all, In agreement with EiE, you MUST NOT stop paying, this is just a personal choice. ITBG?

VC7939, NO, don't do that, its a personal choice. I have stopped paying because of this and I believe I am no longer in contractual privity with SPML. ITBG?

Scedminc, good call, from CH website Preferred is still active. BUT again Attia is now the sole director. It looks like PWC are close to putting SPML/PML into administration, the FSA web is not updated. Note that it does not matter now what they ask of you, who to list on your insurance, who you now pay(all ends in Eurosail account), they are just hedging their bets their insolvency remains undiscovered. So the rats are jumping ship, before CH start prosecuting. This then follows, that SPML is trading insolvently and to be reported to the Companies Investigation Branch(CIB) of the DTI. They have the power to wind up companies in wrongful trading or if they are balance sheet insolvent. Which SPML/PML most definetly are, as they were a mere conduit to Eurosail and now in Lehmans bankruptcy. Also, since Capstone derived its revenue from servicing and SPML is insolvent, then it must be true that the SPV is financing Capstone, to keep it going to collect payments. Looking at the parent company Mable Commercial Funding, the PWC report says they are still looking for buyers for the mortgage books and to sell Capstone off. SPML/PML are 'dead' entities, the SPV is keeping Capstone alive to collect payments. As soon as PWC put SPML/PML in administration, which they are close to now, then the SPVs will be exposed. Then their role will have to be explained by PWC to us the borrowers, and thats where the contract & performance issues comes in. Why pay a company with no accounts, trading insolvently, director being prosecuted and effectively bankrupt? ITBG?

all, interesting development of SPML & Capstone. Checkout CH weblisting, only 1 director now, Amany Attia. Recent termination of Paul Chambers, from the last 363, downloaded. CH closing in now, looks like the fall guy is Attia, last director of both companies. Note it was a termination and not a resignation.... ITBG?

Eagle, It does not matter if you pay SPML, Barclays etc., it all ends up in the Eurosail account. This account is held and administered by Barclays in a group collection account, and cleared within 24hrs to Eurosail. Again, it appears that Capstone are now engaged in a 'false flag' operation, with all the enquiries from borrowers over their mortgages. ITBG?

it ain't over yet, they appealed with a circuit Judge hearing, next month. their maggotfarmer in court said, they did not need to disclose documents under CPR31.6, for a possession hearing? don't know where that came from, my solicitor said it was nonsense. So still waiting for the disclosure of the mortgage sale document. ITBG? holding breath

LD, Looks like a right mess, was'nt LMC a trading name of SPML? In any event, you will have to go right back to when you went to court, and SuperSleuth was helping you with the Matlock bank sale to LMC? ITBG?

LD, What did your insurance documents say before they asked you to put it to SPML? Note, as SPML is defunct, it does not matter if they ask this of you now, as they have nothing to lose. They are trading insolvently, but PWC won't inform CH, that's why CH are pursuing legal action against the directors/SPML for them. If SPML reveal its accounts it will directly have to go into administration. In my SAR, it disclosed 24hrs after SPML sold the mortgages to Eurosail, Capstone, wrote to my insurance company to inform them to change the mortgagee to Eurosail(on their letterhead). The Judge thought this was important evidence. ITBG?

Lil'dotty, all If you are going to court, and have filed your witness statement, stating your mortgage has been sold to the SPV in a true-sale securitisation(eg Eurosail), then you have a chance to set aside the possession. I did and the lender is to appeal. They tried the Pender ploy, but the evidence my solicitor and I had was enough. ITBG? on air

Suetonius, thanks for reply. I agree, if we can move to the other thread to continue. I am also in full support of the performance & contract issues, these issues have a higher probability of success. Indeed, the illustration is convincing, however I will post other illustrations from reputable sources, that negate yours. To include 'an equity trust, is redundant in the context of a true sale securitisation. Could you reveal the author/source/date & title so I may examine it? As in life, we appear to believe everything that is transmitted to us from whatever media vehicle. Though the power of the internet, is to access alternative information available, which is in constant flux. It is good to know SuperSleuths case is the Court of Appeal. Nevertheless, justice may not served only because the 'powers' at be may not allow it. The only way a case like this can be won, is by the exposure of the critical documents in question. Fundamentally, the Mortgage Sale Agreement. Documents, contracts and the the intention of the parties in the performance of those contracts, regardless of their actions. It will be the documented evidence which will decide how and by which method securitisation took place. Securitisation itself as a process, is adapted to, for its own unique requirements to the parties involved. Having had the Eurosail audited accounts examined(not me), it is not surprising, that the SPML sale was a true-sale securitisation. Whereby the beneficial interest(be careful of language here) of Eurosail is the 'performance of the mortgage portfolios'. Which of course the SPV would be the beneficiary, as it is from the performance of the assets/mortgages from which it derives it revenues. What is even more astonishing is that the mortgages are listed under fixed assets by the SPV! unfeck'in believable. As Carmel Butler had stated in her treasury evidence, on the 'Auditors Ruse'. SPML is just an originator, it appears from the accounts that the real conjoined party is Capstone as mortgage administrator. It is Eurosail who dictate all terms to Capstone, even moreso as SPML is insolvency. All SPML staff were merged with Capstone. I will continue on the other thread in due course, to discuss the elements of a true sale. One is already discussed in the Eurosail accounts as 'non-recourse loans to the originator(SPML/PML)'.... ITBG? its not what we know its what we can prove

Got told by Capstone operator, 6 years in job, that SPML, Eurosail all got re-branded to Capstone...thanks for alleviating my concerns! ITBG?

