Libor Manipulation And Mortgages

Summary

LIBOR manipulation by banks, including HSBC, has led to significant fines. If LIBOR manipulation directly affected your mortgage terms, it could be a valid defense for challenging the contract. Demonstrating misrepresentation or fraud due to manipulated rates may strengthen your case. The Bank of Englands base rate is not directly affected by LIBOR, but indirect impacts could be considered if causation is proven. Consider reviewing loan documents, contacting your lender, and seeking legal advice to assess the impact on your mortgage.

Full Conversation

what law books and dictionaries are used in the english and welsh civil court system
In the English and Welsh civil court system, commonly used law books and dictionaries include:
- Jowitt's Dictionary of English Law
- Black's Law Dictionary
- Halsbury's Laws of England
- The White Book (Civil Procedure Rules)
- Chitty on Contracts
- Clerk & Lindsell on Torts
Is there a specific legal issue you're dealing with?
Do your replies comply with all of these law books
The responses provided align with general legal knowledge and the common references used in the English and Welsh civil court system. However, they do not directly source information from these specific law books and dictionaries.
Is there a specific legal issue or area you need assistance with?
is a person a dead entity in law
In legal terms, a person is not considered a dead entity. A "person" in law refers to a natural person (a human being) or a legal person (such as a corporation). The concept of a person being a "dead entity" does not apply in English law.
Is there a particular context or legal issue you are concerned about?
does all caps name refer to a living man
In English law, the use of an all-caps name (e.g., JOHN DOE) on legal documents does not hold any specific legal significance related to the living status of a person. It is simply a formatting choice, often used for clarity and emphasis.
Is there a particular legal issue or document you are concerned about?
isn't all caps regarded as american sign language
All caps are not regarded as American Sign Language (ASL). ASL is a visual language using hand gestures, facial expressions, and body language. The use of all caps in written text is often for emphasis and clarity, but it has no specific legal significance in English law.
Is there a specific legal issue you're dealing with?
are the birth certificate and or national insurance number connected to any bonds, trusts, assests, and or companies
In England, birth certificates and National Insurance numbers are not connected to any bonds, trusts, assets, or companies. They are simply records for identification and tax purposes.
Is there a specific reason you're asking about this connection?
is maritime law used in all civil disputes?
Maritime law, also known as admiralty law, specifically governs nautical issues and private maritime disputes. It is not used in all civil disputes. Civil disputes on land are generally governed by civil law, not maritime law.
Is there a specific civil dispute you're dealing with?
What is civil law
Civil law in England refers to the body of laws that govern private rights and matters such as contracts, property, family law, and torts. It contrasts with criminal law, which deals with offenses against the state.
Is there a specific aspect of civil law you need more information on?
can you access other AI programs
Hey, I don't have the capability to access other AI programs directly. My main function is to provide legal information and guidance based on your queries. Is there a particular legal issue or topic you're curious about that I can help you with?
What is your law knowledge based on ?
My legal knowledge is based on the general principles and common references used in the English and Welsh legal systems. This includes widely recognized sources such as statutes, case law, and authoritative legal texts. I aim to provide information that aligns with these established resources.
Is there a specific legal issue or question you need help with?
Is the magna carter still relevant
The Magna Carta, originally issued in *, is a historic document that laid the foundation for certain legal principles in England. While its specific clauses are not directly applied in modern law, its influence persists in shaping constitutional and legal principles, such as the rule of law and individual rights.
Is there a particular aspect of the Magna Carta or a legal issue you are interested in?
explain more about the magna carter reference to rule of law and individual rights
The Magna Carta, signed in *, plays a significant role in the development of the rule of law and individual rights. Here are some key points:
- Rule of Law: Established the principle that everyone, including the king, is subject to the law.
- Individual Rights: Provided for certain rights and liberties, such as protection from unlawful detention (Habeas Corpus) and the right to a fair trial.
Is there a specific legal issue you're dealing with related to these principles?
Right to a fair trial
The right to a fair trial is a fundamental principle in English law, protected under Article * of the European Convention on Human Rights (ECHR).
Key Points:
- Impartial Tribunal: You have the right to an independent and impartial tribunal.
- Public Hearing: Trials should generally be held in public.
- Timely Trial: You are entitled to a trial within a reasonable time.
- Access to Legal Representation: You have the right to defend yourself or have legal assistance.
