The document summarizes:
1) Nicolette Ward discusses creative reasons people give for not paying their mortgages, such as the "Freeman on the Land" movement which claims people can opt out of debt obligations.
2) HML forecasts that UK repossessions will decline to 20,606 in 2015, with the highest number in Greater London.
3) A third of interest-only mortgage customers contacted by two lenders immediately took up an offer of free mortgage advice.
Please also find attached our Real Estate Supplement. In it you will read about how issuance of bonds backed by commercial properties is on track to beat last year's supply and yield premiums for bonds backed by commercial property loans have narrowed. Also, Jefferies CMBS veteran Lisa Pendergast says she expects CMBS spreads to narrow by year end, while Fannie Mae economists Douglas Duncan and Patrick Simmons argue that a slowdown in the growth of the labor force suggests more modest prospects for the demand for new housing and construction. Emile J. Brinkmann, the chief economist of the Mortgage Bankers Association of America, probes how state regulations will affect the pace of foreclosures and delinquencies. Nicolas Retsinas of Harvard’s Joint Center for Housing has some advice for lawmakers on GSE reform and Donald Trump offers a characteristically confident view that the recovery in real estate. If you have any comments or feedback for future real estate issues please contact arozens@bloomberg.net.
Please also find attached our Real Estate Supplement. In it you will read about how issuance of bonds backed by commercial properties is on track to beat last year's supply and yield premiums for bonds backed by commercial property loans have narrowed. Also, Jefferies CMBS veteran Lisa Pendergast says she expects CMBS spreads to narrow by year end, while Fannie Mae economists Douglas Duncan and Patrick Simmons argue that a slowdown in the growth of the labor force suggests more modest prospects for the demand for new housing and construction. Emile J. Brinkmann, the chief economist of the Mortgage Bankers Association of America, probes how state regulations will affect the pace of foreclosures and delinquencies. Nicolas Retsinas of Harvard’s Joint Center for Housing has some advice for lawmakers on GSE reform and Donald Trump offers a characteristically confident view that the recovery in real estate. If you have any comments or feedback for future real estate issues please contact arozens@bloomberg.net.
Fife & cesta's official and complete bankruptcy survival guidefifecesta
The Law Offices Of Fife & Cesta, PLC is a Mesa, Arizona bankruptcy law firm that provides bankruptcy services to clients around Arizona.
They have issued this over 60 page guide to getting through bankruptcy as a service for their bankruptcy clients and for anyone examining the options offered by filing for debt relief under the federal Bankruptcy code.
The Real Estate Investment News is the newsletter for Mid-America Association of Real Estate Investors. Based in Kansas City and serving Real Estate Investors Nationwide. www.MAREInet.com / MAREI.org 913-815-0111
Ziad Abdelnour, Lebanese American author, trader and financier is President & CEO of Blackhawk Partners, Inc., a “private family office” that backs talented operating executives in growing their companies both organically and through acquisitions and trades physical commodities.
I am sure You Didn’t Know About these 5 Credit Card Facts
Instructions to Lower Interest Rates on Credit Cards
More than 167 million American grown-ups have no less than one Visa. That is 70% of all buyers managing month to month charge card bills and diverse Visa benefits, expenses, loan fees, and reward programs. Charge cards have turned into a piece of the vast majority of our ways of life. However, when and why did we as a whole begin paying with plastic? Here are 5 truths that assistance clarify why and how Visas have come to assume such a critical part in our lives today.
1. American Express Was the First Plastic Credit Card
American Express begun as an expedited delivery business in 1850, however extended to a money related administration super organization by the mid twentieth century. Cafes Club had really presented their Mastercard (travel and excitement card) years before American Express and charged a $5 yearly expense. American Express propelled their form of the Visa in 1958, however charged a $6 yearly expense to look after eliteness. The paper card highlighted a purple ink plan that looked like their explorers checks. After a year, they began to change over their cards to plastic. Burger joints Club went with the same pattern in 1961 and, from there on, the Mastercard was plastic.