Suetonius, Thankyou for your reply. a) Originally Posted by I'm the bad guy? s.136 means that unless a notice has been given to the debtor / borrower, the assignment can only be equitable. Actually, this was COPIED from YOUR previous post, which you end with 's.136 means....' b) Express notice issue, fair comment. Will look into further. c) Registrable charges: this is from your assumption that their was no-true sale of titles to the spv? d) On the Trust Deed issue m395, (side note form # has changed), you list its applications, but donot answer the fundamental question, of how (in your opinion) the SPV with only beneficial interest to the titles mangages to create a Deed of Charges. The Trustee BNY holding as collatoral the assets/mortgages, without owning the legal titles the SPV has created a deed of trust. Please clarify? e) Pender issue, understanding that the judgment was from a higher court, as I understand it, if in another case there are facts which are 'distiguishable' from the Pender case then those NEW/evidences facts can materially 'overide'(my word) a previous judgment. This is why I call Pender 'not citable' because of the 'new distinguisable facts/evidences': i) The Mortgage Sale agreement was requested by Penders for disclosure in the CCA, but not produced in court. Only the Mortgage administration agreement was used as reference by the Judge. The 2 documents are critically different. ii) As I understsand it the m395 document was not produced. iii) The clarification to the court of the meaning of a 'true sale securitisation' as in the Calvin document(posted by Sue). iv) Most securitisation cases are based upon non-true sale credit card securitisations. v) Duties under the LRA 2002 section 4sced2part2... assuming a true sale securitisation, should be implemented, as mentioned in 10 & 11. Look forward to your comments & cags? ITBG?

Gus, pretty much agree with what you say. However, I believe this was a True Sale securitisation. I have still not had a reply from Sue or anyone in a previous post on this: How is it possible that assuming the SPV has only the beneficial title interest it can create a TRUST DEED of assets/mortgages with BNY Trustee? It CANNOT, unless it is the legal title holder, that is the whole purpose of the TRUST DEED for security of the investors. If it was only beneficial, the investors would have none of it. Also, spoke to CH mortgage section and confirmed the m395 TRUST DEED is a SUB-CHARGE on assets/mortgages held as security. Really, I'm only here for answers, does anyone know how a TRUST DEED can be created with only a beneficial interest by the SPV? Comments please? ITBG?

Suetonius, Thankyou for you reply. BUT note the following: 1. Please show me where I have said 'you have also said that unless the borrowers are informed, "the assignment can only be equitable". Literally. 2. My question to you was, from YOUR position, is the instruction from Capstone to note the interest of Eurosail as mortgagee, in YOUR opinion sufficient notice to the borrower which would be in YOUR opinion, to satisfy LOP 1925 s.136? 3. Under the LRA 2002 Section 27(4)Schedule2 PART2: REGISTERED CHARGES Part 2 Registered charges Introductory 9. This Part deals with the registration requirements relating to those dispositions of registered charges which are required to be completed by registration. Transfer 10. In the case of a transfer, the transferee, or his successor in title, must be entered in the register as the proprietor. Creation of sub-charge 11. In the case of the creation of a sub-charge, the sub-chargee, or his successor in title, must be entered in the register as the proprietor of the sub-charge. The fact the SPV 'deliberately omits' to register its LEGAL TITLE under 10 above and the TRUSTEE BNY under 11. In my opinion this is further proof of concealment from the Land Registry. SuperSleuth did ask us to look at section 4 closely. Just to be clear I MAINTAIN, Supers' position that BOTH the legal & equitable title were transfered to the SPV from the lender during the True-Sale securitisation process. However, this debate is important, to pose hypotheses and to come to each owns considered opinion. Its not about scoring 'points', but getting answers. Over to you Sue, anyone? ITBG? ps how do select bits and such..

