Companies Offices Revelation
Wednesday 18 November 2009, 12:47PM
By Exposing Unacceptable Financial Activities
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EUFA member Ron Jensen of Hamilton has headed the research over securitised mortgages and will lead a EUFA complaint to the Securities Commission against lenders in the BlueChip debacle.
A revelation from the Companies office relating to Securitised Mortgages has stunned Mr Jensen.
Mr Jensen, a man well into his 70’s, has for over 18months since the BlueChip group of companies went into liquidation, been researching the securitised mortgaged back scheme which was used to fund the BlueChip Scam.
Last week in a response from the Companies office to various questions Mr Jensen had asked, it became clear that something is very remiss in the operation and accountability of securitised mortgage companies in New Zealand.
Mr Jensen said from Hamilton today “I believe some in the securitised mortgage scheme have been operating illegally in New Zealand ”
Mr Jensen requested from the companies office pertinent documentation of the main companies involved in the financial structure of the BlueChip model. The Companies Office wrote in response “In general as per our records we do not appear to have a prospectus for this company registered on the files and we regret that we have no knowledge of their operations”
The Companies office then went on to say they “Strongly recommend” Mr Jensen put his concerns to the Securities Commission, which he is hopeful to achieve by the end of this week.
Mr Jensen and EUFA have submitted reports to Government early this year on Securitized Mortgages and also raised the issues of liar lending, lender liability, bundling of notes, etc.
Coordinator of EUFA Suzanne Edmonds said “The Government are well aware of our concerns over the securitized mortgages but we have been ignored and nothing has been done for the victims.”
The TEA custodians group of companies, owned by Trustee Executors Ltd, Chaired by Rt Honourable Jim Bolger, have used the securitized mortgages scheme to enable them to serve PLA notices on BlueChip victims who have been caught up in this debacle.
Mr Jensen added “Our guys have been asleep – they [Politicians and Authorities] should be searching the net and they will see what a mess they have gotten us into by failing to stop these practices”
END
Reference
http://www.moneymorning.com/2009/11/10/securitization-market-crisis/