BREAKING NEWS – Mortgage securitisation finally sent for full trial

BREAKING NEWS – Mortgage securitisation finally sent for full trial

Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInPin on PinterestPrint this pageShare on StumbleUpon

BREAKING NEWS

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

We hope to follow up this story with an interview with Miriam Freeman after her mammoth job done today

Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInPin on PinterestPrint this pageShare on StumbleUpon

46 Comments

  • Posted May 31, 2013

    Pat Garvey

    Well done Ben Gilroy, a man of the people!

    • Posted May 31, 2013

      James Butler

      The man is a living legend is all I have to say!

  • Posted May 31, 2013

    james cassidy

    *Applause*….good work guys

    • Posted November 18, 2014

      johnny2487

      look at all the chem trails in the picture unbelievable

  • Posted May 31, 2013

    Tony Barry

    that is great news when done all hopefully it will help all others.

  • Posted May 31, 2013

    Jeff Rudd

    Yet again we see that Direct Democracy Ireland (DDI) has people in it that again, is willing to stand up for the people of Ireland and see they are not taken advantage of. Unlike the current parties such as Fianna Fail, Fine Gael and the Labour party that has truly sold out.

    DDI has once again excellent people in it – people that had been and continues to be, misrepresented by some national media (especially RTE) which have their own biased agenda and reason for not portraying/telling the truth.

    Well done to all involved.

  • Posted May 31, 2013

    Grainne

    You are legends ,all of you-Be proud.The peoples revenge is just around the corner……………

  • Posted May 31, 2013

    Philip Dowling

    Great news Guys. Be proud of what you have achieved. Well done.

  • Posted May 31, 2013

    Paul Davis

    Great work Guys….. Keep up the fight.

  • Posted May 31, 2013

    tirnanog33

    Well done.!
    This will help put your Party on the map,despite the mainstream Media who have ignored your existence for so long.
    I hope you will use the occasion to announce your intention to field candidates for the local elections next year.
    Little by little..

  • Posted May 31, 2013

    damiangibney

    THIS SMELLS OF VICTORY ,,,,FAIR PLAY TO ALL THAT HELPED ,,,GRATE NEWS

  • Posted May 31, 2013

    tirnanog33

    I forgot to mention that this news comes on the same day as Phil Hogan has announced his intention to cut off the drinking water supply from any householder who cannot afford to pay for this latest tax on survival.!
    You can use this threat in your campaign posters-with a picture of Hogan in the centre- and people around him dying of thirst.?
    i will help you with the theme ( if you find a good designer for the pictorial content)

  • Posted May 31, 2013

    tirnanog33

    For a “purveyor of snake oil legal advice” (As one commentator described your ideas on the law) you seem to be doing pretty well.!

  • Posted May 31, 2013

    Cathy

    Brilliant , you do , they speak , it is time for change and time to take our country back for the people of the country we need justice and equality for ALL congratulations

  • Posted May 31, 2013

    Anna Oflanagan

    well done Ben! you are the fine example of doing instead of talking , its so good to have someone to believe in and a glimmer of light finally in sight, 🙂

  • Trackback: A Crucial Legal Case Against Banks Has Merit & Is Allowed To Continue. | Unitedpeople's Blog (www.clearandgraphic.com)

  • Posted May 31, 2013

    Greg

    Briliant, just brilliant guys!!

  • Posted May 31, 2013

    withament

    Please Understand This is a GLOBAL CRIME SPREE …. http://www.bing.com/search?q=Bank+Looting+Judson++Witham&FORM=HDRSC1

  • Posted May 31, 2013

    pat

    well done guys

  • Posted June 1, 2013

    C Deane

    Keep the pressure up…the cracks are beginning to emerge on an already brittle system. Beware who you take in amongst your inner circle. You can be certain there will be crisis talks and a huge attempt to prevent your success with this.

    • Posted June 1, 2013

      Admin D

      Well this is Miriam’s case and she has a lot of people who want to help her from all sorts of groups. Ben and John represent People for Economic Justice in this adventure, so if someone wants to bring down those two there will be plenty to step in their shoes both in the case and in DDI. Each is bigger than the individuals

  • Trackback: Mortgage securitisation finally sent for full trial | misebogland

  • Posted June 1, 2013

    john

    John C Limerick

    well done everybody concerned fantastic news!! now watch the powers that be start changing the goal posts to suit themselves,Time is of the essence…

  • Posted June 1, 2013

    tim ryan

    dump fine gael fianna fail labour and the the rest of the over paid underworked mayfainers out of dail eirean and vote in ddi well done lads

  • Posted June 1, 2013

    Anita

    Great work congratulations looking forward to hearing more about this case

  • Posted June 1, 2013

    MW

    I’m delighted to hear about this case. But no trial yet. And u certainly cant predict. Im a solicitor. Im getting on to this website form one perspective – what the cost of this bank bail out is costing us – taxpayers and duty of the TDs to us as electors.

