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Rooftop row rumbles on

The Mortgage and Loan Group has confirmed to Mortgage Strategy that it has filed an application to the High Court requesting information from Rooftop Mortgages.

Last week, MS reported that The Mortgage Distribution Cooperative, which like MLG is owned by venture capital group Venturion Capital, hadissued a writ against Bear Stearns, owners of Rooftop, for going back on an agreement to fairly distribute profits from the wealth created by TMDC.

It is now believed that MLG wants to know the percentage of profit share each packager member of TMDC is owed following Rooftop’s first successful securitisation.

It is also alleged that Rooftop has been given 60 days to remove its packaging facility from members of TMDC.

Jonathan Naylor, managing director of Rooftop, says it hasn’t gone back on its legal agreement with the cooperative and the misunderstanding has the potentialto be settled outof court. He adds: “If this matterdoes go to courtwe will ceaseto do businesswith TMDC packagers, but so far there has been goodwill on all sides.”

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