Mortgages Firm Hit By Crunch

[Ash4781]

http://www.walesonline.co.uk/business-in-w...91466-21399941/

A MORTGAGES and loans company has become the latest firm to be hit by the fallout from the credit crunch.

Directors at Cardiff-based Trustguard Credit Services have applied to have the company put into liquidation. It comes a year after the business underwent a £5m management buyout led by John Pearson, the company’s managing director.

The company, which employed 28 people, has made most of them redundant.

Ernst & Young has been instructed by the directors of Trustguard Credit Services to assist them in placing the company into creditors voluntary liquidation.

Trustguard was formed in 1994 and specialises in servicing the needs of the intermediary market, by supplying specialist mortgage and loan products. As the market developed we have added many high street type products to compliment our specialist range of products.

In 2006 Trustguard processed in excess of £700m worth of mortgage and loan applications, making us one of the largest packaging companies in the UK.

However, there has been a marked change in market conditions and the company has struggled to cope in the tough conditions in the sector this year.

A statement from Ernst & Young said: "A meeting of creditors in this regard will be held on August 6 at The Sandringham Hotel in Cardiff.

"Based in Cardiff, Trustguard is a company specialising in the mortgage and loan packaging industry.

"The company’s financial difficulties have been blamed on the significant slow down in the housing market leading to the business trading at a loss. The majority of the 28 employees have been made redundant."

From google cache http://216.239.59.104/search?q=cache:gZX8w...;cd=1&gl=uk

Packaging to

PACKAGED LENDER PANEL:

Bank of Scotland

Beacon Homeloans

BM Solutions

Bristol & West

CHL Mortgages

Cheshire Mortgage Corporation

db Mortgages

First National

GMAC-RFC ('Partners')

igroup

Kensington Mortgages

Leeds Building Society

Money Partners

Mortgage Express

Mortgage Trust

Platform

The Mortgage Business

The Mortgage Works

http://www.trustguard.co.uk/html/lenders.a...ion=3⊂=7

[eric pebble]

"...specialises in servicing the needs of the intermediary market, by supplying specialist mortgage and loan products. As the market developed we have added many high street type products to compliment our specialist range of products."

"Trustguard is a company specialising in the mortgage and loan packaging industry"

----------------------------------------------------------------------

WHAT A LOAD OF F*CKING C0CK!!!!!!!!!!!!!!!!

"PACKAGING" -- "PRODUCTS" "COMPLIMENT OUR SPECIALIST RANGE OF PRODUCTS"

TOTAL F*CKING SHITE!!!!

WHY NOT JUST TELL THE F*CKING TRUTH????

"WE ARE F*CKING LIARS AND CHEATS -- WE SPECIALISE IN LIAR LOANS AND MORTGAGE FRAUD TO PROP UP THE "MARKET" AND WE RUIN THE LIVES OF POOR SAD PEOPLE WHO HAVE NO IDEA WHAT THEY'RE DOING -- AND WE SCREW THEM"

ARSEH0LES..........

Edited July 24, 2008 by eric pebble

[Ellie]

"...specialises in servicing the needs of the intermediary market, by supplying specialist mortgage and loan products. As the market developed we have added many high street type products to compliment our specialist range of products."

"Trustguard is a company specialising in the mortgage and loan packaging industry"

----------------------------------------------------------------------

WHAT A LOAD OF F*CKING C0CK!!!!!!!!!!!!!!!!

"PACKAGING" -- "PRODUCTS" "COMPLIMENT OUR SPECIALIST RANGE OF PRODUCTS"

TOTAL F*CKING SHITE!!!!

WHY NOT JUST TELL THE F*CKING TRUTH????

"WE ARE F*CKING LIARS AND CHEATS -- WE SPECIALISE IN LIAR LOANS AND MORTGAGE FRAUD TO PROP UP THE "MARKET" AND WE RUIN THE LIVES OF POOR SAD PEOPLE WHO HAVE NO IDEA WHAT THEY'RE DOING -- AND WE SCREW THEM"

ARSEH0LES..........

Evening Eric.

[eric pebble]

Evening Eric.

