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Mortgage Securitisation - Preferred


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this is from page 69

 

Neither the Issuer nor the Trustee currently intend to effect any registration at The Land Registry of

England and Wales or any registration or recording in the Registers of Scotland to protect the sale of the

Loans and the Collateral Security to the Issuer or the charge of them by the Issuer in favour of the Trustee

nor, save as mentioned below, do they intend to obtain possession of the title deeds to the Properties and

the Loans and their related Collateral Security.

Save as mentioned below, notice of the assignment to the Issuer of the Loans and Collateral Security and

their subsequent charging or assigning to the Trustee will not be given to the Borrowers.

Under the Mortgage Sale Agreement and the Deed of Charge, each of the Issuer (with the consent of the

Trustee) and the Trustee will be entitled to effect such registrations and recordings and give such notices

as it, acting in its absolute discretion, considers necessary to protect and perfect the interests respectively

of the Issuer (as purchaser) and the Trustee (as chargee) in the Loans and the Collateral Security, inter

alia, where (a) it is obliged to do so by law, by court order or by a mandatory requirement of any

regulatory authority, (b) an Enforcement Notice (as defined in Condition 9(a)) has been given, © the

Trustee considers that the Charged Property (as defined in the Deed of Charge) or any part thereof is in

jeopardy (including due to the possible insolvency of SPML or SPPL) or (d) any action is taken for the

winding-up, dissolution, administration or reorganisation of SPML or SPPL. These rights are supported

by irrevocable powers of attorney given by, among others, the Issuer, SPML and SPPL.

The effect of (i) not giving notice to the Borrowers of the sale of the relevant Loans and their Collateral

Security to the Issuer and the charging of the Issuer's interest in the Loans and their Collateral Security to

the Trustee and (ii) the charge of the Issuer's rights thereto in favour of the Trustee pursuant to the Deed

of Charge taking effect in equity (or extending over the Issuer's beneficial interest) only, is that the rights

of the Issuer and the Trustee may be, or may become, subject to equities as well as to the interests of third

parties who perfect a legal interest prior to the Issuer or the Trustee acquiring and perfecting a legal

interest (such as, in the case of English Mortgages over unregistered land, a third party acquiring a legal

interest in the relevant Mortgage without notice of the Issuer's or the Trustee's interests or, in the case of

Mortgages over registered land or any land in Scotland (whether at The Land Registry of England and

Wales or the Registers of Scotland), a third party acquiring a legal interest by registration or recording

prior to the registration or recording of the Issuer's or the Trustee's interests).

Until the legal interest of the Issuer or, as the case may be, the Trustee, has been perfected, the Issuer, or

as the case may be, the Trustee also need to join the relevant Originator in any legal proceedings taken

against the relevant Borrower. The Borrower is also entitled to set off any amounts owing to the relevant

Originator in respect of such Loan against any other amount owed by the relevant Originator to such

Borrower.

The risk of such equities and other interests leading to third party claims obtaining priority to the interests

of the Issuer or the Trustee in the Loans and the Collateral Security is likely to be limited to

circumstances arising from a breach by the relevant Originator or the Issuer of its or their contractual or

other obligations or fraud or mistake on the part of the relevant Originator or the Issuer or their respective

officers, employees or agents (if any).

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and there's more........

 

The Mortgage Administrator shall exercise such discretion as is vested in it under the Mortgage

Administration Agreement for the purpose of administering the Mortgage Pool as would be exercised by

a Prudent Mortgage Lender. The Mortgage Administrator has no power or discretion under the terms of

the Mortgage Administration Agreement to convert a Loan of one type (for example an Interest Only

Loan) into a Loan of a different type.

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Heres the form I was pointed at Scedminc: http://www.hmcourts-service.gov.uk/courtfinder/forms/n244_e.pdf

 

LOTM,

 

what charge did the court tell you to put on the form though?!?:???:

Mint - Won! WCO not granted by court. :)

BlackHorse Loan- Won! WCO not granted. :)

 

Easy Money & More Than (Lloyds) - Won! Had been offered half of settlement prior but declined. :)

 

Capital One - Won! :)

 

BlackHorse PPI- WON £3,000, Claimed 4,500! :)

 

CitiFinancial - WON! :)

 

****************************************************************************

 

Monument - N1 Submitted Feb09

Cahoot - N1 submitted Feb09

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If anyone want to find a full list of the mortgages packaged up with your mortgage you can ask the Land REgistry. Here's what to do.

 

We all know who the SELLER of our mortgage was. The Seller of our mortgage is the company that is currently registered as the mortgage owner at the Land Registry. That Seller, (when it first acquired the mortgages) would have filed a TR4 (which is the transfer form that enabled them to be registered as the owner on YOUR register).

 

The Land Registry use the information on the TR4s to update the register with the new owner. Therefore, as the property owner, you are entitled to ask the Land Registry for a copy of the TR4 that the lender submitted to the LR when they became registered as the proprietor of your mortgage. You are entitled to the information, because firstly the LR is a PUBLIC REGISTER and secondly, you are asking for information that relates to your personal title number.

 

The list of title numbers, first line of address, and date that the mortgage was originated will be listed on that TR4. You will find your particular title number and first line of address as one of the items listed on that form too.

 

That way, you will know a large chunk of mortgages that were securitised with you.

 

BUT the form will not tell you to which SPV subsequently bought your mortgage because as we know, the company registered as the mortgage proprietor illegally fails to tell the LR that there has been a further transfer to the SPV.

 

Supersleuth

 

 

Supersleuth,

 

what would be the advantage of knowing a large chunk of mortgages that were securitised with mine?!?

 

What we all need is the name of the SPV that now 'owns' our mortgages....isn't it?!?

