Mortgage Securitisation - Preferred

[Dangermouse]

I think I have an electronic copy of the Eurosail-2006 -1 prospectus. Is that what you are looking for?

 

Dangermouse

[lola and cecil]

Hi Dangermouse

 

If you can forward it that would be great we took out our mortgages back in October 2006 so I'm assuming that's the one we need in fact I'm sure it is. Also do you know if I only need the securitised company or the ones we got the mortgage off as well.

 

Thanking you in advance, much appreciated...everyone's help is appreciated getting hold of the prospectus is like pulling teeth..!!

 

thanks

Lola and Cecil

[enoughisenough]

Hi lola and cecil

 

Forget who you got the mortgage off. It is practically irrelevant. It does not matter because they sold it on. Who to does matter to some because they need to do their digging too, except to say that some excavation works are more difficult than others.

 

If I sold you my car and then after doing so would I have a claim even if I'd said I'm just hanging on to the log book if someone else damages the car I sold. I think not.

 

The prospectus is not even the Holy Grail you are seeking so good luck but it will give you no more than has been publicly posted.

 

Also if you took your mortgage out in Decem

 

 

 

October 06 you are most likely looking for February or march 2007- not the one you are seeking. In any case you won't find YOUR mortgage in the p. That takes a more specialist approach.

 

Good luck nonetheless.

Edited June 6, 2009 by enoughisenough
Typos

[enoughisenough]

I give up trying to write these bloody posts on a phone!

 

Godspeed cecil and lola.

 

EIE.

[JonCris]

Don't forget the 'unfair relationship' that exists between the borrower & the lender once they securitize the loan

[enoughisenough]

Well said jc. No-one should forget the unfair consumer practices directive or any other multitude of oft eu stuff out there. And there are just tons of references out there!

[lola and cecil]

Many thanks for your advice - God Bless us all.

 

I will keep in touch as we are in court this week and our case is somewhat different - whilst fighting for our own houses we are fighting for another on which we had a registered charge and the underhand way it has been sold - we have to prove that it has been an illegal sale and get the squatters out!!

 

Wish us look all your help has been invaluable

[enoughisenough]

we have to prove it was an illegal sale and get the squatters out

 

Love it. Except to say that real sqautters have more rights to enjoyment of a property than these arch criminals.

[Smarterchick]

anyone seen this before?

 

House of Commons Hansard Debates for 16 Oct 2001 (pt 5)

[foolishgirl]

Excellent research SC. What damning evidence. All these govt. depts & quangos knew in 2001 what was going on (incl. OFT & FSA, no surprise they took no action!) & did nothing & they now have the audacity to blame our current woes on an irresponsible sub-prime lenders & a world wide credit crunch!

 

On a personal level though it looks as though if you prove the commission, you prove bribery - hmm, that's an interesting line to pursue.

[enoughisenough]

Very very interesting sc. Of course there has been more movement on the regulatory front since then which strengthens the consumers hand considerably. This is enough for the various regulators to start pulling their collective fingers out and do so without undue delay. And I know just how to make them do it.

Edited June 8, 2009 by enoughisenough
Typo

[enoughisenough]

And for those who haven't seen this already this makes interesting reading:

 

The Consumer Protection from Unfair Trading Regulations 2008 No.

[enoughisenough]

These are now up and running and are in full force.

 

117 separate enforcement actions have already taken place. Iit is very important to recognise that individual consumers are not as yet able to rely on them as individuals. You can complain and a relevant authority can investigate. So it can't be the centre piece of an argument in court (not yet anyway). You must raise it with a regulator instead.

 

It doesn't matter. They are in breach and they can be investigated for this breach. It can always be pointed out to a court anyway. They are going to look pretty stupid saying 'oh we know we can't do this anymore but we do it anyway coz the consumer can't use it in court yet'.

 

See the following link for more details.

 

31 Types Of [problem] To End This Month!

 

It's useful in a whole host of areas, for example selling stuff they don't own might apply to the power companies as they charge us before they've paid their suppliers. Perhaps a whizz legal brain could start getting their heads around this one a look at the implications for us.

 

Onwards and upwards. EIE

[enoughisenough]

Morning Sced!

[scedminc]

Morning Sced!

 

Morning EIE,

 

Hope all is well. Some good finds here peeps. Not got time to read or comment yet but will in due course.

 

Sced

[enoughisenough]

Try this for uniquely suited to our purposes.

 

The FSA took on responsibility for mortgage regulation in 2004. FSA Statutory objectives include securing the appropriate degree of protection for consumers (The Financial Services and Markets Act 2000 (Part 1, Section 3)

 

The FSA also regulates by reference to its own principles of good regulation amongst which are that a firm must conduct its business with due skill, care and integrity; observe proper standards of market conduct and pay due regard to the interests of its consumers and treat them fairly. Finally a firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.

 

The FSA’s own performance report has nine high level indicators by which to assess performance in achieving its strategic aims. The first four outcomes are related to consumers:

 

1 Consumers receive and use clear, simple and relevant information from the industry and from the FSA;

 

2 Consumers are capable of exercising responsibility when dealing with the financial services industry;

 

3 Financial services firms treat their customers fairly and thereby help them to meet their targets;

 

4 Firms are financially sound, well managed and compliant with their regulatory obligations;

 

 

Furthermore FSA, Treating Customers Fairly –outcomes for consumers, July 2006.

 

“Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture. Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale. Consumers are provided with products that perform as firms have led them to expect and the associated service is both of an acceptable standard and as they have been led to expect.”