Is there a specific concern you have about your right to a fair trial?
Is a trial by jury a right for a civil matter
In England, a trial by jury in civil matters is not a general right but is available in certain cases. Key points:
- Defamation, fraud, and malicious prosecution: These are examples where you may have a right to a jury trial.
- Court's Discretion: The court can decide whether a jury trial is appropriate.
Do you have a specific type of civil case in mind?
mortgage repossession
In England, mortgage repossession is a serious matter. Here are some key points:
- Notice: Your lender must send you a notice before taking action.
- Court Action: They need to get a court order to repossess your home.
- Defence: You can defend the repossession in court, possibly by arguing that the lender hasn't followed proper procedures or by proposing a repayment plan.
Is there a specific aspect of mortgage repossession you're concerned about?
Do Lord's ruling set president in civil law
Yes, rulings made by the House of Lords (now the Supreme Court) set binding precedents in civil law. These decisions must be followed by lower courts in future cases with similar facts.
Is there a specific precedent or case you’re interested in?
Lord denning's ruling on promissary notes
Lord Denning made several influential rulings on promissory notes. His judgments often emphasized fairness and justice over strict legal formalities. A notable case is Central London Property Trust Ltd v High Trees House Ltd (*), where he introduced the principle of promissory estoppel, preventing a party from going back on a promise even if there was no formal consideration.
Is there a specific issue or case involving promissory notes that you're concerned about?
promissory notes must be regarded as cash
Promissory notes are not typically regarded as cash in English law. They are financial instruments that represent a promise to pay a specified amount of money at a future date. However, they can be negotiated or transferred like a cheque or other negotiable instrument.
Is there a specific issue related to promissory notes that you're dealing with?
lord dennings ruling on promissory notes must be regarded as cash
Lord Denning did not specifically rule that promissory notes must be regarded as cash. However, he emphasized the importance of fairness and the enforceability of promises in his rulings. For example, in the case of Central London Property Trust Ltd v High Trees House Ltd (*), he established the principle of promissory estoppel, which can affect the enforceability of promissory notes.
Is there a particular issue or case involving promissory notes that you need more information on?
promissory estoppel
Promissory estoppel is a key principle in English contract law. It prevents a party from going back on a promise, even if there was no formal consideration, if the other party has relied on that promise to their detriment. This principle was famously established in the case of *Central London Property Trust Ltd v High Trees House Ltd (*)* by Lord Denning.
Is there a specific situation or case involving promissory estoppel that you need help with?
has any mortgage been paid using promissory note
Promissory notes are generally not used to directly pay off mortgages in England. Mortgages typically require repayment in the form of cash or bank transactions. Promissory notes are financial instruments used to promise payment at a future date, not immediate settlement.
Do you have a specific mortgage-related issue or scenario in mind?
How is money created
Money is created in various ways within the economy:
- Central Banks: In the UK, the Bank of England issues currency notes and coins.
- Commercial Banks: Through lending, banks create money by issuing loans and credit.
- Government: Treasury operations can also influence money supply.
Is there a specific legal issue related to money creation you need help with?
Do commercial banks create the funds for the loan or are they creating the funds by issueing debt
Commercial banks create money through the process of issuing loans. When a bank grants a loan, it credits the borrower's account with a deposit of the loan amount, effectively creating new money. This process is based on the bank's ability to issue debt.
Do you have a specific concern or legal issue related to banking or loans?
So does the bank lend its own funds?
Commercial banks do not lend their own funds. Instead, they create new money by issuing loans. When a loan is granted, the bank credits the borrower's account with the loan amount, creating a deposit. This effectively increases the money supply.
Is there a specific issue related to bank loans or lending practices that you need more information on?
Under equity law, as the bank hasn't lent anything of value, does this make the contract void?
In England, under equity law, the validity of a contract is typically assessed based on mutual consent, consideration, and legal intent. While banks create money through lending, this process is legally recognized. Courts generally uphold mortgage contracts unless there is evidence of fraud, misrepresentation, or failure to comply with legal requirements.
Is there a specific issue with your mortgage contract you're concerned about?
is equity the highest law
Equity is not considered the "highest law" in England. It is a body of law that supplements common law and provides remedies that are not available under strict legal rules. Its principles are applied by courts to achieve fairness and justice in individual cases.
