Clifden asserts ‘rights,’ as RMAC declines to pay make-whole amounts

By Susanna Moon

Chicago, March 13 – Clifden IOM No.1 Ltd. reserved its “rights” under the law against the issuers for their “failure” to apply the make-whole premium amendments for some mortgage-backed debt securities issued under RMAC securitizations, according to the company’s latest announcement.

The company said on March 9 that it was trying to confirm the authority needed to implement the amendments for the RMAC securities and asked that the issuers reserve an amount equal to the distribution amount under the make-whole provisions before making any distributions upon exercise of the optional redemption.

Then, on March 12, RMAC 2004-NSP4 plc, RMAC 2005-NS4 plc and RMAC 2004-NS3 plc notified holders of numerous series of mortgage-backed issues that they were set to redeem the notes on March 12 at par.

The supplemental trust deed referenced in the Clifden notice has not been executed, the issuers added.

The issuer previously said “it has requested but not received any proof of holding from Clifden or sufficient proof that it has been appointed by the relevant noteholders to execute the written resolution referenced in the Clifden notice on their behalf.”

Clifden is a residential and commercial real estate investor based in London.

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