EUROPESERVICING 2006
DIRECTOR'S CUT: SESSION 3


The 1970 film is based on a 1961 novel by American Joseph Heller. It is a rather dark comedy and satire with absurd humour that is, among other things, a critique of bureaucratic operation and reasoning.

Due to their primary responsibilities over administrative functions, it’s natural to equate the servicer’s dilemma with a "Catch-22" situation as they operate and mediate between and among originators, issuers, borrowers, trustees, lawyers and regulators - not to mention their own internal colleagues.

At one point in the film an old woman explains, "Catch-22 says they have a right to do anything we can’t stop them from doing." In the end, Catch-22 doesn’t really exist – but if the powers that be claim it does and everyone believes it, it might as well exist. In the many paradoxes in the film, one favorite is, "The Texan turned out to be good-natured, generous and likeable. In three days no one could stand him."

We’ve heard the praise of favored servicers on a deal one day, only to be followed by negative comments the next day. However, the following day it happened to the trustees. And then the lawyers. And so on.

The "director's cut" or "notes" were written by EuropeServicing's chief architect and host, Toni Moss, CEO of EuroCatalyst. Because the event is being held at the famous 195 Piccadilly, the home of the British Academy of Film and Television Arts, EuroCatalyst has chosen to use movie titles to theme each session. While some see films as entertainment, others recognise the art of cinema as a record of the human condition. EuroCatalyst chose titles and short clips of films to theme and inspire discussion as we bring the triumph and struggles of the European servicing sector to life over the course of the two-day EuropeServicing event. Even if you have not seen any of the films mentioned, the simple titles should tell you everything you need to know. Moss and her guest hosts look forward to interviewing the lineup of panellists who represent the best that the European servicing industry has to offer, and hope to change your perspectives about the role and importance of servicing as the stage upon which the European mortgage industry is set.