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

[I'm the bad guy?]

EiE,

 

I believe I posted this earlier, Companies House info, is open to the Public.

I made an enquiry to the compliance team, because of SPML late accounts, I am awaiting their reply and will then post. They are well aware of the directors, and the file is close to be being passed for prosecution(told so).

Whats interesting is that these directors operate for other companies, so I will press for full disclosure.

 

ITBG?

Options

[enoughisenough]

Hi ITBG

 

I'm starting to get the gist of where you are coming from. Sometimes I get an echo in my head and think I've come up with something. Othertimes stuff goes in one ear and out the other. Probably a consequence of trying to spin 12 different plates at one and the same time.

 

All I can say is this. Bear with me. I'll be up to speed soon.

 

Keep the faith. EiE.

[Crapstone]

Someone, I think it was Midge, asked me about how they (SPML) judged the lending .

 

This should be an insight into it..one of the few remaining docs. out there..but there are some for other years.

 

http://www.themoneysuperstore.net/New%20TMS_files/Lender%20Details/spml/spml%20product%20guide.pdf

 

A copy of the application form that should have been filled in by a broker.

 

http://www.metrofinance.co.uk/applications/spml.pdf

Edited September 21, 2009 by Crapstone

[enoughisenough]

Just read the policy document. What stuck out like a sore thumb was the loading. Not a figure there anywhere near the 7.5% over libor I am contracted to pay. Anyone paying 7% and more over libor? This is a diabolical liberty.

[gustavius rex]

Someone, I think it was Midge, asked me about how they (SPML) judged the lending .

 

This should be an insight into it..one of the few remaining docs. out there..but there are some for other years.

 

http://www.themoneysuperstore.net/New%20TMS_files/Lender%20Details/spml/spml%20product%20guide.pdf

 

A copy of the application form that should have been filled in by a broker.

 

http://www.metrofinance.co.uk/applications/spml.pdf

 

 

 

lnteresting reading this. l cannot figure out how they calculated my mortgage at all. Considering that l have a near prime with (at the time) less than 75% LTV, my mortgage should have been not more than 1,5% + 0,5% self cert equals 2% plus libor. l have 2.2% with a, then, perfect or almost perfect credit file, why, that extra 0,2% points intrigues me. l did have a fast track mortgage arrangement, which was the only reason l accepted Preferred/SPML at all, but, as l've stated earlier, l never thought l would end up being mortgaged with the same company after the initial 2 years. l must say one thing in all honesty here, they have not been to bad with me, except so damned inept and unprofessional. When the crash hit, l was one of those who lost out rather immediately, resulting in mortgage arrears and eventually a reposession hearing. l was lucky as l could raise enough money to pay off the arrears, but, have since then struggled to maintain my payments. Am currently a few hundred pounds behind, but, should be fully up to date by the beginning of October. So, my engagement here is not personal in that sence, nor do l have a massive axe to grind, but, l am seriously concerned about the future of our mortgages and l do want to know who the heck l am paying to. l explained in one of my earlier posts that my payments to Preferred ended up in the account of SPML. When l queried this with Capstone, the answere was...''not to worry, the payment will be correctly registred against your mortgage account''.. But, l do have a reason to worry, particularily if SPML is in worse condition than Preferred and my cash payments end up in SPML's account to stave off a catasrophe or even if it is only to boost their cash flow. l do not buy the argument from Capstone that it does'nt matter where the money goes as long as it's registred against my mortgage payments. The fact is that l have a mortgage with Preferred and not SPML and l cannot see that it is legal to re-direct my payments to SPML as my bankstatement confirms. The money should have been made to Preferred's account and then, what they do internally with the money is their business. The people at Capstone are not professionals and seems to be completely out of touch with legal requirements as well as legal and established accounting methods. So am l worried, you can be damn sure l am and l need to have this sorry mess sorted soonest. As what regards repossesions and their general behaviour against their customers, they are unfortunately not alone. All of these sub-prime lenders are in the same boat right now and are desperate to disengage themselves from their mortgage holdings. Their investors, i.e. all these banks, investment and hedge funds who bought in to the dream of a never ending high yield cashflow for limited investments, well, they are either being bailed out by our most beloved government or desperate to liquidate what holdings they have. This then brings me back to the original queries l made about contractual performance and fairness, i.e. no-one intended to engage or take the risk of any long term mortgage lending, but, they were all in the business of relatively short term hiked up lending as originators, where everyone made indecent profit's on the back of desperate people needing housing. We the mortgagors have been misled and are now left out in the cold without any support or even remote engagement from the very authorities that supported and encouraged this type of gambling with our assets.

lt is disgusting and immoral and unfair, particularily as we in the end will, not only have paid extortionate interest rates to ruthless money lenders, but, actually have to pay back the loans the government has obtained to bail them out. Guy's we are no longer paying only for our mortgages, but, we are actually paying the investors back for bad investment strategies too!!!!! Hell freeze over before l will voluntarily agree to this.

