ENJOY.. Pass it round, post it on Facebook, newspapers where EVER you can. Let's get this VIRAL.