Mortgage securitisation finally sent for full trial
This morning in the High Court in Dublin, after Miriam Freeman had spoken for 4 days on her motion against Bank of Scotland (Ireland), she has finally been vindicated in her long running case. She has been ably supported by two of the founder members of DDI Ben Gilroy and John Squires, and by Awaken Longford and others (unnamed) who have all collaborated with the Freeman family to defeat all motions of Bank of Scotland (Ireland) in case of P FREEMAN & ANOR V BANK OF SCOTLAND (IRELAND) LTD & ORS.
Ben and John have been helping fight this case in their role with People For Economic Justice since it started 2 years ago, and in Court 16 this morning Mr Justice Gilligan dismissed the motions put by Bank of Scotland, and finally sent the case forward for full trial on the issue of securitisation. The team has been seeking a full trial without success for some time and have been stymied by counter motions by Bank of Scotland. So critical is this case that the Chief Executive Officer of Bank of Scotland had been required to fly from Scotland to be present in Court.
Now for the first time in Ireland the issue of securitisation of mortgages is going to be heard in court. The ramifications of this will affect almost every mortgage in the state, as the vast majority of mortgages have been combined into financial instruments and sold off as securities to other investors. It was this kind of securitisation that inflated the banking system to a state of bankruptcy and caused the financial bubble that sees us now forced into living under austerity.
In a separate case this week another motion supported by People for Economic Justice against an Irish based bank resulted in the bank settling out of court for a seven figure sum. For legal reasons because of the settlement the case cannot be quoted.
Ben spoke after the case saying that he hoped that those detractors who have been spreading misinformation about how he, and other lay litigants who take on the banks, operate in court, either in the media, printed press and in cyberspace, will be honourable and correct the imbalance they have caused to so many people.
There is now around 12 weeks for full discovery and responses before the case moves on and it may affect any current repossession cases. What we must look at now is what will be the financial fallout. We know the banks are bankrupt and we know the finance ministers have legalised bail-ins, we also know the heads of Ireland’s banks have just met at the Central Bank, a bank who’s legal position was described in court today as a grey area. So now is a time that people must be aware and wary of what the government’s next move may be to protect their system
Posted on June 1, 2013, in Banking, buisiness, Government, Ireland, politics and tagged Bank of Scotland, Central Bank, Direct democracy, Dublin, High Court, Ireland, Scotland, Securitization. Bookmark the permalink. Leave a comment.