    There were and still are condition attached to the 67.5 billion loaned to Ireland (govt calls it programme of support) by Member state of EU and IMF and Ors. Two were :

    * Ireland Will restructure and capitalise banking sector
    * Comply with EU Budget deficits.
    * Enter into programme of structural reform all in a Memo of Understanding,

    What this mean is that a cost built into the costing of complying with deficit (passed in ref) is cost of capitalising and restructuring banking sector but govt want those cost hidden from the people .

    That bank restructure set out in the memo of understanding signed by M Noonan 17 5 11 where in on behalf of people of Ireland (????) he pledged 24 Billion of loan for named banks and that INBS and A Irish be merged till eu said ok to liquidate.

    B Lenihan when he introduced to the dail the docs the EU required govt. minister to sign on behalf of the people said that on AG advise this was not an International Agreement and what the minister wld sign up to was not requiring dail approval – M Noonan subsequently did sign up on same policy platform

    The TDs in Dail Eireann said nought but instead proceeded to vote through legislation of more taxes and more cut backs and giving more powers to ministers.

    This programme CHARGE PUBLC FUNDS and under art 29 5 2 No International Agreement charging the public funds will be legally binding on the people unless the terms are approved by dail eireann.

    Under that International Agreement with EU/IMF and memo Government Ministers charged the public funds with costs, including more loan fund (and more on way), to capitalise banking sector.

    A clear conflict between govt view (that how bank restructured and how much it will cost nation is of no concern to dail and art 29 5 2. My question is which organ of the state has authority to bind the people of Ireland to the terms of an intnl agreement charging public funds for BANKS. But it is TDs who have locus standii to go to the court.

    I have written to TDs in N Dublin calling on them to challenge authority of got to purport to bind the people of Ireland to the term of this memo which they went and breached by liquidating IBRC anyway.

    If Freemans succeed and I hope they do and precedent set for write down of value of bank loan assets (mar yea) but also means black hole in capital and again DAIL – and tETM ireland cap banks

    our own TDs who should have bee objecting to Govt Policy form day one and being actively involved acting for us who pay the loan in geeting a much better deal form EU/IMf.

    No REPLY.

    Ireland to sign No

  • Posted June 1, 2013

    Jim Powell

    new era of South Africa are doing the same as Direct Democracy Ireland http://www.newera.org.za/

    • Posted June 1, 2013

      tirnanog33

      I E-mailed the two American Senators who are pursuing big tax dodging corporations as follows:
      Dear Mr McCain,
      I am an Irish citizen resident in Spain.
      I have followed the controversy with regard to the taxation of multi-national (American) companies based in Ireland for tax mitigation purposes.
      You are probably aware that Ireland is a very dysfunctional nation which is now bankrupt due to the lack of competent, effective oversight of it’s pillar banks by the government’s “financial regulator”.
      This so called “light touch” approach, is the norm, with regard to all economic activity in Ireland.
      It certainly extends to the aforementioned companies.
      I have no doubt that they are running rings around a government which depends for it’s very existence upon heavily taxing the workers who are employed in these companies.
      We have-for example-an entity called the IFSC (Irish Financial Services Centre) in our capital city.
      This is a “Brass plate” banking centre which was created by a former (now deceased) corrupt, Prime Minister Charles Haughey.
      This instiution has a nickname in International banking circles:”Liechtenstein on the Liffey”
      (Liechtenstein is a notorious tax haven on the European mainland.
      The Liffey is the river which runs through our capital city)
      The saddest thing is that many families in Ireland are now being targeted with a plethora of new taxation to pay for the incompetence/criminality of former governments.
      If companies like Abbot,and Apple and Google (and many others) were forced to pay the proper corporation tax in Ireland, which they are supposed to pay; the ordinary people of Ireland would not be victimized, as they are today by the two principal political parties which take turns in changing deck chairs on the Titanic.
      Ireland is now divided as never before.
      Highly influential Public Sector Unions, who represent more than half a million workers,(out of a population of less than 5 million) are highly organized and influential,as the political party they sponsor(the Labour Party) is a coalition party in the current government.
      This party’s sponsors are virtually immune to the austerity/hardship which is being delivered upon those who work in the private sector.
      I wish you well in forcing these highly profitable companies to pay more taxes to one nation or another.!
      yours faithfully,
      John McDermott

  • Trackback: BREAKING NEWS – Mortgage securitisation finally sent for full trial

  • Trackback: BREAKING NEWS – Mortgage securitisation finally sent for full trial | Justice League

  • Posted June 6, 2013

    Jay

    So Ben won a seven figure sum, in an unnamed case, on an unnamed issue…

    Sure he did….

