Capstone/Kensington Mortgage Help

[llieno162]

Hi I was just wondering if I could get some advise please for my mother. I will try to explain best that I can, so here goes,

 

I recently found out that my mother currently has an interest only mortgage of £102k from Accord Mortgages, the problem is that back in 2003 she purchased her council house for £28K in which she had a mortgage of £34k from a company called SPML.

 

Now somewhere in between 2003 and 2006 (when she moved to Accord) her mortgage has obviously tripled in size. Getting information from her about where the money has gone is like getting blood from a stone.

 

The only info I can find is that in Dec 2006 there is completion statement from a solicitor with the following.

 

Capstone Mortgage £77k

Kensington Mortgage £20k

Money point 2.5k

Cheque to her £2k

+ some fee =£102k

 

As I said my mother is not very forthcoming with info, but from what I can gather she must have had extra amounts put on to her mortgage (which she denies).

 

Is there anyway I can get all the info from previous transactions from Kensington & Capstone so that I can find what the hell has happened. She is absolutely awful with money and has debts with people like Eurodebt and Carbot which I will look into a bit later on. She is now at retirement age and will be homeless soon if she doesn't find the £102k hence the reason for all of this coming out.

 

I would really appreciate any help given, If more info is needed then I can go through all paperwork that I have.

 

Many thanks

[dx100uk]

sar to each one then

 

 

dx

[llieno162]

Thank you dx, am I right in thinking that SPML and Capstone are the same people ?

 

Many thanks

[llieno162]

Hi just a quick question? having gone through a mountain of paperwork of her's there are documents from people like London Personal Loans Ltd/Central Trust Plc and Money Partner loans Ltd.

 

Should I SAR all of them and does it matter that they are from 2003-2005 ?

[dx100uk]

Prob all the same group?

 

Yes and there are more in the spml group too!!!

 

Get reading!!

[CosmosBipinnatus]

They - SPML and Capstone - were both part of the Lehman group (which is still in administration).

 

 

But SPML sold all its mortgages to Eurosail (Special Purpose Vehicles created by Lehman Brothers, who seem to have foreseen the 2008 crash about 18 months before it happened) in January 2009, retaining ownership only of the title not the loan.

 

Capstone became Acenden Limited but was then bought out of (the Lehman Brothers) administration in January 2015 by a joint venture established by global equity company Blackstone and TPG, called Elevate Bidco Limited.

 

 

Acenden's ultimate parent company is now Koala 2 LP registered (by the Irish Stock Exchange, I think) in the Cayman Islands,

owned by funds managed by Blackstone Tactical Opportunities Advisors LLC and TPG Special Situations Partners.

 

 

Which means that,

as I understand it,

since 6 January 2015,

Acenden has not had the locus standi to instruct solicitors in possession claims in respect of SPML- and Preferred Mortgages (who do not have the locus standi to be Claimants on their own in possession claims).

 

As of about two years ago, I think, Acenden Limited also administers Kensington Mortgages.

 

Capstone is now Acenden Limited (see the Companies House web site).

Expect them to be very obstructive about supplying any information from before 2010.

[ericsbrother]

when you can show that a company no longer has locus you sometimes find that a judge will say that as they are all part of the same group of companies then they can assign matters to another co in the same group-either up or down in the chain.

 

 

Apparently breaching the law regarding the reporting of company's activities to CH as they are obliged to doesnt always mean that you will persuade that judge the company has no interest in the matter.

 

 

Laws are made to allow right people to keep their money, not to allow poor people to get theirs back

[CosmosBipinnatus]

when you can show that a company no longer has locus you sometimes find that a judge will say that as they are all part of the same group of companies then they can assign matters to another co in the same group-either up or down in the chain.

 

But, since 6 January 2015, that no longer applies to Acenden. Since then, Acenden has had no connection with SPML (or Preferred) in the company law meaning of the word connection.

[mercyblue]

But, since 6 January 2015, that no longer applies to Acenden. Since then, Acenden has had no connection with SPML (or Preferred) in the company law meaning of the word connection.

 

Makes no odds whatsoever, Acenden are merely the administrators of the loans you can view it as a type of outsourcing.

 

Oh and SPML didn't sell all their loans in Jan 2009 they were sold off in three month tranches soon after the loan was originated as can easily be determined by the name of the relevant eurosail product e,g eurosail 2007-1NC whose prospectus is dated feb 27th 2007.

All the eurosail products appoint the same trustee to operate the individual products. You can view the company here (presuming the link to bloomberg isn't removed) http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=2027401

 

The whole point of securitization is to package up the loan and sell it thus removing it from your own books and any liability. The issuer who is now the owner then issues various notes for investors dependent on the supposed amount of risk.

 

The issuer in these case will be the relevant eurosail product which will be listed at companies house as they are a public limited company (as indeed is stated in the prospectus) the company number for the eurosail I mentioned above is 05999159

which shows the last annual return was the 15th November 2015. It also shows the registered office as Wilmington Trust Sp Services (london) Limited, Third Floor, 1 King'S Arms Yard, London, EC2R 7AF.

 

You will see this ownership structure if you read one of the prospectus's. Directly below the ownership structure is the transaction structure which shows SPML as the sellers "sale of mortgage pool" to the eurosail company.