Sorry -- Ellie -- These people who talk about "packaging products" etc. make me F*CKING SICK............ They are SO FULL OF CRAP...................

Edited July 24, 2008 by eric pebble

[Ellie]

Sorry -- Ellie -- These people who talk about "packaging products" etc. make me F*CKING SICK............ They are SO FULL OF CRAP...................

I know mate and I totally agree. Wrap up their nasty little outfit with weasel words and a facade of respectability - when all they are doing is snaring people in their net of misery. - spent the last few years as a debt adviser picking up the pieces from companies like this.

We all know what "specialist" means - selling loans to people who could never afford them - and then after collecting the sky-high set up fees going in with the repo when the payments are inevitably missed. I hate them too. Still another one down has to be good news. Keep up the good work - just don't give yourself a stroke in the process!!!!

E

[eric pebble]

I know mate and I totally agree. Wrap up their nasty little outfit with weasel words and a facade of respectability - when all they are doing is snaring people in their net of misery. - spent the last few years as a debt adviser picking up the pieces from companies like this.

We all know what "specialist" means - selling loans to people who could never afford them - and then after collecting the sky-high set up fees going in with the repo when the payments are inevitably missed. I hate them too. Still another one down has to be good news. Keep up the good work - just don't give yourself a stroke in the process!!!!

E

I REALLY REALLY hope that people FINALLY wake up - and UNDERSTAND that the MONEYLENDERS of today are CYNICAL CRIMINALS with NO MORALS WHATSOEVER and that they have organized this ENTIRE HPI MANIA to make maximum profits for themselves- and dumped toxic debt on the rest of us -- and have SERIOUSLY AFFECTED MILLIONS OF PEOPLES' LIVES -- TOTALLY CYNICALLY.........

Edited July 25, 2008 by eric pebble

[eric pebble]

I REALLY REALLY hope that people FINALLY wake up - and UNDERSTAND that the MONEYLENDERS of today are CYNICAL CRIMINALS with NO MORALS WHATSOEVER and that they have organized this ENTIRE HPI MANIA to make maximum profits for themselves- and dumped toxic debt on the rest of us -- and have SERIOUSLY AFFECTED MILLIONS OF PEOPLES' LIVES -- TOTALLY CYNICALLY.........

And that the whole ETHOS of the Banking System has ENTIRELY changed -- it is now run by CRIMINALS who make the Old Organized Crime of yesteryears look like a gang of school children....

Edited July 25, 2008 by eric pebble

[eric pebble]

And that the whole ETHOS of the Banking System has ENTIRELY changed -- it is now run by CRIMINALS who make the Old Organized Crime of yesteryears look like a gang of school children....

Kapow!!!!!!!

[OLDFTB]

I think Erics main problem is that he sits on the fence far too much and doesn't speak his mind enough.................

[eric pebble]

I think Erics main problem is that he sits on the fence far too much and doesn't speak his mind enough.................

[eric pebble]

Meanwhile in the US.............

---------------------------------------------

"Housing Bill Has Something for Nearly Everyone"

".....You will also need to verify your income, which many borrowers did not have to do in recent years..........."

http://www.nytimes.com/2008/07/25/business...amp;oref=slogin

---------------------------------------------

Understatement of all History?!?

Edited July 25, 2008 by eric pebble

[bobby9983]

Meanwhile in the US.............

---------------------------------------------

"Housing Bill Has Something for Nearly Everyone"

".....You will also need to verify your income, which many borrowers did not have to do in recent years..........."

---------------------------------------------

Understatement of all History?!?

http://www.nytimes.com/2008/07/25/business...amp;oref=slogin

Eric... you're funny... but you haven't got a reasoned argument anywhere in that red capital lettered chain of thought of yours.

Packagers in mortgage parlance are middlemen, they act between brokers and lenders as purely an administrative function, they are not part of you liar loan fantasy.

[eric pebble]

Eric... you're funny... but you haven't got a reasoned argument anywhere in that red capital lettered chain of thought of yours.

Packagers in mortgage parlance are middlemen, they act between brokers and lenders as purely an administrative function, they are not part of you liar loan fantasy.

