Mortgage Securitisation - Preferred

[lola and cecil]

Hi All

 

Emailed the Irish Stock Exchange, rang them and at every point told no I can't have the prospectus...

 

BUT in court today all been adjourned for 6 weeks as SPML didn't show so all in limbo....us...people who thinnk they've bought house....land registry who want me to provide proof of illegal sale....trading standards who were wanting to hear something more solid....and the reporters who wanted a story....

 

Sorry really fed up not to mention deflated was really sure the judge would want to hear what we had to say but said he wasn't prepared to listen as SPML were not there so straightin straight out...

 

Thanks to all...

 

Lola and Cecil

[Helford]

Hi,

 

Had my Crapstone response to my full Preferred Mortgages Limited DPA SAR through on Friday. A copy of the mortgage application form, a single A4 sheet of notes (This mortgage lasted for 2.5 years and is now redeemed) so heavily edited with **** that it makes no sense whatsoever and so full of non standard abbreviations that are not on their so called 'Glossary'. None of the notes shown include any reference to the many phone calls that I had with them. Best of all, absolutely no copy correspondence whatsoever, and I know for a fact (I have all my copies!) that they sent out numerous letters to me, their Solicitors and have stuffed me by putting a default on my credit file. Unfortunately for them, they have never sent a default notice. Now, shall I send them a reminder or shall I just wait for the forty days to expire on 21/06/09 and report them to the ICO? Mmm. The only thing they have done correctly is to send the account statement showing all the unlawful charges! Hey ho!

 

H

[uneverdid]

hi, this is interesting i also have kept all my paperwork and pd my £10 for all my paperwork yesterday so i will see trouble is i keep getting paperwork from them with no covering letters like the power of attorney they sent.

[uneverdid]

Hi All,

 

Came home today to find a letter stating i can put Preferred or Eurosail on my buildings insurance, also that they have now sorted my payments so that Capstone now comes on my statement and not SPML. I also got a telephone call asking them to call them back, i did and they are now saying that they can possibly capitilise my arrears to HELP ME gee thanks. This is all very strange considering i put in a SAR request on Monday.

 

What do you think folks.

 

Thanks

 

N

[enoughisenough]

Hi Uneverdid

 

Capitalisation of arrears is tempting, especially if you are feeling that the said arrears are spiralling beyond control and you need a breather. However a couple of caveats are worth taking into consideration.

 

1. Just how much of the arrears is legitimate arrears in the form of missed payments? Capitalisation of the unlawful charges is just another way to legitimise them, add them to your account and then charge yet further interest over the lifetime of the debt. They may even have a sneaky mechanism for slapping a huge charge on for the provision of this 'service'

 

2. Beware that if they are offering capitalisation, it benefits them rather than you. At least one cagger has reported 8k worth of arrears being capitalised and then a possession claim was later dreamed up on those alleged 8K arrears. Not sure if they got away with it but it pays to be careful.

 

As you probably know already they are a bunch of chancers who will try to slip things past unsuspecting consumers and even if they can get away with it the courts.

 

Armed with these warnings you have a choice which is at least informed and if you do go for capitalisation forewarned is forearmed. I don't think it's necessarily going to end your difficulties. However I don't know your circumstances and the choice MUST be yours.

 

Good Luck. Keep the faith. EIE.

[Crapstone]

If you capitalise your payments will go up and you'll be including all fees that you should be disputing.

 

Capstone aren't clever enough to think ahead so I wouldn't read too much into it.

 

I'm just glad I'm not on my own, (although I hate to think other people are suffering at their hands).

[uneverdid]

It is so annoying i am in such a difficult situation, i want to move in with my partner and rent out my house. However Capstone wont let me do this without paying off all my arrears and then they are going to charge an addition 1% to be allowed to rent it out. I will just have to wait and see what they come back with i just hate the fact that they are ruling my life

Thanks for all your support guys

 

N

[enoughisenough]

I can't comment with detail but this seems to me to be yet another example of their cavalier and I suspect unlawful treatment of consumers. Just what in hell is it that gives them the right to make any such stipulation? Apart from the Ts & Cs, which we all know would never stand any light cast upon them in a properly constituted court of law. Equity anyone?

Edited June 14, 2009 by enoughisenough
Typo

[Crapstone]

Unfortunately Uneverdid,

 

(And I really, really hate to say anything in favour of Capstone)

 

Their position on this does make sense as it would unfair on any future tenant to allow you to let the house to them while arrears are oustanding on the mortgage. Ask yourself, would you rent a house that has mortgage arrears on it? Tenants are already worried enough that their landlords could default on the mortgage and then they will find themselves in a bit of a pickle, so moving in when arrears are already owing isn't a great idea. The 1% rate above doesn't actually seem that bad, I thought it would have been a lot more considering the risks of renting out to a 3rd party and knowing how Capstone don't miss a trick when it comes to squeezing every penny. The rules and regs. with being a landlord are increasing and it might not even be cost effective if you are in arrears.