यह भी पढ़ें :- घर में बनाये जिंजर लेमन बीयर और दूर करे कैंसर और गठिया जैसी खतरनाक बीमारियों को
यह भी पढ़ें :- जानिये अगर कुछ दिन नमक न खाए तो इसका सेहत पर क्या असर पड़ेगा
2. Christmas Thieves Prompted Government Credit Card Regulation
Bank Mastercards had not been famous in the 1960s, along these lines, in a joint exertion, the city's banks had sent a large number of spontaneous charge cards to homes in and around Chicago without a moment to spare for Christmas shopping in 1966. Not at all like Mastercards conveyed today, every one of the cards were at that point dynamic and did not require anything other than rather a mark at buy to utilize. Crooks crosswise over Chicago stole a large number of bank Mastercards from the mail station and the letter drops of multifamily homes and flats. They charged a huge number of dollars on the stolen cards at retailers over the city. Chicago banks lost an expected $6 to $12 million dollars ($43 to $85 million today) in fake Christmas shopping buys.
Perceptions of the Financial Services Industry - Revisited Philip Brooks
In this edition of viewpoint, we revisit ‘Consumer Perceptions of the Industry’. We uncover who they now blame for the current economic crisis, how we make them feel, as well as the concerns we could help them address.
We also take a look into the future, assessing the potential impact of the Virgin Money acquisition of
Northern Rock.
Due Diligence on Foreign Agents, Distributors, Consultant, Freight Forwarders...tomfoxlaw
This informative presentation will serve as a guide to navigating the use of international business and transaction partners under the Foreign Corrupt Practics Act (FCPA)
Fife & cesta's official and complete bankruptcy survival guidefifecesta
The Law Offices Of Fife & Cesta, PLC is a Mesa, Arizona bankruptcy law firm that provides bankruptcy services to clients around Arizona.
They have issued this over 60 page guide to getting through bankruptcy as a service for their bankruptcy clients and for anyone examining the options offered by filing for debt relief under the federal Bankruptcy code.
The Real Estate Investment News is the newsletter for Mid-America Association of Real Estate Investors. Based in Kansas City and serving Real Estate Investors Nationwide. www.MAREInet.com / MAREI.org 913-815-0111
Ziad Abdelnour, Lebanese American author, trader and financier is President & CEO of Blackhawk Partners, Inc., a “private family office” that backs talented operating executives in growing their companies both organically and through acquisitions and trades physical commodities.
I am sure You Didn’t Know About these 5 Credit Card Facts
Instructions to Lower Interest Rates on Credit Cards
More than 167 million American grown-ups have no less than one Visa. That is 70% of all buyers managing month to month charge card bills and diverse Visa benefits, expenses, loan fees, and reward programs. Charge cards have turned into a piece of the vast majority of our ways of life. However, when and why did we as a whole begin paying with plastic? Here are 5 truths that assistance clarify why and how Visas have come to assume such a critical part in our lives today.
1. American Express Was the First Plastic Credit Card
American Express begun as an expedited delivery business in 1850, however extended to a money related administration super organization by the mid twentieth century. Cafes Club had really presented their Mastercard (travel and excitement card) years before American Express and charged a $5 yearly expense. American Express propelled their form of the Visa in 1958, however charged a $6 yearly expense to look after eliteness. The paper card highlighted a purple ink plan that looked like their explorers checks. After a year, they began to change over their cards to plastic. Burger joints Club went with the same pattern in 1961 and, from there on, the Mastercard was plastic.
यह भी पढ़ें :- घर में बनाये जिंजर लेमन बीयर और दूर करे कैंसर और गठिया जैसी खतरनाक बीमारियों को
यह भी पढ़ें :- जानिये अगर कुछ दिन नमक न खाए तो इसका सेहत पर क्या असर पड़ेगा
2. Christmas Thieves Prompted Government Credit Card Regulation
Bank Mastercards had not been famous in the 1960s, along these lines, in a joint exertion, the city's banks had sent a large number of spontaneous charge cards to homes in and around Chicago without a moment to spare for Christmas shopping in 1966. Not at all like Mastercards conveyed today, every one of the cards were at that point dynamic and did not require anything other than rather a mark at buy to utilize. Crooks crosswise over Chicago stole a large number of bank Mastercards from the mail station and the letter drops of multifamily homes and flats. They charged a huge number of dollars on the stolen cards at retailers over the city. Chicago banks lost an expected $6 to $12 million dollars ($43 to $85 million today) in fake Christmas shopping buys.