So they're 100% clean and honest??!? Sorry -- But I - and many others -- just CANNOT believe that....... Too good to believe I'm afraid --- The ENTIRE lending system is ROTTEN TO THE CORE --- UTTERLY, UTTERLY CORRUPT........... Many of us KNOW THAT NOW............

[tinker]

If we all remember that money is at the route of all evil, then we won't go far wrong.

Never ask advice from people who earn commission from giving it. There may be a catch...

[bobby9983]

If we all remember that money is at the route of all evil, then we won't go far wrong.

Never ask advice from people who earn commission from giving it. There may be a catch...

yes but 'money makes the world go round'.

[Nicholas Cage]

Eric... you're funny... but you haven't got a reasoned argument anywhere in that red capital lettered chain of thought of yours.

Packagers in mortgage parlance are middlemen, they act between brokers and lenders as purely an administrative function, they are not part of you liar loan fantasy.

What was it Fitch said about the latest repackaging?

http://www.paragon-group.co.uk/pgroup.nsf/...%2028.06.07.pdf

As calculated by Fitch, 74.39% of the loans in the pool have ICR (calculated over stabilised reversion rate) below 100%.

Paragon seem to me, to be one of the best BTL lenders, they tried to contain debt to only those already experienced in being a proper landlord with multiple properties

and (with a 96.49% interest only mortgage porfolio) had a very high rental income ratio to payments.

They carried out background checks, controlled the brokers to only put the best people into the Mortgage Warehouse (which has now been closed). Yet much like Labour's

policies everything depends on only one factor failing, add in high interest rates and lower rents , the entire idea collapses. This is during a period (as the ex BOE head said) where

rates were dropped to counteract a possible recession, whilst already historically low.

The packagers are entirely within the chain, not seperate to the process.

[eric pebble]

What was it Fitch said about the latest repackaging?

Paragon seem to me, to be one of the best BTL lenders, they tried to contain debt to only those already experienced in being a proper landlord with multiple properties

and (with a 96.49% interest only mortgage porfolio) had a very high rental income ratio to payments.

They carried out background checks, controlled the brokers to only put the best people into the Mortgage Warehouse (which has now been closed). Yet much like Labour's

policies everything depends on only one factor failing, add in high interest rates and lower rents , the entire idea collapses. This is during a period (as the ex BOE head said) where

rates were dropped to counteract a possible recession, whilst already historically low.

The packagers are entirely within the chain, not seperate to the process.

What's happened to Paragon?

[abharrisson]

Sorry -- Ellie -- These people who talk about "packaging products" etc. make me F*CKING SICK............ They are SO FULL OF CRAP...................

Why do people who talk about "packaging products" make you sick... its what they do and is the correct description of their job.... or is it that you don't understand how the mortgage industry works and what role packagers play in it ? Personally I suspect its the latter.

[abharrisson]

I know mate and I totally agree. Wrap up their nasty little outfit with weasel words and a facade of respectability - when all they are doing is snaring people in their net of misery. - spent the last few years as a debt adviser picking up the pieces from companies like this.

We all know what "specialist" means - selling loans to people who could never afford them - and then after collecting the sky-high set up fees going in with the repo when the payments are inevitably missed. I hate them too. Still another one down has to be good news. Keep up the good work - just don't give yourself a stroke in the process!!!!

E

Just to correct you... packagers don't "sell" anything to anyone and have no contact with consumers. I very much doubt your time as a debt adviser was spent dealing with packaging companies... lenders yes, brokers possibly but packagers no.

[abharrisson]

What's happened to Paragon?

Is that supposed to be a retort that proves your point... all it actually does is illustrate further your lack of knowledge... Paragon are still going but have been limited like a lot of lenders by difficulties in accessing wholesale funding for new business... and if you look at the performance of their current book and their poreviously underwritten business its actually good... and it is true their policies and practices were fairly conservative compared to others in the market. Once again an example of Eric trying to make his one and only point anywhere he thinks its worthwhile, its just that very often he hopelessly exposes his won lack of knowledge.

[1800s]

Why do people get so cross. If you was selling something and the person could not afford it would you advise him not to buy it. No you wouldn't, and that goes for everyone on the planet. We just want someone to blame for the mess we as individuals get ourselves in.

