Mortgage Securitisation - Preferred

[uneverdid]

Thats odd when i queried the libor for March Crapstone told me it was 2.2% not according to this chart though. How they get away with it beggers belief mine is due to go onto libor in June so i will watch with great interest what they try and charge me

[vickson]

EIE

I do not think you have the correct Libor rates, there are Sterling and dollar rates, you seem to have posted the dollar rates which have been significantly lower.

Honestly I dont know how you will be doing this so called audit when you dont really have enough information to start the process.

Perhaps, your auditor is going to do it all for you. good luck,

[enoughisenough]

Ok Vick

 

Well pointed out. But nonetheless easily corrected. (If need be)

[scedminc]

Ok Vick

 

Well pointed out. But nonetheless easily corrected. (If need be)

 

 

Need be, Pleeeeeeeease to save just a bit of time.

[enoughisenough]

And to rather prove the point I was quoted a completely different Libor rate in March from the one Uneverdid has quoted.

 

Chancers. Chancers. Chancers.

 

Don't give me that auditor rubbish. I'm not blind. And don't be so certain that it is the US LIBOR either, after all LONDON INTERBANK OFFERING RATE is what I believe it stands for.

 

Are you a troll or a helper? If you're a helper post the correct UK LIBOR tables.

 

Thanks.

[uneverdid]

well said enoughisenough, what rate did you get quoted out of interest

 

N

[enoughisenough]

2.05 BUT A SHOCKING ADD ON of 800 basis points.

 

The feckers will rue the day.

 

However none of it makes sense anyway. The rather sarcastic "good luck with your auditor" rather gives the game away. Trolls afoot. Means we're onto something.

[uneverdid]

what does basis points mean, i've never come across this.

 

I hope they don't mess about with mine, i've already made plans for my £200 savings a month lol and it doesn't include crapstone

 

N

[enoughisenough]

Hi

 

BPS otherwise known as basis points. It's easy - 1% cut or rise equals 100 basis points. Hence a half point cut in the interest rate (or rise) equals one half of one percent, or 50 basis points.

 

Cheers. EIE.

[enoughisenough]

OK. Got annoyed by that little unnecessary diversion but the sarcasm has done us a favour. In practice there's not a cigarette paper between them anyway.

 

take a look at this.

 

Libor: Latest inter-bank lending rate with charts | This is Money

 

BBA – British Bankers' Association - Libor Home

 

Seems that historic Libor data is a little bit less accessible here than it is stateside, surprise surprise.

Edited May 18, 2009 by enoughisenough
typos

[enoughisenough]

Oh and This.

 

Bit fiddly but it gives the data going way back. Hover over the graph and it gives the Libor %age.

 

Graphs > Historical LIBOR - London InterBank Offered Rates - HousePriceCrash.co.uk

[enoughisenough]

AND THIS. It appears to be US Sourced but is very CLEARLY the UK 3 month LIBOR. REad the notes at the bottom and compare any of these historic rates with say the BBA and you will find they are the same.

 

LIBOR Rates History (Historical)

[mercyblue]

and your point is?

[enoughisenough]

Sorry. You might be a bit late to this thread. However if you read back through it you'll see what the point is. Post again by all means if you are still not clear.

[littledotty27]

I got my details through on libor staing that it is 5.00% above BoE base rate,so paying 5.50%. LMC stated that it has been that rate since mar 2007 when our discounted rate ended.

Does that sound about right?

Edited May 18, 2009 by littledotty27
more info

[vickson]

Your imagination is running a bit wild EIE, Troll? me?.

If it tickles your fancy to think I am a troll, then by all means go ahead and think so.

To be quite honest I have enough of a fight on my hands with my own mortgage lender, I do not have time to be a troll on these boards.

[vickson]

As someone said before the Libor changes on a daily basis, it is either they will use an average or they will use the value on a particular day of the month.

In order to do an audit of your interest rate changes, you will need to have all this information, this is the point I was trying to point out.

Also true that the specific information is not readily available in the UK unless you are paying for it.

In reading these threads we must try to weed out the fantacies from the facts.

[enoughisenough]

do not think you have the correct Libor rates, there are Sterling and dollar rates, you seem to have posted the dollar rates which have been significantly lower. Honestly I dont know how you will be doing this so called audit when you dont really have enough information to start the process.

Perhaps, your auditor is going to do it all for you. good luck,

 

Troll? Perhaps not then. Comment withdrawn. TBH I'm fighting on numerous fronts here and I haven't lost one yet. I've even faced down a bank on charges in court during the stay so I guess I'm doing something right.

 

Let me say exactly what I meant. I thought you were being unnecessarily sarcastic and condescending in your above post. If that was not your intention just drop it here and now.

 

Of course I'm going to do things right, and it's perfectly sensible to be digging around making the odd error in order to facilitate that process before I go to an auditor, in addition to which, that is why I'm engaging the services of an auditor. To get it right.

 

I never said you were a troll. I just asked if you were one. Do you have the correct UK Libor figures and if so could you post them. You would be helping a lot of people. Incidentally I don't see that they are

"significantly lower" in the US.

[vickson]

I had them before the bba changed the website, I will look for the link and post when I find it.

Its somewhere on the repossessions forum.

[uneverdid]

Hi little Dotty, you need to check your original mortgage agreement when i did mine i was on fixed rate for 2 years then my new payments revert to 3.4 (i think thats right) plus the current 3 month libor rate.

 

Fingers crossed as it stands now it means i will be £200 better off from July. I do have to remember though that if the libor goes up so does my payments. The libor rate used by Crapstone is the 3 month one with June 1st being the next rate they use. Are you back on a fixed rate or on a variable one. If so do you get regular letters informing you of the changing libor rates.

 

N

[littledotty27]

I am on a variable rate,I get letters informing me of the change of payment but not stating the actual rate itself.

[enoughisenough]

Insofar as Libor variation is concerned it has, as ever, gone in one direction when it has suited them and stayed static in respect of the less suitable direction.

 

This may not apply to all but it has definitely applied to some. The outright unlawful nature of this practice probably or likely justifies a rescission of contract.

 

SO if you have not had your payments varied at least four times a year, even by a couple of quid, then most likely, by default (if I can use that word!) you have been unlawfully charged.

 

They must change your payment on the 3 month LIBOR and if they don't it's highly unikely that there is a valid and lawful contractual reason, unless of course two consecutive 3 monthly LIBOR rates are identical or at least near identical to not warrant an adjustment in payments. This is unlikely, though granted conceivable.

 

In an unlikely but genuine outbreak of sympathy for them I'd genuinely feel sorry for the poor buggers if they were having to vary everybody's mortgage payment and send out the letters for a piddling change in LIBOR at 3 decimal points. But since they don't I can't feel sorry for them AT ALL.

Edited May 18, 2009 by enoughisenough
typo jobby (again)! Note to self Type properly in the 1st place

[scedminc]

Whenever I get notified about my payments changing the letters are sent to our previous addresses. Strange that ay seeing they manage to eviction letters etc etc sent to the correct address.

[enoughisenough]

Another bullet in the heart. Not a silver one but a bullet nonetheless. Incompetence or willful? mmm... interesting...

[uneverdid]

hi, but surely the letters littledotty gets should also state the new libor rate. Little Dotty Crapstone change their next libor rate on 1st June so perhaps you could ring and ask them to send you the new libor rates details after this date.