Perceptions of the Financial Services Industry - Revisited Philip Brooks
In this edition of viewpoint, we revisit ‘Consumer Perceptions of the Industry’. We uncover who they now blame for the current economic crisis, how we make them feel, as well as the concerns we could help them address.
We also take a look into the future, assessing the potential impact of the Virgin Money acquisition of
Northern Rock.
Due Diligence on Foreign Agents, Distributors, Consultant, Freight Forwarders...tomfoxlaw
This informative presentation will serve as a guide to navigating the use of international business and transaction partners under the Foreign Corrupt Practics Act (FCPA)
Employers need to be aware that decisions they are making now about the size and make-up of their workforce will affect whether they exceed the 50 employee threshold that triggers the "pay or play" penalty in the Affordable Care Act. This presentation will focus on strategies for avoiding or minimizing exposure to the penalties under the Act.
Britain's other 2012 legacy
How will a new age of ethics affect selling?
In Autumn 2012 I was asked to give a talk on the ethics of selling to a network of ethical businesspeople. As a lifelong salesman, I felt a little like a lonely lion being thrown into a den of Daniels. To my surprise I managed to make a good case for the ethical approach of most salespeople. But I've since realised there was more to the invitation than I realised ‒ 2012 was a truly remarkable year ‒ Britain appears to have rediscovered ethics!
The feedback from my broadcast of this slide deck was intriguing ... to follow later.
James Sanders - The Greatest Trade EverJames Sanders
Here we have discussed about the tips to greatest trade ever and its steps which will provide the help to drives the economic growth and increase the efficiency.
A View at the Financial Collapses in the United States and the Evolution of t...Joel Stitt
MBA Thesis presentation on United States Financial Collapses, specifically the Housing Market Crash of 2008 and the Great Depression, and the evolution of the banking and financial services industry over the past century
Similar to February 2015 UK Commercial Bulletin (12)
IFRS9 is a new international accounting standard that will affect debt owners, including mortgage lenders and Special Purpose Vehicles, from January 2018. It will replace IAS39.
At present under IAS39, lenders need to calculate an expected loss value for just those accounts that are impaired. Under IFRS9, a lender must reassess the probability of any of their customers defaulting and the resulting expected losses for all exposures - and this will need to be carried out each reporting period.
This white paper explains the challenges IFRS9 presents and how HML’s can help lenders and SPVs with accurate provisioning.
A round-up of the latest UK economic news, including a reminder of the key announcements in George Osborne's Budget, inflation falling to 0%, the latest unemployment figures and David Cameron's comments about his re-election.
Find out everything you need to know about Ireland's economy, including the latest mortgage arrears figures, AIB returning to profit for the first time since the crash and which company has revealed it is to sell almost 3% of Bank of Ireland shares.
IFRS9; the challenges mortgage portfolio owners faceHML Ltd
IFRS9 is a new accounting standard that will affect European and UK mortgage lenders and Special Purpose Vehicles (SPVs) from January 2018. It will replace IAS39.
The challenge for lenders and SPVs
• Historic data will be required to carry out the new calculations
• New systems, scorecards and processes will need to be developed
• There could be a 50% increase in impairment charges as a result of IFRS9 – and potentially more (Deloitte survey, 2014)
• IFRS9 requires constant monitoring and reporting
• Your people may need to be upskilled
Here you can find everything you need to know about the UK's financial services sector, including the latest house price, base rate, inflation and unemployment figures.
Here you will find a concise round-up of Ireland's financial services sector, as well as key stats such as the unemployment rate, inflation and house prices.
