Key Post Which vulture funds bought which residential mortgages?

Brendan Burgess

Brendan Burgess

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I get confused about the different vulture funds and so I am going to try to compile all the information in one place.

Irish Nationwide merged into IBRC
Sold some performing mortgages to Bank of Ireland

Mars Capital serviced by Acenden (not in arrears) or Mars (arrears cases)

Oaktree serviced by Pepper

Lone Star serviced by Pepper

Shoreline bought a group of former Irish Nationwide mortgages from IBRC.
They were the owners, but they appointed Pepper to administer those loans on their behalf.Shoreline, not Pepper, then sold on the performing ones to Bank of Ireland.

Bank of Scotland Ireland
Sold mortgages in arrears to Tanager serviced by Lapithus

Lone Star


Danske Bank
In 2016,non performing loans sold to Cerberus aka Ptomontoria - the Pluto portfolio


13,000 performing loans sold October 2017 to Goldman Sachs aka Proteus Funding DAC - serviced by Pepper
10,000 family homes; 3,000 buy to lets
source

Ulster Bank
Sold loans in heavy arrears to Cerberus
About 900 home loans
€2.15 billion face value - 19% buy to let,10% owner occupied
95% in arrears of two years or more
Springboard
Mars Capital paid about €250m for these sub-prime loans - serviced by Acenden (not in arrears) or Mars (arrears cases)

Start Mortgages
Still trading as Start Mortgages, but Investec sold the company to Lone Star

Start sold some of its performing mortgages to Bank of Ireland in 2016

ICS
Sold €223m to Dilosk

GE Capital
Sold to Pepper - in 2012 - 3,500 mortgages worth €600m

Permanent tsb sold Commercial Real Estate loans
But I have seen some Havbell loans in the courts. Must be buy to lets.

July 2018 - ptsb sold €1.7 billion of non-performing loans to Start.

Leeds BS sold to Dilosk

worth €182m

https://www.askaboutmoney.com/threa...ch-residential-mortgages.205894/#post-1589966
 
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Re Mars, there was a separate funds and asset services companies but all called Mars.


Mars capital in turn is an affiliate of Oaktree
 
Brendan the ultimate owners of a lot of these vulture funds are huge giants of finance serving the worlds wealthy.Names such as Deutsche Bank, Apollo, Goldman Sachs,Loan Star, etc.Lapithus seem to be the entity in the background acting as master servicer for more than Tanager owned by Apollo.They also act for Havbell who purchased a PTSB commercial loan book which had a 800 million face value.Havbell is jointly owned by Apollo and Deutsche bank.Apologies for straying off topic you can add Havbell to your list.
 
Thanks Red

That clears up a lot

About Us
Mars Capital Ireland DAC, Mars Capital Ireland No.2 DAC, Mars Capital Ireland No.3 DAC, and Mars Capital Ireland No.4 DAC (the “MCIs”) are the owners of portfolios of residential owner-occupied and buy-to-let mortgages, which they purchased from other lenders.

The loans are administered from offices in Dublin by two firms: Acenden Ireland DAC (formerly Acenden Limited) (“Acenden”) and Mars Capital Finance Ireland DAC (“MCFID”). Both firms stand authorised as credit servicing firms under the Central Bank Act, 1997 (as amended). MCFID is the special servicer and Acenden is the primary servicer of these portfolios.

MCFID's business model is always to seek to understand the circumstances of our borrowers and help them, using all reasonable means available, return to long term financial stability.

What does this mean for me?

Acenden handles the day to day administration on all accounts. Acenden services your account if it is either fully up to date or if you have missed one payment (i.e. you have recently entered arrears but have not gone over 35 days past your contractual payment date).

MCFID services your account if it is in arrears greater than 35 days past your contractual payment date. An individual MCFID case manager will be assigned to your account to speak to you about your arrears and to work with you to agree an appropriate and sustainable solution to your arrears. MCFID also services those accounts which have exited MARP, been deemed unsustainable, or have entered the legal process.

Servicing of your account may move between Acenden and MCFID as you enter or exit the arrears process.
 
Yes the loan book comprised of mainly large residential , single and multiple buy to let
 
In the latest Mortgage Arrears report from the Central Bank, they provided this information:

upload_2018-5-13_15-8-47.png

There are 729,000 mortgage accounts, so this would imply that the Unregulated Loan Owners own only 14,000 mortgage accounts.

But Danske sold 10,000 performing mortgages to Proteus. So that 2% figure must be incorrect.

Brendan
 
The Central Bank's latest[broken link removed] gives the following information:

Retail Credit Firms have 36,128 mortgages
Unregulated Loan Owners have 11,824

This is before the sale of ptsb and Ulster Bank has been completed.

Who are the RCFs and who are the ULOs? Can I get a list anywhere?

From this thread I have extracted what I think are the UROs. But they have far more than 11,824 mortgages?


upload_2018-9-9_8-58-5.png
 
Take Proteus as an example. I think technically from CBI point of view this sale is regulated as if it was to Pepper, which is a Retail Credit Firm, so it's probably under their numbers.
 
OK, that rings a bell. It's too hard to sort out, so they should probably all be considered together as "non active lenders"

But then of course, Pepper is an active lender.

Brendan
 
Dilosk has bought Leeds' mortgages

It is acquiring a €182m residential mortgage book from Leeds Building Society, which is exiting this market.


It consists of 789 mortgage accounts, with the deal set to close next month.


Pepper Finance will hold legal title to the mortgages and will also act as servicer and administrator, but the ultimate owner will be Dilosk.
 
The vulture funds have about 110,000 mortgage accounts

Is there any summary anywhere of which mortgages were sold and who bought them.

I started this at the beginning of 2019 but didn't get very far with it.

1671182314801.png
 
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