SPML/LMC anyone claimed for mis selling and unfair charges?

[gustavius rex]

well from what i have researched out capstone was a 50/50 owned by Lehman and Barclay's. IN 2007 Barclay's sold there share holding to Lehman making capstone 100% by Lehman . We all know the rest and really we are having our mortgages serviced by a company that could have it loan book transferred at any stage as a exchange for repayment of Lehman debt.

SPML cannot sell their loan book as most of it is heavy sub prime and carries a large arrears profile.

SO Preferred/SPML are using the tried and tested method of either repossessing or consolidation.

repossessing= getting money and sell house = write debt down= off the books= added to Lehman insolvency

 

consolidation= make the loan after 6 months a appear a good payment profile= sell it on a light near prime.

 

Really i think at some point Captsone will be absorbed by another servicing copmany like skipton.

 

 

lf we disregard the old Barclays/Lehman Brothers history and concentrate on todays situation, then, according to what you say, Preferred and/or SPML are today managed by the bancrupcy administrator, i.e. still Lehman property. Capstone was introduced to me (at least) some 1 year after l took out my mortgage and then only as administrators/servicing agents. The problem is that they handle everything now, but, cannot make any official decisions as administrators, something only the mortgage lender can. So, in conclusion, if Lehmans still owns Preferred then all decisions are made by the appointed bankrupcy administrators. Why do they need Capstone?

GR

[verycatchy7939]

Capstone are just a payment. debt recovery and mortgage servicing vehicle.

So say capstone went under who would service SPML/Euro sail/Preferred and the myriad of other sub prime companies that capstone work for?

It has been discussed already in the daily mail in December 08 this nightmare of a capstone crash, in fact the FSA has lined up 2 other companies to take over. The mail argue that no one who know who paid what and to whom in the event of a crash.

In the industry capstone are seen a chaotic, even now. That is why know one will buy this vehicle that is on the surface making money.

[littledotty27]

There was no implied criticism here.

There is none taken EIE,as I started this thread and not posted for a while I thought I personally should make an effort.

 

well from what i have researched out capstone was a 50/50 owned by Lehman and Barclay's. IN 2007 Barclay's sold there share holding to Lehman making capstone 100% by Lehman . We all know the rest and really we are having our mortgages serviced by a company that could have it loan book transferred at any stage as a exchange for repayment of Lehman debt.

SPML cannot sell their loan book as most of it is heavy sub prime and carries a large arrears profile.

SO Preferred/SPML are using the tried and tested method of either repossessing or consolidation.

repossessing= getting money and sell house = write debt down= off the books= added to Lehman insolvency

 

consolidation= make the loan after 6 months a appear a good payment profile= sell it on a light near prime.

 

Really i think at some point Captsone will be absorbed by another servicing copmany like skipton.

 

I would like to state that I have had no involvement what so ever with capstone like the rest of you have.

My mortgage was originally taken out with matlock bank t/a london mortgage company,then spml took over from matlock in 2006,now the administration is dealt with by vertex.

 

We arranged to pay £900pm inc monthly payment in court,yet we still get letters asking us to contact them to make arrangement to pay off arrears.

[gustavius rex]

There is none taken EIE,as I started this thread and not posted for a while I thought I personally should make an effort.

 

 

 

I would like to state that I have had no involvement what so ever with capstone like the rest of you have.

My mortgage was originally taken out with matlock bank t/a london mortgage company,then spml took over from matlock in 2006,now the administration is dealt with by vertex.

 

We arranged to pay £900pm inc monthly payment in court,yet we still get letters asking us to contact them to make arrangement to pay off arrears.

 

 

So, it get's worse. SPML are serviced by Capstone as is Preferred, but, Lehman are bankrupt and in administration and no-one wants to buy the mortgage books. Preferred payments go to Capstone who deposits in SPML account while London Mortgage which was bought by SPML is administrated by Vertex??? Have l now got this right? But, who owns this bowl of spaghetti and why do we not know if it all is administrated by a appointed bankrupcy administrator? The more l see the less l understand and like it. To me it stinks of old herring!!! Rotten to the core and very smelly indeed!

