Paragon's pre-crisis UK RMBS first flexible 4 is expected to be called on April 1, removed from the LSE and cancelled on April 15, according to a notice. There is £70.4m outstanding across Classes A, B and C. The intention to call was announced on February 27 when Paragon Mortgages No.19 hit the market. That deal included £68m of loans securitised in First Flexible 4. A conference call took place for gemini (eclipse 2006-3) Class A last Wednesday to discuss how interests are to be represented and safeguarded in the application to the English High Court, for directions on how funds are collected on the loan, and how they are allocated for the defaulted loan The loan is accruing defaulted interest at 1% on unpaid balances.
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