Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Dr. O'Hagan-Luff mentioned the issue of securitisation in the context of Lone Star, which securitised loans that originated with Irish Nationwide. I ask her to explain the impact of securitisation, the benefit for the bank and where the ownership of the loan resides. Where does the beneficial ownership lie and who is making the day-to-day decisions on the work-out or management of that loan? If a bank securitises a mortgage, what impact, if any, does that have on the borrower?