GR

[enoughisenough]

It's now being administrated by Price Waterhouse Coopers. And it's a real effing headache because no one really knows what to do with it all especially as the investors in the notes are screaming bloody blue murder. The FSA keep asking the FOS to delay action on behalf of the investors! We are nowhere in the food chain of priorities. My guess is that it will all end up with the fat cat of barclays.

[midge61]

Capstone was being sold on January but since then I haven't seen anything about it.

 

https://secure.moneymarketing.co.uk/cgi-bin/item.cgi?id=178710&d=pnd2&h=pndh2&f=pndf2

[brassed-off-2]

It's now being administrated by Price Waterhouse Coopers. And it's a real effing headache because no one really knows what to do with it all especially as the investors in the notes are screaming bloody blue murder. The FSA keep asking the FOS to delay action on behalf of the investors! We are nowhere in the food chain of priorities. My guess is that it will all end up with the fat cat of barclays.

 

Price waterhouse coopers!!! they too are under investigation into their handling of the cattles fiasco... like you say EIE, THE FAT CATS BARCLAYS AND RBS:-x

 

B-O-2

[gustavius rex]

Price waterhouse coopers!!! they too are under investigation into their handling of the cattles fiasco... like you say EIE, THE FAT CATS BARCLAYS AND RBS:-x

 

B-O-2

 

 

lnteresting. lf the Lehman mortgage portofolio is worth 50 p or less to the £, does that mean that all of us with Preferred/SPML/London Mortgages are now in the theoretical position to buy back our mortgages at 50% discount? Why not? Any investor is not likely to pay more than 50p on the pound, particularily as Preferred mortgages are some 30% in arrears. Any ideas, could all of us get together with an offer?

GR

[Crapstone]

Has full and final settlement ever been used in a mortgage situation?

 

I don't think for one minute Capstone would be able to comprehend any letter sent to them arguing the toss over profit and loss on the portfolio. Even a simple question is beyond them to answer even when they have it in front of them in B&W.

 

They are still relying on the charges and an increase in value on suspended repossessions as a steady income.

 

Is it just me or have Capstone gone very quiet of late and not sending out their usual demanding letters?

[Crapstone]

My reasons for not posting are due to the fact,i've run out of ideas of what to do,i've hit a brick wall!!!

Nobody legal wants to help and the fos have listened to spml's bull but are not interested in our side of things.

 

I'm tired,run out of patience and alot of other things on mind to deal with.

I AM PHYSICALLY AND MENTALLY EXHAUSTED BY IT ALL.

 

Join the club but please don't give up the fight. We've gone too far to stop now and we need some justice from these rogue traders in one form or another.

[enoughisenough]

50p to the £ just means more potential for profiteering and yet eventually more aggressive charging, interest rate hikes and equity smash and grab raids. Cash rich investors are sharpening their knives for the kill. Capstone will jump if you are late or miss. Otherwise they can't be arsed to harass anybody. They Re just biding time under their masters instructions. That is my honest assessment of what is going on.

[verycatchy7939]

So, it get's worse. SPML are serviced by Capstone as is Preferred, but, Lehman are bankrupt and in administration and no-one wants to buy the mortgage books. Preferred payments go to Capstone who deposits in SPML account while London Mortgage which was bought by SPML is administrated by Vertex??? Have l now got this right? But, who owns this bowl of spaghetti and why do we not know if it all is administrated by a appointed bankruptcy administrator? The more l see the less l understand and like it. To me it stinks of old herring!!! Rotten to the core and very smelly indeed!

GR

 

sad man that i am i have spent the last 6 months researching the Lehman's/ SPML/Capstone relationship, really you have to look in depth at the insolvency petition and there public record accounts to find who invests in SPML/Capstone they are

 

Fannie mae 33.33%

Feddie Mac 33.335

Bank of new york Mellon 20%

AIB 10%

Madoff hedge 3.33%

 

it every dodgy investor in the world.

[littledotty27]

Join the club but please don't give up the fight. We've gone too far to stop now and we need some justice from these rogue traders in one form or another.

The Financial Ombudsman Service For the most part, don't bother.