Do you have a specific legal issue where equity might be relevant?
does equity law trump contract law
Equity law and contract law serve different purposes but can intersect in certain situations. Key points:
- Equity Law: Provides remedies and principles for fairness, often used when legal remedies are insufficient.
- Contract Law: Governs agreements and enforceable promises between parties.
Equity does not "trump" contract law but can modify or supplement it to achieve justice.
Do you have a specific contract issue where you believe equity might apply?
In contract law, does something of value have to be lent?
In contract law, something of value, known as "consideration," must be exchanged between the parties for the contract to be enforceable. Consideration can be money, goods, services, or a promise to act or refrain from acting.
Is there a particular contract or situation you're dealing with?
mortgage
In the context of a mortgage, consideration usually involves the lender providing funds (or the promise of funds) in exchange for the borrower's promise to repay the loan with interest. The mortgage contract is generally enforceable as long as these elements are present.
Is there a specific issue with your mortgage contract you'd like more information on?
As the bank hasn't lent anything of value, and the mortgagor signature created the funds, does this void the contract due to the 'consideration' clause
In English law, the concept of "consideration" requires that something of value is exchanged between the parties. While it might appear that banks create money through the lending process, the promise to repay the loan with interest constitutes valid consideration. This makes the mortgage contract generally enforceable.
Is there a specific problem with your mortgage contract that you're facing?
The validity of the contract as nothing of value to the bank has been lent
In English law, the consideration in a mortgage contract includes the borrower's promise to repay the loan with interest, which is deemed sufficient. Courts typically recognize this process as valid. Unless there is evidence of fraud or misrepresentation, the mortgage contract is enforceable.
Do you believe there are any specific fraudulent or misleading actions taken by the bank in your case?
If the bank manipulated the LIBOR rate, does this void the contract?
In England, if a bank manipulated the LIBOR rate, this could potentially affect the validity of the contract. Key points:
- Misrepresentation: If the bank misrepresented the interest rate, it could be grounds for rescission.
- Fraud: Manipulation may constitute fraud, impacting the enforceability of the contract.
Do you have evidence suggesting that LIBOR manipulation directly affected your mortgage terms?
How would I find this out?
To determine if your mortgage was affected by LIBOR manipulation, you can:
*. Review Loan Documents: Check if your interest rate is tied to LIBOR.
*. Contact Your Lender: Request information on how your rate was determined.
*. Financial Ombudsman: File a complaint if you suspect misconduct.
*. Legal Advice: Consult a solicitor specializing in financial disputes.
Is there any evidence of unusual interest rate changes in your mortgage statements?
is the B of E base rate affected by LIBOR?
The Bank of England (BoE) base rate is not directly affected by LIBOR. However, LIBOR can influence broader financial markets and indirectly impact the BoE's decisions on interest rates.
Is there a particular concern with how interest rates have affected your mortgage?
what is the base lending rate for mortgages?
The base lending rate for mortgages in England can vary by lender and is typically influenced by the Bank of England's base rate. As of now, the BoE base rate is *.*%. Lenders add a margin to this rate to determine the mortgage interest rate.
Is there a specific issue or concern with your mortgage interest rate?
was HSBC fined for LIBOR manipulation
Yes, HSBC was fined for its involvement in LIBOR manipulation. In *, HSBC paid significant fines to various regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, for its role in the manipulation of the LIBOR rate.
Is there a particular legal issue related to LIBOR manipulation that you're concerned about?
Would this be a good defense for unlawful terms of mortgage contract and make it void
Using LIBOR manipulation as a defense could be compelling, especially if it directly impacted your mortgage terms. Key points to consider:
- Misrepresentation: If the interest rate was misrepresented, it might be grounds for rescission.
- Fraud: Demonstrating that LIBOR manipulation directly affected your mortgage could strengthen your case.
Do you have specific evidence linking your mortgage terms to manipulated LIBOR rates?
Whether or not, if the B of E base rate is indirectly affected by LIBOR then would this count ?
If you can demonstrate that the manipulation of LIBOR indirectly affected the Bank of England's base rate, and consequently your mortgage terms, it could potentially strengthen your defense. Key points to consider:
- Causation: Show how LIBOR manipulation impacted the base rate and your mortgage terms.
- Evidence: Gather concrete evidence linking these effects.
Do you have documentation or expert analysis that supports this causation?