HML's Ireland October 2014 Commercial Bulletin contains all of the latest Ireland economic and financial data, including house prices, the unemployment rate and a Budget blog from Angela Keegan at Myhome.ie.
HML's October 2014 Commercial Bulletin contains all of the key economic data from the month, including the 6% unemployment rate, the European Union bill and the latest update from the financial sector.
Everything you need to know about the top economic stories from September 2014, including the Bank of England base rate voting split, lower unemployment rate and the No vote for Scottish independence.
Addressing the issue of mortgage arrears in Ireland: a good practice guide fr...HML Ltd
This good practice white paper details HML’s experience of managing mortgage arrears in Ireland, with our main focus on ensuring the most sustainable outcomes for customers. With banks in the country currently under increasing pressure from the Central Bank of Ireland (CBI) to not only propose sustainable solutions to customers, but to also complete deals, a significant amount of resources will need putting into arrears management and collections. Not every bank, mortgage portfolio owner or other stakeholders may have the capacity to ramp up customer contact and collections, which is where HML can prove to be of assistance. We have been servicing Irish lenders’ loan portfolios since 2005 and have in-depth knowledge and experience of Ireland’s unique financial environment, making us ideally situated to help banks meet their CBI targets.
At HML, we believe Standard Financial Statement (SFS) engagement with the borrower should be at the heart of any successful arrears management strategy, as this is the gateway to the Mortgage Arrears Resolution Process (MARP). Once within MARP, mortgage customers can evidence they are engaging with their lender, which – to a point – protects the borrower from repossession. Cash collection also increases when a customer is within MARP, which is beneficial to both the borrower and their lender.
This white paper will take you through the process of managing Irish mortgage accounts in arrears, from ensuring SFS completion and engaging with MARP to sustainable restructures and the next steps lenders need to take in order to meet their CBI targets. We will draw upon our experience and provide a case study as an example of where a client has seen considerable success after HML supported its arrears management strategy and collections operations.
HML's Interest-Only Mortgages Presentation to the Building Societies Associat...HML Ltd
HML director of products and marketing John Grimbaldeston recently presented at the Building Societies Association's Arrears and Possessions Seminar.
This presentation draws on good practice, HML's experience of interest-only mortgages customer contact and touches upon the major challenges lenders face.
Dealing fairly with interest-only customers; a good practice guide from HML -...HML Ltd
Since the original version of our Interest-Only Good Practice Guide, the Financial Conduct Authority has published its finalised guidance into interest-only mortgages. This latest version contains the updates between the thematic review and the finalised guidance to help you shape your customer communication strategies.
Destination 100%: the evolutionary journey to a total quality concept in the ...HML Ltd
Since the original version of Destination 100%, HML has received upgrades from Fitch and has opened an operational base in Dublin. This latest version contains this new information, which stands us in good stead for our journey to Destination 100%.
HML's Mortgage Investor Report provides unique insight into the UK mortgage industry, including the rise of arrears rates through the recession and the fall during the
subsequent recovery.
This insight on account performance, including arrears, redemption and repossession, enables our clients to make confident and effective decisions in areas such as new
lending, portfolio and strategy benchmarking, risk management and capital calculations.
Destination 100%: The evolutionary journey to a total quality concept in the ...HML Ltd
This whitepaper details HML's journey to a total quality concept in the mortgage servicing industry, where the customer is placed at the centre of everything we do. We continue to strive towards a completely safe and fair environment for customers, and we aim to shift our and the industry's mindset to 100%.
MMR and the implications for Mortgage OriginationHML Ltd
HML recently held a webinar about MMR and the implications for mortgage origination, this was chaired by Richard Hennah from HML, Michael Coogan at Deloitte and Claire Davey from Skipton Building Society.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1. February 2015
Nicolette Ward, from SGH Martineau, on the creative reasons
people come up with as to why they cannot pay their
mortgage
Fitch comments on the purchase of UK mortgage servicers
HSBC has reported a 17% decline in profits
2. HML News
Partner guest blog: Nicolette
Ward, SGH Martineau -
Creativity during distressed
periods: the Freeman on the
Land Movement
Nicolette Ward, Client Relationship
Manager for Mortgage Repossession and
Sales at SGH Martineau, explains that
during difficult financial periods, people
can get creative with their reasons as to
why they cannot pay their debts.