Mint - Won! WCO not granted by court. :)

BlackHorse Loan- Won! WCO not granted. :)

 

Easy Money & More Than (Lloyds) - Won! Had been offered half of settlement prior but declined. :)

 

Capital One - Won! :)

 

BlackHorse PPI- WON £3,000, Claimed 4,500! :)

 

CitiFinancial - WON! :)

 

****************************************************************************

 

Monument - N1 Submitted Feb09

Cahoot - N1 submitted Feb09

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If securitisation takes place about 3 months after the loan/mortgage was taken out, would the TR4 not just say - Halifax or GE, or whatever your mortgage/loan companies are prior to the secutritisation?

 

The Land registry are not informed you say, so how does this TR4 show the trail thereafter which is what we are looking for?

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If securitisation takes place about 3 months after the loan/mortgage was taken out, would the TR4 not just say - Halifax or GE, or whatever your mortgage/loan companies are prior to the secutritisation?

 

The Land registry are not informed you say, so how does this TR4 show the trail thereafter which is what we are looking for?

 

Yes it'll have the name of the mortgage/loan company but in additions, I think what Supersleuth is saying is that from the TR4 you'll have the other title numbers which were securitised with yours.

 

Like you've rightly pointed out there's no ownership info thereafter.....

 

So my question is, and has been.....how do we find these SPVs?:? As the brochures don't seem to be leading to anywhere at the moment.....

 

Maybe the directors report / annual report from Companies House will have something as mentioned earlier on....

Mint - Won! WCO not granted by court. :)

BlackHorse Loan- Won! WCO not granted. :)

 

Easy Money & More Than (Lloyds) - Won! Had been offered half of settlement prior but declined. :)

 

Capital One - Won! :)

 

BlackHorse PPI- WON £3,000, Claimed 4,500! :)

 

CitiFinancial - WON! :)

 

****************************************************************************

 

Monument - N1 Submitted Feb09

Cahoot - N1 submitted Feb09

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Bear with me on that Missy please... :)

 

 

Please PM me!;);)

Mint - Won! WCO not granted by court. :)

BlackHorse Loan- Won! WCO not granted. :)

 

Easy Money & More Than (Lloyds) - Won! Had been offered half of settlement prior but declined. :)

 

Capital One - Won! :)

 

BlackHorse PPI- WON £3,000, Claimed 4,500! :)

 

CitiFinancial - WON! :)

 

****************************************************************************

 

Monument - N1 Submitted Feb09

Cahoot - N1 submitted Feb09

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is this of any use to anyone, bit more interesting snippets in there !! Eurosail/lehmans/capstone etc..http://wwww.queenswalkinv.com/docs/ResultsSept2008.pdf

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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Well spotted Andrew1, my computer was having one of its "said no" moments , whilst i was in the throws of one of my coughing fits...am popping down to the doctors now to get it fixed, so i can can get some medicine to make it better (me better,that is, and not this tempremental thing infront of me!!)

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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I finally think ive found it with the help of MeryBlue. It appears it is Eurosail and found on the Irish Stock Exhange. I found the prospectus as well.

 

http://www.financialregulator.ie/data/in_mark_prosp/7429FProspectus.pdf

 

I can't seem to download this file or find it on the site.

 

Anyone have a copy?

 

Thanks.

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Hi i have been in communication with Capstone today with regards to my mortgage with Preferred. Up to 5 months ago when i made a debit card payment it always appeared on my statement as preferred then all of a sudden its on as Southern pacific. Ive rang and asked why and they have been giving me the runaround. After spending 110 minutes on the phone and being hung up on twice i got the answer Preferred have ceased trading okkkkkkkkkk so who owns my mortgage then i asked pause long pause on other end well its serviced by capstone i didnt ask that i said. The advisor then said that capstone took over preferred 3 years ago, which baffled me as i only took my mortgage 2 years ago. I queried this but go nowhere. Another thing i paid my monthly payment in feb on the date due by debit card but they say they didnt get it till 24th and charged me £25 for late payment. I asked about this and was told by one person to get my bank to prove i had paid it on the 19th, later on however i was told by another operater that she could see the notes that said id paid on time and agreed to remove the charge. Another thing is the libor rate at 4.30pm i was told it was 1.33 then an hour later it was 2.01 i am concerned about this because my fixed rate is due to end and i then have to pay the london libor rate plus 3.89% so can anyone help me find out the definite libor rate as im extremely confused now.

 

I am sorry for jumping in on this thread but really cant figure out how to start a new one. If anyone can move this for me id be very grateful.

 

Thankyou in advance.

N

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You can check the exact libor rates here:

 

BBA – British Bankers' Association - BBA LIBOR

 

The historic LIBOR rates are produced for all to see on the above link so you can check exactly what your interest rate should be on any given date.

 

I personally think its great to add to the debate and hope that nobody take umbrage with you jumping onto the thread...the question you pose is relevant to everyone on this thread and should be of benefit to all.

 

Supersleuth

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Hi thanks for your response i have checked the rates and according to this site they were 1.82 on the 27th feb and capstone maintain they were 2.01. Obviously this makes a big difference to the new rate i will be paying soon, so what should i do if capstone still insist on a different libor. I have told them that i will be requesting transcripts of the telephone conversation. Their response was thats fine we usually record all calls and they will cost you £10 each so it will be interesting to see what comes of that. I also think i was causing a stir today when i rang because i had 2 senior staff talk to me (well so they said) and one tried to backtrack and talked about my terms and conditions making it ok if things changed. I have also asked them for copies of these although i do still have the originals just wanting to see what i get. When i mentioned going to the FOS they said i had to write to them with my complaint first and wait 8 weeks for a reply and then if i was still unhappy i could only then go to the FOS is this correct ?

once again thanks so much for your support.

N

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