Suetonius, Can you comment on, as you mentioned previously the 'perfection event' in the trust deed. Would you say that this is now being implemented by the Trustee(the SPV under instruction)as highlighted by yourself and Gus in the Bloomberg posts? This means that from the 'perfection event', which I believe is when the Trustee, in the words of the trust deed 'where the Trustee considers that the Security or any part thereof is in jeopardy..' This then manifests itself into the 'perfection act' whereby the property deeds, loan files etc now have to be handed over to the Isssuer/SPV? In my opinion, the SPV already is the holder of the titles, and they are already in trust with the Trustee BNY. However, let us assume the preamble above, are we now seeing the 'calling in' by the investors of the collatoral under the trust deed? I thought this might be just a matter of time, as shown by the Perpetual case in the previous posts. There is now a fight for the assets between the investors and Lehman Special Financing(BNY-trustee neutral). It appears the 'perfection event' creating the 'perfection acts' was much sooner than everyone thought. In fact only a few months after the Lehman bankruptcy. So with the above 'perfections' taking place, the only thing that the SPV has not done is inform the borrowers, which it is obliged to do under the trust deed. Also, from the 'perfections' the SPV has still not registered its titles to the Land Registry. Furthemore, this is evidence that SPML/PML the lenders are insolvent but PWC are NOT putting them into adminstration or insolvency. Note SPML/PML/Capstone/Restfan still all overdue accounts. We are still being had. comments please. ITBG?

Ryde, even before my insurance was due to be renewed but after securitisation. See earlier posts, alot of caggers here will confirm the same. This is nothing new, only the question. ITBG?

Suetonius, from our Companies House m395 Deed of Charge, the TRUST DEED between the Issuer(SPV) and BNY Corporate Trustee Services Ltd(Trustee). schedule 2 - 1.1 English Mortgages ‘The Issuer, by way of fixed security for the payment or discharge of the Secured Amounts, with full title guarantee as the registered owner’ Can you confirm that 'full title guarantee' means both the legal & equitable title to the mortgages? any comments please. ITBG?

Suetonius, s.136 Law of Property Act 1925 "136 Legal assignments of things in action (1)Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal thing in action, of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to claim such debt or thing in action, is effectual in law (subject to equities having priority over the right of the assignee) to pass and transfer from the date of such notice—" s.136 means that unless a notice has been given to the debtor / borrower, the assignment can only be equitable. Could you comment on the following: Many of us have received notificaton from Capstone(mortgage administrator-within the Mortgage Administration agreement), that we are to name the household insurer as 'Eurosailxxxxx as mortgagee'. ‘The policy schedule must note the interest of Eurosailxxxx First Charges as mortgagee’ a) Would you regard this as notice to the borrower as a 'perfection event'? b) Regardless of the literal statement of 'Eurosail as mortgagee', does this notice confirm the assignment is now legal? c) If now that the legal title has been 'perfected', then does the previous charge by SPML/PML become redundant? d) If the SPV is the legal title holder, under LRA 2002 s27(3)&(4), does it have a duty to register its new charge? welcome your & cag comments on this. ITBG?

Suetonius, playing devils advocate, please continue. They say facts are subjective towards a pre-determined outcome(s). In the absence of SuperSleuth....may you return to us soon. 1. If there is True Sale from the lender to the SPV, then the SPV retains the legal title to the assets. Yes or no? 2. If the SPV can create a legal charge with the Trustee, then as a truism, the SPV must have had the legal title to the assets. Yes or no? 3. The SPV is 'bankruptcy remote' in the securitisation process. Yes or no? 4. Under the LRA 2002, section 27(3)&(4), the SPV has a legal duty to register its interest as the legal title holder in a true sale. Yes or no? 5. The Mortgage Sale Agreement would provide absolute proof, of whether there was a true sale of the assets, from the lender to the SPV? Yes or no? ITBG?

Great find Neo! Pretty much proves, the lenders are no longer the owners of your mortgages, once securitised....but no doubt some will say otherwise. ITBG? 'iwishihadtakenthebluepill'

Ryde, this may clarify, The Journal Online : Testing insolvency In my view all the entities are Balance Sheet insolvent. They only have working capital to pay their day to day expenditures. Nice to know PWC already to receive £77million and rising for the administration of Lehmans, pg77 onwards http://www.pwc.co.uk/pdf/LBIE_progress_report_140409.pdf ITBG? who is the bad guy again?

EiE, I reflect your sentiments, it would require more than the CAG to create a successful boycott.....BUT all we need is 2.5 months of it........ PAYMENT BOYCOTT NOW!!!!!!!!!!!! ITBG?

Crapstone, I agree with you, if everyone just missed one monthly payment with Capstone/SPML/PML etc., the whole thing would collapse. As we can rightly assume(after speaking to the DTI), Resetfan Ltd and all its subsidiaries-SPML/PML etc are insolvent. PWC would have to liquidate the entities, as there are NO funding reserves in the parent- Mable Commercial Funding Ltd is in adminstration. I have no doubt, with SPML and over 100,000 mortgages, the Government would have to step in to rescue, or would face a backlash. This would stop all the repos and allow re-negotiated terms. ITBG?

Sue, roger that, CH still said they had an extension for their 363 and accounts. I see the administration by PWC extended, you could'nt keep an eye on Resetfan Ltd, I got less quids! ITBG?

Suetonius, correction there, the extension was for the filing of Mables' accounts and for the 363, it is already in administration(confirmed by CH). ITBG?