    • Posted June 7, 2013

      Admin D

      You can ring him and ask, he is not hiding

  • Posted June 7, 2013

    Cathy

    Jay , are you one of them or one of us , that is the Irish people ? No one is hiding unlike the esteemed Hogans and Kennys who can not be asked an impromtu question ( no script to hand ) or Hogan who refers to people as knackers , charming individual that he is , good luck to the DDI you have this familys next vote .

    • Posted June 7, 2013

      Admin D

      Hogan is living it up in a 5 star hotel in Qatar tonight (presumably at our expense). Someone I know is going to doorstep him at dinner.

  • Posted June 7, 2013

    Joe

    Despite it claims at the bottom of this article one can “share it”, there is no provision to share this article on facebook. I can only “like it”.

    • Posted June 7, 2013

      Admin D

      Share option doesn’t appear when using a phone with like pages I believe

  • Posted June 7, 2013

    tirnanog33

    Take a bow Ben.!
    you have some distant fans.!
    I was talking to my local builder today (English and resident here in the Canary Islands off North Africa) and I found out that you are his biggest hero.!
    Seems he found you on youtube.!
    He has a conspiracy theory that the State and all it’s support, media etc. are trying to sideline you and muffle you etc.
    He might not be far wrong.

  • Posted June 11, 2013

    JayofthefamilyHennessy

    this is just brilliant news well done to all involved 😉

  • Posted July 25, 2013

    Trutha

    I won my ‘illegal dispossession’ case against a UK bank..as I had secured the MSA of the lender in the securitsation. Defeated Paragon v Pender..true sale..s.136 of LOP executed..bank had sold mortgage loan with full title guarantee. An organised crime from start to finish..proved with ‘inside’ investor reports of the SPV.
    If you guys want full docs/evidence of this organised crime and illegal mortgage possession scandal, leave a contact tel no here as a reply. You’ve done remarkably well to get this far..but your greatest foe awaits your cause..?

  • Posted July 27, 2013

    Helena

    we need the same revolution to ‘hatch’ now in the UK itself. The Bank of England is behind all of this, sanctioning these scams…they’re out of control

  • Posted November 14, 2013

    pj

    mr gilroy keep up the good work

    http://epetitions.direct.gov.uk/petitions/56915

  • Posted November 14, 2013

    pj

    Ben here’s our fight against the lenders/banks we should all unite and rid the lot of them trouble is some people of the uk love supporting the regime supporting their cause to enslave them..

    http://www.consumeractiongroup.co.uk/forum/showthread.php?391318-Repossession-questioned-by-deeds-not-being-signed

  • Posted November 14, 2013

    sam

    what do you think of this mr gilroy .

    In that case –

    “But there is another obstacle which faces the applicant, and which he has not addressed, and it is that there is nothing unusual or mysterious about a securitisation scheme. It happens all the time so that a bank can give itself added liquidity. It is typical of such securitisation schemes that the original lender will retain under the scheme, by agreement with the transferee, the obligation to enforce the security and account to the transferee in due course upon recovery from the mortgagors.

    In my view, discovery would not be ordered on a leave application in any event. But the applicant would have to overcome the arguability threshold for the point that he is making in relation to securitisation, and in my view and for the reasons outlined above he cannot do so.

    Every allowance has been made by me for the fact that the applicant appears personally. Equally, he has been greatly indulged since August 2011 by stays being granted so that he could put his best foot forward on the present application. But there comes a time when this must come to an end, so that those for whose benefit the order for possession was made can have the benefit of it.

    For all the reasons stated, I therefore must refuse leave to seek the reliefs being sought. Given the time of year approaching I will grant one final stay to expire on the 10th January 2012, after which date the bank will be entitled to enforce the order for possession and recover possession.”

    • Posted November 14, 2013

      sam

      this was taken from a poster who believes these bankers and lenders have the right to repossess our properties.he believes the deed is correct..

  • Trackback: “Royal Bank Of Scotland Goes to TRIAL” | Nesara News Network

Leave a Reply