Mr. Edmund Honohan:

Things have moved on. When it has got to the stage where the loan originator has sold it and the receiver is appointed, then the loan originator is no longer interested and will fight to the teeth if someone drags them into a case, collecting their costs against the borrower.

I should say that the sale of the mortgage is not the same as a securitisation. That is different. Securitisation is a funding mechanism being used by the loan originator or by any purchaser. If the loan originator, which is a great new phrase we have now - "the bank" was what we used to call it - decides to sell, he only holds title for a nanosecond. This is because he securitises the asset he has just acquired, which is the mortgage and the commitment to pay on the loan, to a funder, who gives him enough money to replenish what he has paid out to the borrower. That securitisation takes place. If, at a later stage and for whatever reason, the loan originator says that he wants to get rid of this portfolio, then he may well simply transfer what he has got left, including the rights under the securitisation process. He may say to the new owner that they should get their own funder or securitisation partner. The latter is the normal way. One has got an initial securitisation, and then later, another securitisation by the credit purchaser or vulture fund, which also relies on the capital markets for funding.