Having provided lender recovery services for
20 years, it is often apparent that when
borrowers find themselves in difficult financial
circumstances, they become particularly
creative with arguments as to why they should
not have to pay their debts.
One such example is a movement known as
“Freeman on the Land”, or simply Freemen.
This movement appears to have gained
traction in mid 2008 (coinciding with the
crash), albeit examples of this type of anti-
capitalist rhetoric have been doing the rounds
in the United States since the 1970s.
Unfortunately, what once would have
remained local, thanks to the internet has now
garnered a following in Canada, Ireland and
the UK. The ideology is simple enough. The
Freemen believe they can opt out of being
governed and what you and I understand to be
the “laws” are merely a form of “contract” that
applies only if people consent to it. In practical
terms, this means they do not have to pay
taxes, debts or mortgages.
You would think that a sensible individual,
having read the terms and conditions of a
contract before signing it, would not be fooled
into spouting nonsensical legal concepts, but
you would be wrong.
“Lawful rebellion” in British Freeman theory
holds that one can lawfully choose to cease
abiding by the laws, rule and statutes of a
country by simply opting out of society and
Freemen happily claim that clause 61 of the
Magna Carta allows them to opt out.
There are a number of websites from which
followers can source standard wording which
appears almost verbatim in the variety of
documents that are lodged at court during the
course of a possession claim and initially
exercised Judges who had not seen the like
before: “I, Nicolette: of the Ward family,
hereinafter known as a flesh and blood human
being, a living soul, do hereby make Oath and
state, it is my understanding that a living
breathing imaginative human being who
chooses by free will not to be a member of
society can be referred to as a Freeman of the
Land.”
Continued over the page
3. HML News
Freemen also believe in dual personality - the
physical human being and a legal persona.
The legal person or “strawman” is a legal
fiction created by a birth certificate, but like
sailors lost at sea who are declared dead after
seven years, every citizen is also legally dead
seven years after their birth. This is utter
nonsense and the good news is that no
Freemen arguments (and there are many
more) have ever succeeded in court. Most
Judges robustly state that the arguments have
no legal significance whatsoever.
Cause for concern
However, there is cause for concern. Often a
Defendant will not admit that he or she is the
person against whom a claim has been
issued, won‟t give their correct name at a
hearing or will state they are there 'on behalf'
of the borrower.
They return documents stating 'not known at
this address' and as they become more
entrenched in their beliefs, it can become
harder for lenders to ever speak to them
because they will not answer security
questions, as they are not the borrower.
This movement even sparked civil unrest. On
one occasion in the County Court of
Birkenhead, around 600 Freemen attended
and tried to arrest the District Judge. Albeit,
this tale still raises smirks, the sad truth is that
this movement gets people into more financial
difficulty, not less, including fines, contempt
convictions and possibly prison and unlike
Jack, who foolishly sells the family cow for a
handful of beans to save the family from
penury, the fairytale ending never comes for
the Freemen of the Land.
Disclaimer: The views expressed in this blog
are Nicolette Ward’s and do not necessarily
reflect those of HML.
Regional repossessions
expected to decline; but
Greater London is forecast to
experience the highest
number in 2015.
In 2015, 20,606 residential properties are
expected to be repossessed, according to
HML‟s latest regional repossession forecast.
According to HML, Greater London will
experience the highest number of
repossessions in 2015 at 2,641.
In second place is the South East, with 2,605
repossessions forecast. The region expected to
see the fewest number of repossessions this
year is the East Midlands at 1,027.
In terms of repossession rate (which reflects the
proportion of properties in the region), Northern
Ireland is forecast to have the highest at 0.49%.
Wales is in second place at 0.26% and Greater
London is in third place at 0.25%.
