Securitisation

R

rebellion

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Can anyone advise on the quickest way to find out details of how your loan/mortgage was securitised by a your bank? ie the exact bond details & number?
 
I don't know that that is actually possible, would be intereting to see if it can be done but insofar as I understand it the mortgage isn't transferred to any third party, the bank agrees to pay over the income from a set of mortgages to a third party. That third party can also then sell on all or part of that income to another party. Your mortgage payment may be going to a myriad of different parties in a slice and dice of income to different financiers.
 
Thanks for your reply.Its my understanding that you Mortgage is indeed sold on and probally a lot more than once.There has to be a fast track way to find out it who it was sold too in fact I would have thought you would be entitled to this infor under Data protection by law?
 
I suspect not. Data Protection would only apply if they were transferring your named details to a third party. What they are interested in is your risk profile, which essentially should have determined your interest rate. Would be interesting to try though. Worst the bank can do is say no.

I did a search to see if I could find a more comprehensible description than the rather opaque one on wikipedia, have a look at the Investopedia site. The following articles may be of interest.

http://www.investopedia.com/ask/answers/07/securitization.asp#axzz1ia8hIqYw
http://www.investopedia.com/articles/pf/07/secondary_mortgage.asp#axzz1ia8hIqYw
http://www.investopedia.com/university/bonds/bonds1.asp#axzz1ia8hIqYw
 
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