[OnlyMe]

Payday loans hitting the news now.

Banksters create the problem and banksters offering the solution.

Funny I now do not associate the US with the moon shot and semiconductors I associate the US with fraudsters, liars and financial thieves. Looks like the UK regulators have allowed the lowest of the low to infest our economy unhindered. If anything it is getting worse.

[abharrisson]

Payday loans hitting the news now.

Banksters create the problem and banksters offering the solution.

Funny I now do not associate the US with the moon shot and semiconductors I associate the US with fraudsters, liars and financial thieves. Looks like the UK regulators have allowed the lowest of the low to infest our economy unhindered. If anything it is getting worse.

We have always had the lowest iof the low... there must be hundreds of thousands with small scale loans which are collected door to door , day to day... the poorer elements of society have always been prey to these types of lenders.. payday loans are just the latest (more mainstream) incarnation of the same.... having said that I am not of the view that one should "blame" the loansharks.... there are plenty of poorer people who sensibly don't get themselves into trouble... they don't smoke or drink or gamble or buy desingner kit they cannot afford or the latest plasma etc.... at some stage while it may be harsh one has to look to personal responsibility .. if you want these type of opperators out of the mix then you have to take their market away and the only way of doing that is going to be if people are sensible with how they run their lives and take personal responsibility for them.... I don't like loan sharks but I equally have little sympathy for people who let their lives free wheel out of control walk away from their debts and theri responsibilities and expect the council to provide them with a house and the state to pay their benefits so that life goes on for them. Maybe there should be some legistaltion vs these things but where does it end... credit cards, overdrafts, small scale loans... little known fact theres one high street bank that provides through its own branches loans where the rate is an average of about 30% on small scale lending to those who don't know any better..... if you start to legislate you'll never close all the gaps or anything like.

[Bloo Loo]

Is that supposed to be a retort that proves your point... all it actually does is illustrate further your lack of knowledge... Paragon are still going but have been limited like a lot of lenders by difficulties in accessing wholesale funding for new business... and if you look at the performance of their current book and their poreviously underwritten business its actually good... and it is true their policies and practices were fairly conservative compared to others in the market. Once again an example of Eric trying to make his one and only point anywhere he thinks its worthwhile, its just that very often he hopelessly exposes his won lack of knowledge.

Packagers, only reason they CAN exist is because there was such large commissions, commissions ill gained in a system DESIGNED to circumvent capital requirement laws DESIGNED to protect the World from the Credit bubble that was created and is now causing such pain.

If you deny the whole thing was crooked then its either through willful deceipt or YOU just dont understand.

[abharrisson]

Packagers, only reason they CAN exist is because there was such large commissions, commissions ill gained in a system DESIGNED to circumvent capital requirement laws DESIGNED to protect the World from the Credit bubble that was created and is now causing such pain.

If you deny the whole thing was crooked then its either through willful deceipt or YOU just dont understand.

Oh what fun, lets look at your expert view:

Packagers exist because they gat paid a commission .. correct... large?.. sometimes but equally sometimes as low as 0.09% of a loan... your understanding is clearly incomplete.

Commissions ill gained.... well they work for lenders, they get paid a commission for doing what the lender asks them to do which is essentially work the lender would otherwise have to do themselves.. they are in effect an outsourcing of lender functions.. that ill gained how?... angain shows little understanding on your part.

Commisson gained in a system to circumvent capital requirements... packagers have their own capital requirements which are checked six monthly... they have nothing to do with lender capital requirements.... again lack of understanding on your part.

Circumventing captial requirements designed to protect the world from a credit bubble... Banks capital requirements as laid down have NOT been breached and where they come under threat banks have to take action which they have done, and as for these being designed on a world wide basis, of course they are not they are implemeneted on a country by country basis.

If you want to have a debate on whether capital requirements were sufficient thats entirely different and a much wider topic.

You lay a lot of blame at the door of packagers in an unjustifiable way and in a manner that clearly shows you have little understanding or desire to gain an understanding, next time it might be better if you checked your facts or thoguht a little bit before trying to post this type of mis-information.