The Ombudsman is an industry arranged service which is under-resourced, takes too long, lacks clear transparency.

You have no idea what evidence the FOS has received from the bank or how your complain has really been handled.

The FOS is the preferred complaints route for the banking industry.

The county court is to be preferred by consumers for its speed, openness, the quality of its awards and also because it will award 8% interest on top of any damages won by you.

 

The Ombudsman should normally be used to solving little technical difficulties or customer service problems which you have expereinced with your bank.

 

I dont intend to give up crapstone...NEVER. I am a fighter...not a failure.

[verycatchy7939]

www.europeservicing.com/BARCAP-RMBSServicing2008.pdf

try this this intresting as well a report from 08.

[enoughisenough]

Hi vc7939

 

You have no idea (or are seriously clever in pretending to be thick) what you have just posted. It confirms so much of what we have said all along and you have denied.

 

For the avoidance of doubt as they say this is now printed and downloaded, secured on storage.

 

Other's should should disregard catchy's motives (honourable or otherwise) and simply read the link.

 

http://www.europeservicing.com/BARCAP-RMBSServicing2008.pdf

 

What did I say about barclays?

[enoughisenough]

GR

 

WE DO KNOW.

 

It is being administered by PWC. Check the previous page of this thread.

 

Kind regards EiE

[enoughisenough]

I would also like to add that I am getting some anonymous rep comments.

 

Please be advised that I don't mind critical and/or advisory comments but have no means of responding except on open.

 

The point is that that some of the rep comments have taken a serious left turn and misrepresented to me my views, understanding and knowledge of the issues. In short I am not as dumb as I may appear from some of my more rabble rousing posts.

 

I will merely for the purposes of clarification to the anonymous cagger say this.

 

Yes I know it is FSA/OFT investors/consumers but demarcation along these lines is an irrelevance for the argument. The investors are pis5ed off. OK. The consumers who feed the investors are also peed off.

 

If you want to know why I hold this please read my comment about food chains more carefully. I am not averse to detail, but I am not here intellectualising from a comfort zone and am currently 'enjoying' a mammoth struggle sailing these very choppy waters)

 

Meant to the anon rep commenter in the best of faith, whoever you are.

 

Otherwise what's the bl0ody point?

[enoughisenough]

it every dodgy investor in the world.

 

what you missed of course is that it all leads to barclays. Every bit of money deposited goes to one of their accounts, Where it gets transferred is of course a Sherlock Holmes puzzle.

 

Sorry did I say Holmes?

[Crapstone]

I dont intend to give up crapstone...NEVER. I am a fighter...not a failure.

 

Good to hear it .

[verycatchy7939]

personal abuse hmmmmm enoughisenough i expected better of you. I think you being well unfair, this is a room q=where we help people no bully them. In some respects you ar elittle better than capstone

[gustavius rex]

what you missed of course is that it all leads to barclays. Every bit of money deposited goes to one of their accounts, Where it gets transferred is of course a Sherlock Holmes puzzle.

 

Sorry did I say Holmes?

 

 

 

l do'nt understand why you are involving Barclays (Capital?) all the time. As far as l know they disinvested from Lehman a long time (relative) agoo. Further, when l say who own what, l do not mean administrates, but, currently owns. Capstone as a fully Lehman owned subsidiry is under administration by PCW, but, who owns the current mortgage portofo;ios and gives the actual instructions? The legal titles to all the mortgages are as we all know almost worthless, but, the value is in the beneficial part and the spv who controlles our mortgages. Hence, why all these transactions between SPML and Preferred? ln other words, if my mortgage in actuality is owned by Eurosail/Preferred, why does my mortgage payments end up in SPML's account?

GR

[enoughisenough]

Catchy

 

I have every right to question the motivation of one who comes very late to this forum and defend the very **** who are trying to screw people into the ground. It's not only that you defend them but you refused to seethat they weren't helping you at all. Please point to the part of my post which you consider personally abusive and I will happily withdraw the comment. As for being no better than Capstone your tactic of demonisation by comparison doesn't work for two reasons.