HML is the only organisation to provide a
regional repossession forecast for the UK that
includes Northern Ireland and Scotland.
You can see the regional repossessions
statistics over the page.
4. HML News
Region Repossession Rate Forecast UK Forecast
East of England 0.17% 1,742
East Midlands 0.13% 1,027
Greater London 0.25% 2,641
North 0.23% 1,045
North West 0.17% 2,153
Northern Ireland 0.49% 1,571
Scotland 0.16% 1,729
South East 0.17% 2,605
South West 0.14% 1,222
Wales 0.26% 1,354
West Midlands 0.23% 2,082
Yorkshire & Humber 0.16% 1,435
Total 0.20% 20,606
Damian Riley, director of business
intelligence at HML, said: “After what
has been a difficult few years for many
households in the UK, it looks as though the
clouds are parting and there is calm after
the storm.
“HML expects repossessions to stand at
20,606 in 2015, representing a
repossession rate of 0.20%. A combination
of lower unemployment, declining inflation
and an increase in economic sentiment will
no doubt have contributed to our expected
decline in repossessions.
“On the other hand, lenders are working
hard to help customers stay in their home
when experiencing financial difficulties. A
combination of increased forbearance,
improving macro-economics and Britons
having a better handle of their personal
finances is likely to have contributed to this
expected decline in repossessions.”
“After what has been a
difficult few years for
many households in the
UK, it looks as though
the clouds are parting
and there is calm after
the storm,” Damian
Riley, director of
business intelligence at
HML.
5. HML News
A third of interest-only
customers immediately take
up free mortgage advice.
It has perhaps gone a little bit quiet on the
interest-only mortgages front. During 2013,
interest-only mortgages were a hot topic – and
at HML, we certainly haven‟t taken our foot off
the pedal when it comes to customer contact
campaigns.
Contacting interest-only customers to make
them aware of the need to fully repay their
loan upon maturity is an important starting
point, but lenders should offer as many
repayment options as possible – and, ideally,
offer free mortgage advice.
The FCA‟s interest-only review identified that
approximately 600,000 interest-only borrowers
will see their mortgage mature before 2020, so
it is imperative that lenders ramp up their
contact and support efforts – and providing
free advice is one sensible option.
Two lenders, similar findings
HML deployed a free mortgage advice
strategy on behalf of two of our clients – and
the results were similar. In both cases, of
those interest-only customers contacted to ask
if they would like to take advantage of free
mortgage advice, around a third for both
lenders were prepared to be passed over to a
mortgage adviser there and then. Customers
were then provided with whole-of-market
options.
Interestingly, we carried out these particular
campaigns for our clients before the Mortgage
Market Review (MMR) came in. The demand
for free mortgage advice was there prior to the
regulation and, it could be said, backs up why
the MMR is an important introduction to the
mortgage market.
If lenders are prepared to offer free advice
to their interest-only mortgage customers,
this will result in appropriate outcomes for
both parties. For customers, receiving
mortgage advice can help ensure the
product they are on is the most suitable
for their needs. Offering to put them
immediately in contact with an adviser
means one less thing for a customer to do
and could result in them taking action to
improve their financial situation – such as
converting to part-and-part or full
repayment. In some cases, it may be an
acknowledgement that the customer
cannot afford to repay the outstanding
balance and therefore needs to take steps
towards selling the property at the
appropriate time.
For lenders, having interest-only
customers move to a more affordable
product or increase their repayments so
they will clear their mortgage at end of
term improves the credit risk profile of
their portfolio.
The message is clear; interest-only
customers are willing to accept free
mortgage advice. The question is, will
other lenders step up and provide this
service?
This blog is by Chris Mills, HML’s chief
commercial officer, exclusively for
Mortgage Solutions.