 

As well as:

 

“Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.”

 

The task of the FSA is to permit the development and discharge of legitimate financial business within a framework of systematic oversight that engenders trust in and compliance with the law among market participants and consumers.

 

If a firm breaches FSA’s rules, enforcement action may follow, since enforcement represents one of the tools the FSA can use to deal with non-compliant behaviour. If enforcement action is taken the FSA has a range of disciplinary, civil and criminal powers which it can use against regulated and non-regulated firms. The sanctions include financial penalties, removal of authorisation or even criminal prosecution for a small number of cases of market misconduct. Examples of such misconduct are varied and have in the past included; fitness and propriety issues/threshold conditions, market protection, systems and controls, listing rule breaches, selling (mis-), pensions and endowments, retail mediation activities return, non-compliance with the Financial Ombudsman Service, Money Laundering Controls and financial fraud.

 

Under the Financial Services and Markets Act 2000 Section 6 (1), FSMA.

the FSA must work to “reduce the extent to which it is possible for a [regulated] business… to be used for a purpose connected with financial crime”

 

The Act defines financial crime as including: fraud or dishonesty; market abuse (misconduct in, or misuse of information relating to, a financial market, which

can be prosecuted under either a civil or criminal regime); or handling the proceeds of crime (or money laundering).

 

Additionally, The Unfair Commercial Practices Directive (UCPD 2008) seeks to protect consumer interests from unfair business-to-consumer commercial practices. In particular, commercial practices will be unfair if they are misleading (this includes both acts and omissions) or aggressive. The Directive contains a list of 31 practices which will always be considered unfair.

[uneverdid]

Hi, i have spoken to the lovely Capstone this evening who have told me that my mortgage is in LIMBO ??? it is only being administered by them until a purchaser is found. After going round in circles with them i ended up asking for a copy of every single note or letter on my account. They charged me £10 for this and said it would take up to 40 days. I hope this was the right thing to do.

I have had my latest statements but was shocked to see that because they are adding additional interest onto my monthly due amount because of the arrears. It meant that last month only £17 of my additional £50 paid actually came off my arrears. I AM SO CROSS THEY HAVE NOT ADVISED ME OF THIS I am now worried incase they take me to court, they have liberty to restore until Feb next year and tell the judge that im not paying £50 above my monthly payment due.

 

Please can anyone advise me.

 

Thankyou

[enoughisenough]

Without getting into a competition about who is being stuffed most try this for size. Unlawful charges per month every month more than twice the monthly payment due. Even they know that that will not wash up clean.

[enoughisenough]

Hi uneverdid.

 

Apologies for trying to say you don't have it as bad as others. We all have it bad with these mopheads. They are about to put us all through the 7th circle of hell. You're getting a little foretaste of what is to come. You did the right thing in asking for your data and yes they can charge you a tenner. They used to try that on as well but the consumer got wise ( I.e trying to charge a tenner per statement). They will try everything, lawful, at the boundaries or otherwise. Eternal vigilance is the antidote to this poison. You are amongst fellow sufferers of these money grubbing pimps. And every one of us will help you fight. Never post personal details though. And pm by clicking on a posters name for closer advice. General qs can stay on open forum though.

[uneverdid]

Thanks enoughisenough and i know from your past posts that i don't have it as bad as you. I cant wait to see what happens when i get the data. Just one thing what can i do if they don't respond in time. I am going to the FSA or FOS for sure, who have you complained to. Sorry probably read it but forgot.

 

Thanks N

[JonCris]

Hi, i have spoken to the lovely Capstone this evening who have told me that my mortgage is in LIMBO ??? it is only being administered by them until a purchaser is found. After going round in circles with them i ended up asking for a copy of every single note or letter on my account. They charged me £10 for this and said it would take up to 40 days. I hope this was the right thing to do.

I have had my latest statements but was shocked to see that because they are adding additional interest onto my monthly due amount because of the arrears. It meant that last month only £17 of my additional £50 paid actually came off my arrears. I AM SO CROSS THEY HAVE NOT ADVISED ME OF THIS I am now worried incase they take me to court, they have liberty to restore until Feb next year and tell the judge that im not paying £50 above my monthly payment due.

 

Please can anyone advise me.

 

Thankyou

 

 

You must write to them to confirm your conversation & the fact your mortgage is in limbo - Don't ask - just confirm

[enoughisenough]

Hi I'm typing this on my mobile so it will be a bit choppy. You need to go to the information commisioner. I hve posted several times on this thread. When u can get a mo read back from about p forty. They WILL duck compliance. This is good as the more complaints stack up the better. They will get fined about 5 grand for each serious breach which doesn't sound much until they get hit with it a few hundred times. And it adds to their list of wrongdoings

[uneverdid]

Hi JonCris, could you explain the purpose that this will serve, thanks i am hoping that i get transcripts of phone calls.

[enoughisenough]

Oh uneverdid

 

Never speak tothem without recording it. Or at least writing it all down very quickly. I was actually very suprised by how courteous and helpful an energy supplier became after setting their dogs on me when I said I was recording. Naturally I was because I don't make idle claims unlike some fly by night merchants.

[uneverdid]

how do you record, i have started taking names every time now with a note of which department they are in and what they have promised to do. i really wish my house would just sell and then i would be rid of them only thing is when i said to them today so if i sell who will my cheque be made to because it cant be preferred as they are no longer trading. He explained that it would go to the accountants Price, Cooper something like that.mmmm