[Crapstone]

Wait for your SAR to turn up and then post what utter bull it contains. From my experience with the FOS, Capstone/SPML are known to them. When SPML appealed the decision in my case, they threw their toys out of their pram, moaned that they were always found to blame and that the FOS never listened to them or acknowledge their 'fair charges'.

 

That process took 2 years and over a year later it's still not sorted so don't hold your breath but DO KEEP ONTO THEM and stay strong.

[enoughisenough]

Hi Crapstone

 

I must confess to seeing some logic in your argument.

 

(And I really, really hate to say anything in favour of Capstone)

 

Their position on this does make sense as it would unfair on any future tenant to allow you to let the house to them while arrears are oustanding on the mortgage. Ask yourself, would you rent a house that has mortgage arrears on it?

 

1% is actually not that bad and you might even say reasonable if they weren't squeezing as much as they could by fair or foul, lawful or otherwise means.

 

Point taken though.

 

Cheers, EIE.

[enoughisenough]

SUB PRIME MORTGAGES

 

 

HOUSE OF COMMONS TREASURY SELECT COMMITTEE CALL FOR SUBMISSIONS OF EVIDENCE

 

 

 

Hi all,

 

This represents a very important opportunity to raise the public profile of what has been happening to you since you took out one of these mortgages. Whilst our political class has never been held in such low esteem the Treasury select committee is chaired by someone who doesn't pull any punches and wants to get to the bottom of this.

 

Part of the problem and therefore the cynicism about Westminster is their remoteness from the real world.

 

This is YOUR opportunity to give it to them. Remember that the bankers will be busy gathering their stuff in order to whitewash the whole inquiry. They will have been faxed with this press release before you and I even knew that the TSC were looking into this. CB did her stuff alone in Feb and look at the impact that had. We can't rely on individual pressure alone and hope that someone can pull it altogether for us.

 

Massive collective consumer response is the only way to bring these vultures to account.

 

 

WE HAVE TO WORK COLLECTIVELY

 

 

 

If you care, not only about yourself, but the state of the world you find yourself in, and the world your kids will grow up in, you should, with all due urgency make your submission.

 

There are strict rules about how to do so but nonetheless I'd rather submit before the high court of parliament who want to hear what we have to say than the local county court which may or may not give a toss despite the fact that EU law mandates they do.

 

PLEASE READ CAREFULLY THE FOLLOWING

 

YOU DO NOT HAVE TO COVER THE WHOLE REMIT JUST THE PARTS THAT APPLY TO YOU

 

MAINLY I PRESUME THE MIDDLE ONE ON SUB PRIME

 

DO NOT BE AFRAID OF GIVING YOUR NAME OR ADDRESS

 

THE BANKS ARE COMING AFTER US ALL ANYWAY AND IN ANY CASE THE SUBMISSIONS ARE SUBJECT TO PARLIAMENTARY PRIVILEGE

 

If you want to do ths but have any concerns please post on open. Do not PM as if there is a massive take up on this I will not be able to cope and respond adequately or in a timely fashion.

 

I am putting this together after an exhausting day at work. If there are any errors I will try to correct them at some point tomorrow.

 

OK Peeps. Here's the link. They want to know from YOU! Just write as you would on open post and list 12345 what they have done. Just one last thing. Nothing, and I mean nothing, that could identify you should be posted on open.

 

UK Parliament - TC0809PN47

Edited June 19, 2009 by enoughisenough

[enoughisenough]

In making your submission the following format should be observed

 

 

1. Give your Name

2. Give your Address

3. Give your Phone Number

4. HEAD THE SUBMISSION - something like

 

 

SUBMISSION BEFORE THE HOUSE OF COMMONS DEPARTMENTAL SELECT COMMITTEE FOR THE TREASURY

 

INQUIRY INTO MORTGAGE ARREARS AND ACCESS TO MORTGAGE FINANCE

 

CHAIRED BY THE RIGHT HONOROUBLE JOHN MCFALL, M.P.

 

Next page:

 

Indicate whether you are willing to be called as a witness before the Treasury Select Committee. This will main making yourself available to go to parliament and you won't get any expenses. I'm guessing that for most of you the answer will be no.

 

Next page

 

If your case is currently subject to court proceedings - most of us are - then you MUST make a statement to this effect. THis will not and cannot effect your case but you must let the TSC know.

 

something like this:

 

The facts submitted before the treasury select committee in this submission are currently subject to a possession claim (Number) in XXX County Court. The current status of this claim is that a suspended possession order has been made by the District Judge in this case.

 

Main body should go something like this.