6. Industry Statistics
*Date reflects what the statistic was during that period, rather than
when the statistic was published
JAN ‟15 DEC ‟14 NOV ‟14
Consumer Prices Index
0.3%
0.5% 1.0%
FEB ‟15 JAN ‟15 DEC ‟14
BoE Base Rate 0.5% 0.5% 0.5%
OCT-DEC „14 SEP-NOV „14 AUG-OCT „14
Unemployment Rate (ONS) 5.7% 5.8% 6.0%
JAN „15 DEC „14 NOV „14
Halifax House Price Index Up 2% on DEC Up 0.9% on NOV Up 0.4% on OCT
Average price Average price Average price
£193,130 £188,858 £186,941
Gross Mortgage Lending (CML) JAN „15 DEC „14 NOV „14
Down 14% on DEC Unchanged on NOV Down 9% on OCT
£14.3 billion £16.5 billion £16.9 billion
Home Repossessions (CML) 2014 JULY-SEP ‟14 APR-JUNE ‟14
21,000 5,000 5,400
7. Industry Statistics
Consumer Prices Index
The CPI decreased by 0.2% on December to
0.3% in January. A continuing decline in motor
fuels prices was a main contributor to the
slowdown of the inflation rate.
BoE Base Rate
The Bank of England kept the base rate at
0.5%, as well as the stock of asset purchases
at £375 billion.
The Monetary Policy Committee once again
voted unanimously to keep the base rate at
0.5%. In previous months, Martin Weale and
Ian McCafferty split the MPC 7-2 and wanted
to increase the base rate by 25 basis points.
Halifax House Price Index
The average price of a home increased by 2%
between December and January to £193,130.
Values in January were 8.5% higher than the
same month in 2014.
Housing economist at Halifax Martin
Ellis said: “This bounceback in house price
growth in January coincides with reports of the
first rise in mortgage approvals for six months
in December. These improvements may
indicate that the recent declines in mortgage
rates, the reform of stamp duty and the first
increases in real earnings for several years
are providing a modest boost to the market. It
is, however, too early to draw any firm
conclusions.
“Housing demand should continue to be
supported by an expanding economy,
continuing low mortgage rates and a boost to
households‟ spending power resulting from
lower consumer price inflation and reduced
fuel bills. Nonetheless, we expect the overall
downward trend in house price growth seen
since last summer to continue over the coming
months.”
Unemployment Rate
The unemployment rate for October to
December stood at 5.7%, representing 1.86
million people.
There were 30.90 million people in work, an
increase of 608,000 compared to a year earlier.
Gross Mortgage Lending
Gross mortgage lending stood at £14.3 billion in
January, 14% down on December and 11%
lower compared to January 2014.
CML chief economist Bob Pannell
said: “The softer pace of approvals through the
second half of last year contributed to the
relatively weak pace of mortgage lending in
January. Although seasonal factors will
continue to weigh on activity levels for a while
longer, we expect the underlying picture to pick
up over the coming months, in line with stronger
earnings and employment, gentle interest rate
trends and recent stamp duty changes.”
Home Repossessions
Repossessions declined to 21,000 in 2014,
down 26,000 on 2013 and the lowest number
since 2006, the CML revealed.
Paul Smee, director-general of the
CML, said: “The relatively low rate of
repossession among owner-occupiers - around
1 in 600 mortgages last year - should help to
reassure borrowers that, if they do face
payment difficulties, lenders will work with them
to try to resolve their problems. Repossession is
only ever a last resort.”
8. Top News Stories
.Fitch has commented on the
purchase of UK mortgage
servicers.
The rating agency noted that sometimes,
uncertainties can arise as a result of third-party
mortgage administrators being purchased. For
example, this can include operations, post-
acquisition strategy and the potential impact on
performance and stability.
Fitch upgraded HML's Special Servicer Rating
just one month after we were acquired by
Computershare. The rating agency explained
the reasoning behind its decision.
Computershare owns a US mortgage servicer,
Specialised Loan Servicing (SLS). Since it was
purchased by Computershare in 2011, SLS has
expanded its servicing portfolio and improved
technology and control systems.
Fitch believes that similarly, Computershare will
provide HML with infrastructure and operational
support.