 

1. I am better than they are because I care enough about what is happening to give altruistically my help to others.

 

2. By your logic if capstone are helpful and ok then I must be at least that, right.

 

GR I'll stop banging on Barclays if you want but be aware that very informed opinion on this site has strong evidence that they are up to their necks in all this.

[enoughisenough]

Hi GR

 

Ownership is a very vexed issue, the law is complex and the county courts either don't or won't understand the issues. I had a judge who thought that securitisation meant being secured against the property. Wilful ignorance in my view. Are you familiar with the debate between superslueth and suetuonius on this and other threads? In the case of spml and sppl I could hazard a guess that ownership means nothing in the conventional sense. The whole process of securitisation rests on diversification of risk. Each mortgage has been sliced and diced so that it doesn't exist except as your liability to ultimate

Ultimately the investors in the notes. You are probably looking for the rainbows end here even though we both know they were sold sold again and that the original grantor of the mortgage retains the right to aggressively pursue us

[angmarie]

Hi EIE all on this post

 

I have spent the last two days reading and digesting all the information, advice and unfortunately sad tales regarding SPML/Capstone/etc.

It was only 3 months ago that I stumbled across this site purely by chance and the help and advice that has helped me start to overcome my own personnel problems is quite honestly unbelievable.(and its FREE).

However what I would like to say is this, if I may intrude for just a few moments I took out a mortgage with SMPL in Aug 2004 it was fixed for 2 years and during that time things were tight but we were swimming along just fine. At some point we were aware by letter that Capstone had an involvement but only on an administrative level. When the fixed rate finished we were completely shocked at how much our payments increased and after only 1 month I was made redundant. Unfortunately we had no insurance cover to fall back on, so we struggled on through deep murky waters and had for the first time in our 18 year marriage a terrible time. We encountered several family problems, including the sudden death of my mother which was totally unexpected:(.

After her death I could not cope with all the stress, the vicious letters and phone calls of course I explained our situation (my job loss, family bereavement) but these people dont have any heart at all, but then you already know that. In the end we decided that we could not cope with the repossesion threats, we were paying monthly payments and £350 arrears as they would only agree to spread arrears over 4 months. It was an impossible situation so we decided to sell and we went to live with my father for a short while. So we sold our house and managed to salvage a little amount in equity out of this whole nightmare. Im sorry if im rambling but I just cant believe what I have discovered at the time I felt as though they really only wanted to reposess but I thought no that cant be right surely they want us to pay for 25 years.

However we sold our dream home, and the balance to clear the mortgage was 3K more than what we had borrowed. We did not question anything at the time about 15 months ago now but we did discuss between us that we had spent 30k repaying a repayment mortgage with 2 missed payments

and how the hell did we owe 3k more. I just wish id stumbled across this site some 18 months ago, then I would have been better educated into questioning where did all that money go:mad:.

As they say whats done, is done but I would appreciate any comments even if it is to late now.

I would just like to close by saying a few words

Catchy, the caggers on this post have supported and worked together for some time now. They work as part of a team bounce ideas off each other and advise in the best possible way. Your experience may not have been extremely painful or traumatic, but have some dignity and compassion for the poor people here who have already lost their homes or are fighting to keep them.

If you truly feel the way your threads were read then these particular threads may not be the best place for your comments.

I sincerely wish you all the very best and will continue to follow with interest.

 

 

Ang

[enoughisenough]

Ang

 

Your story is sadly typical and the families that have been ripped apart that we know about are just the tip of the iceberg. After all how many victims of this sub prime garbage even bother to raise their heads above the parapet on this site. Most of them unfortunately suffer in silence as their lives are torn apart. I hate this state of affairs and can assure all caggers I have moved mountains to get this stopped. You see I don't really care what happens to me. I can't afford to be concerned with that but I care passionately about what happens to others...

 

Ang marie they no longer have a hold over you. This is a great position to be in if you want to put a stop to this. You should immediately file claim for the early redemption charge. I have some other ideas also but I'll keep my powder dry on open forum on these.

 

 

Good luck and thanks for your thoughtful and sad contribution. Behind every statute, every legal argument, every hissy fit we have on this thread there is a real human story. Just remember this.

 

Keep the faith. EiE.