 

So who are you paying as a borrower? Well again using the above as an example at page 45 of the prospectus

"Payments by Borrowers in respect of amounts due under the SPML Loans will be made, in the majority of cases by direct debit, into (i) the Eurosail-UK 2007-1NC SPML Trust Collection Account;"

 

then a bit further down

"SPML will, by a declaration of trust dated on or about the Closing Date (the “Eurosail-UK 2007-1NC SPMLTrust Collection Account Declaration of Trust”) declare a trust over the Eurosail-UK 2007-1NC SPML Trust Collection Account in favour of the Issuer and the Issuer will be the beneficiary of such trust."

(The issuer been eurosail.) This is then transferred daily to another account in order to service the notes the issuer has issued.

 

Back to Acenden using the prospectus from page 62

"Capstone will be appointed as the Mortgage Administrator pursuant to the Mortgage Administration Agreement and will be responsible for the provision of certain mortgage administration services."

 

later on in the prospectus it goes on about the standby mortgage administrator - homeloan management limited which in turn refers to another section

"Investors are referred above to the section entitled “Title to the Mortgage Pool -Administration of the Mortgage Pool” for a summary of the provisions governing the appointment and termination of the Mortgage. Administrator, the Cash/Bond Administrator, the Standby Mortgage Administrator"

 

So even though capstone/acenden was a subsidiary of an affiliate of Lehman Brothers International (Europe) it matters not, all that company is doing, whoever owns them, is providing administration services on behalf of the issuer

[mercyblue]

llieno162 I seem to have gone a bit off topic in my last post I do apologize. Was your mother aware that it was an interest only mortgage. By the dates you have given some lenders would be throwing money at her considering it was an ex-council house so there would be plenty of equity to grab.

[CosmosBipinnatus]

Makes no odds whatsoever, Acenden are merely the administrators of the loans you can view it as a type of outsourcing. ... So even though capstone/acenden was a subsidiary of an affiliate of Lehman Brothers International (Europe) it matters not, all that company is doing, whoever owns them, is providing administration services on behalf of the issuer

 

If only that were true. But they are not just administering the mortgages, they are instructing solicitors in possession claims - and since 6 January 2015 they have not had locus standii to do so.

 

Oh and SPML didn't sell all their loans in Jan 2009 they were sold off in three month tranches soon after the loan was originated as can easily be determined by the name of the relevant eurosail product e,g eurosail 2007-1NC whose prospectus is dated feb 27th 2007.

 

Yes, all the loans had been sold by January 2009. You are misunderstanding the process. All the prospectuses were written long before the sale took place.

 

All the eurosail products appoint the same trustee to operate the individual products.

 

It was the other way round: they started with one Eurosail and then created the others, as they parcelled up the loans as their new mortgage-backed securities.

[CosmosBipinnatus]

The whole point of securitization is to package up the loan and sell it thus removing it from your own books and any liability. The issuer who is now the owner then issues various notes for investors dependent on the supposed amount of risk.

 

Until someone dreamed up a new use for securitisation: siphoning £ billions out of the UK economy under the radar of EU directives and the FCA.

[mercyblue]

If only that were true. But they are not just administering the mortgages, they are instructing solicitors in possession claims - and since 6 January 2015 they have not had locus standii to do so..

 

I don't know how you come to that conclusion. Clearly part of administrating mortgages could include instructing solicitors.

 

 

 

Yes, all the loans had been sold by January 2009. You are misunderstanding the process. All the prospectuses were written long before the sale took place.

 

No I don't misunderstand it. You seem to be suggesting that everything took place in one big sale? Each set of mortgages were bundled up and offered at around 3 month intervals apart from the name you can tell that by the date of incorporation. The quicker you get this kind of product off your own books the better!

 

 

 

It was the other way round: they started with one Eurosail and then created the others, as they parcelled up the loans as their new mortgage-backed securities.

 

Sort of they created the trust which all the companies assign their rights to.

 

 

Until someone dreamed up a new use for securitisation: siphoning £ billions out of the UK economy under the radar of EU directives and the FCA.

 

Well certain high risk credit cards are bundled into these type of products, in the usa they have started doing it recently to phone contracts!

[CosmosBipinnatus]

I don't know how you come to that conclusion. Clearly part of administrating mortgages could include instructing solicitors.

 

No, read Acenden's most recent accounts filed at Companies House. Acenden no longer part of Lehman group, since 6 January 2015, so no longer have any skin in the game. So cannot instruct solicitors to make homeless borrowers with SPML- or Preferred-originated mortgages.

 

No I don't misunderstand it. You seem to be suggesting that everything took place in one big sale? Each set of mortgages were bundled up and offered at around 3 month intervals apart from the name you can tell that by the date of incorporation. The quicker you get this kind of product off your own books the better!

 

Yes, one big sale of Lehman Brothers mortgage assets. To another part of itself, specially created to put these assets out of reach of the creditors when the 2008 crash happened. Lehman Brothers is still in administration.

 

Sort of they created the trust which all the companies assign their rights to.

 

Depends what you mean by trust. And the other companies are quasi-subsidiaries.

 

Well certain high risk credit cards are bundled into these type of products, in the usa they have started doing it recently to phone contracts!

 

Bundling up mortgages into "mortgage-backed assets" was the main cause of the 2008 crash in the US.