The rating agency said: “All servicers
may find increasing their third-party business
challenging. The UK is Europe's most
competitive market and Homeloan Management
Limited (the UK's largest third-party residential
mortgage servicer by AUM) and Pepper (UK)
(formerly Oakwood Global Finance) have
consolidated their dominant positions. It is not
clear that anticipated growth from new lenders,
outsourcing, and non-conforming lending will
materialise. Recent entrants to the lending
market have kept servicing in house and
concerns about the operational risks of servicer
transfer have led to few securitised portfolios
changing hands. If opportunities do not
materialise, the financial and operational
support new owners provide could reduce. This
could be negative for servicer ratings.”
Tesco is set to offer
mortgages through
intermediaries next year.
Speaking to the Daily Telegraph,
Tesco Bank chief executive Benny
Higgins said: “We‟ve been [in the direct
market] for over two years now, and we realised
that while we‟re happy with how it‟s going, we
are only serving a modest proportion of Tesco
customers.”
He added that offering home loans through
intermediaries will enable the company to
“considerably” expand its mortgage arm.
Tesco Bank is currently developing the
infrastructure required to sell through
intermediaries. The first half of 2016 has been
earmarked for the launch.
Mr Higgins added: “Whilst it wasn‟t our intention
at the very outset, it is clear to us that over half
of Tesco customers are buying mortgages
through brokers and that number is increasing
under the new regulatory code.”
Greece has been granted a
four-month eurozone deal
extension.
The country had asked for a six-month
extension, but had agreed the deal and to
provide an initial reform measure list by
February 23rd.
Greece also pledged that it will honour all of its
debts.
9. Top News Stories
HSBC has reported a 17%
fall in profits.
The bank revealed in its 2014 financial results
that profit before tax has declined 17% on 2013
to $18.7 billion (£12.1 billion).
UK customer redress, settlements and fines
played a part in the fall in profit.
HSBC‟s group chief executive Stuart
Gulliver commented: “2014 was a
challenging year in which we continued to work
hard to improve business performance while
managing the impact of a higher operating cost
base. Profits disappointed, although a tough
fourth quarter masked some of the progress
made over the preceding three quarters.
“Many of the challenging aspects of the fourth
quarter results were common to the industry as
a whole. In spite of this, there were a number of
encouraging signs, particularly in Commercial
Banking, Payments and Cash Management and
renminbi products and services. We were also
able to continue to grow the dividend.”
HSBC has been in the news recently for the
Swiss accounts held by some of its customers.
A former employee at the bank leaked
information that showed how HSBC helped
some clients avoid paying taxes between 2005
and 2007.
HSBC has also confirmed that Mr Gulliver has a
Swiss account, following a report by the
Guardian that he holds £5 million in it.
Legal representatives for the chief executive
explained that as a Hong Kong resident, Mr
Gulliver pays tax there and has “for a number of
years” voluntarily declared his Swiss accounts
to the tax authorities in the UK.”
Standard Life continues its
transformation into an asset
management company.
In its full-year results, Standard Life unveiled
group operating profit before tax of £604 million,
a 16% increase on 2013.
Group assets under administration climbed from
£214.7 billion in 2013 to £296.6 billion in 2014,
in part boosted by Standard Life‟s push into the
asset management arena.
Its acquisition of Ignis Asset Management
added £60.5 billion of assets to its operations. It
purchased the firm from Phoenix Group
Holdings for £390 million.
David Nish, chief executive of
Standard Life, commented: “We have
made good strategic progress during the year
with the acquisition of Ignis Asset Management
and the sale of our Canadian operations,
increasing focus on fee business and enabling
a £1.75 billion return to shareholders. We are
also well positioned to deal with the far-reaching
reforms to the savings and retirement income
rules in the UK and to support customers
through these changes. Standard Life
Investments has continued to perform strongly
and expand internationally.
"Although investment markets are unsettled and
may affect the near-term pace of asset and
revenue growth, we are very well placed for the
future. We have an excellent track record of
succeeding in evolving markets and have the
products, experience and proven investment
performance to help our customers and clients
in all of our markets to save and invest, so that
they can look forward to their financial futures
with confidence.”