 

Executive Summary

 

This should be 200-250 words max summarising the main arguments, maybe something along the lines of: (THIS IS NOT PERFECT AND SHOULD NOT BE COPIED AND PASTED. YOU SHOULD PROVIDE YOUR OWN EXECUTIVE SUMMARY)

 

The following submission, in response to the Treasury Select Committee's call for submissions, made 17th June, 2009 lays before the committee evidence of widespread consumer detriment experienced as a result of practices in the 'sub-prime' mortgage market which are systemic, and more often than not, unlawful. The overall consequence of these widespread practices is that consumers are being harrassed, serially and unlawfully overcharged, treated with contempt and subject to reprisals when making complaint and are then ultimately and often unlawfully repossessed, in addition to which the equity is then stripped from their homes with hugely disproportionate early redemption charges, following on from repossession. Evidence will also be brought forward to show that The FSA has failed in its duty to regulate effectively these firms, that the FOS is too slow to act on consumer complaints and enforce the regulations in this area, and that the courts themselves consistently fail in their duty to examine the fairness of standard terms in this contracts as they are mandated by virtue of ECJ ruling whatever the number is! (I'll edit this later!)

 

Next page.

 

1. Who you are what you do when you took the sub prime garbage out who with, any subsequent closures and transfers and that fact that it is now administered by Crapstone. This is most of us on these threads.

 

2. Then lay out your paragraphs in numbered fashion. GO for it!

 

3. Go for it Some More

 

4. Put in all their charges

 

5. Put in all their lies

 

6. Put in all their harrassment

 

7. Put in their woeful compliance record with SARS

 

8. Put in what they charge you in interest.

 

9. Put in all their 'FEES' garbage

 

10. Put in all their unreasonable and bullying.

 

11. JUST THROW THE BLOODY KITCHEN SINK AT THEM WHILE YOUVE STILL GOT A HOUSE WITH A KITCHEN.

 

If they want our houses they are going to have to work for them and that means putting them under intense public and official scrutiny to justify what they are doing. And what they do is not only a little bit unsavoury it is unlawful across the board

 

MAKE SURE THE TSC IS AWARE OF THIS

 

Finally don't worry if you are not confident about how to express yourself. Others can help and ultimately the point is not whether its beautifully written. The point is that you write it at all. Let the TSC what they are doing to you and your family. Make the government ministers squirm when all this is put to them. We don't have second homes and we no longer even enjoy the protection of the courts.

 

Keep the faith.

 

ENOUGH IS ENOUGH (EIE)

[midge61]

Hi all

 

Seems some of the media are looking at the securitization aspect now

 

 

'Ghost' lenders prey on borrowers | This is Money

[enoughisenough]

Believe me when I say this is just the beginning...

[banker_rhymes_with]

Believe me when I say this is just the beginning...

The combination of greed, Fractional Reserve Banking, stupidity, weak and corrupt self-serving Politicians, a subservient Judiciary, a tame media and Securitisation...makes a powerful combination it you want a really serious financial catastrophe.

 

Oh look, that's just what we have right now!

 

Cheers,

BRW

[Liz Southern]

Hi BRW,

 

I'm trying to find the Treasury Select Committee link regarding securitization. I'm going to court later re Amex and I'd like to give the DJ a copy of it. Would you know where it is by any chance please?

 

Regards

Liz

 

Never mind. Found it.

 

No, everything except the front cover has been deleted from photobucket!!! Ha ha ha.

Edited June 29, 2009 by Liz Southern
Found doc.

[banker_rhymes_with]

Hello Liz!

 

Just trying to find the link, this may be it:

 

UK Parliament - TC0809PN47

 

Cheers,

BRW

[banker_rhymes_with]

Hello Liz!

 

Or this...

 

UK Parliament - Bankingcrisis

 

Cheers,

BRW

[banker_rhymes_with]

Hello Liz!

 

This isn't it, but is perhaps of interest if only to lighten the heavy load...

 

Home - The Daily Bail - The Bailout News Central Depository. News, Interviews,Videos, Comedy, Songs, Opinion & Analysis

 

Cheers,

BRW

[Liz Southern]

Hello Liz!

 

Or this...

 

UK Parliament - Bankingcrisis

 

Cheers,

BRW

 

Thanks BRW,

 

Found it. It's this one.

House of Commons - Treasury - Written Evidence

 

With Part II and the whole shebang.

Bye

Liz.

[enoughisenough]

Haunted by the ghost lenders behind string of repossessions | Mail Online

 

Take this as well.

[enoughisenough]

hi BRW

 

 

Not that we need telling this. Just nice to see it in e-print. You have a lovely way with words. Why don't you submit an article to love money.com

 

Banks are still a bunch of parasites

[foolishgirl]

Haunted by the ghost lenders behind string of repossessions | Mail Online

 

Take this as well.

 

Be careful how you use this one Liz. The sympathy of your DJ may well depend on whether he has spoken to Chester CC recently.

[Liz Southern]

Hi all you lovely people!

 

The sun is shining where I am. It's a luvverly day. I'm going to post on my Amex Newmans Stat Demand thread and report on my Set Aside app.

 

Bye

Liz