Gustavius Rex

[ryde]

GREX This is interesting why on earth would they pay your funds into SPML rather than preferred as both seem to be twin companies with both accounts overdue at companies house etc.could be that spml are actually more alive than preferred and all the preferred funds are being chanelled there.what gives capstone the right anyway to decide where your payment goes?sure evidence they are pulling the strings behind both companies.your contract is with preferred not capstone and spml,what if capstone are moving or selling all the preferred mortgage accounts into spml because preferred is going to be ditched,how would we ever find out ?.Imagine the same thing happening to high street banks and the uproar that would raise.

[rocket1]

Lawsuits

 

In 1996, the company agreed to pay $3 million into an "educational fund" to settle a Justice Department lawsuit accusing it of gouging and predatory lending practices against older, female, and minority borrowers. Prosecutors accused it of allowing mortgage brokers and its employees to charge these customers an additional fee of as much as 12% of the loan amount. As part of the settlement, Ameriquest (then still known as Long Beach Mortgage) agreed to use the educational fund to train its employees in proper mortgage techniques (training which most observers agree never actually occurred to any substantial degree), and to refrain from utilizing predatory lending techniques (such as "bicycling"), but only within the State of California. Shortly after entering into this settlement agreement, the company "switched" names with its subsidiary, and began aggressively seeking refinance mortgage business throughout the United States.

 

In 2001, after being investigated by the Federal Trade Commission, the company settled a dispute with ACORN, a national organization of community groups, promising to offer $360 million in low-cost loans.

 

On 1 August 2005, Ameriquest announced that it would set aside $325 million to settle attorney-general investigations in 30 states to settle allegations that it had preyed on borrowers with hidden fees and ballooning payments.[1] In at least five of those states—California, Connecticut, Georgia, Massachusetts, and Florida—Ameriquest had already settled multimillion-dollar suits. Brian Montgomery, the Federal Housing Administration commissioner said that the Ameriquest settlement reinforced his concern that the industry was exploiting borrowers, and that he "was shocked to find those customers had been lured away by the “fool’s gold” of subprime loans".[1]

 

In May 2006, Ameriquest Mortgage announced it was closing all of its retail offices, and in the future would make its loans through mortgage brokers, a channel that is not covered by the predatory-lending settlement with the Attorneys General.

 

On June 13, 2007, lawyers for borrowers, who are seeking to combine 20 suits into one class action suit, asserted in a filing [2] in Illinois Northern District Court that "Assets of the Ameriquest entities were transferred to (the owner of Ameriquest) Arnall with the actual intent to hinder, delay, or defraud the plaintiffs in this action."

 

The issues confronted by companies like Ameriquest could be a major contributing factor to the rapid rise of Certified Mortgage Planners, certified industry experts that work in concert with Certified Financial Planners in harmonizing the home-finance products utilized by consumers with their larger financial portfolios.

 

Former employees from Ameriquest, which was United States's leading wholesale lender,[3] described a system in which they were pushed to falsify documents on bad mortgages and then sell them to Wall Street banks eager to make fast profits.[3] There is growing evidence that such mortgage fraud may be at the heart of the Financial crisis of 2007–2009.[3]

 

[edit]

[rocket1]

Folks,

 

I thought you would be interested to have a look at this Wikipedia link which explains how one predatory lender was successfully sued for hundreds of millions.

 

It's obvioulyy do-able !!!!

 

So, Let us get on with it and get a class action going !!!!

 

I did paste a copy of the info from wiki here but it instantly vanished before I could complete the post. Does anyone know why ?

 

Ameriquest Mortgage - Wikipedia, the free encyclopediaAmeriquest Mortgage - Wikipedia, the free encyclopedia

[gustavius rex]

Folks,

 

I thought you would be interested to have a look at this Wikipedia link which explains how one predatory lender was successfully sued for hundreds of millions.

 

It's obvioulyy do-able !!!!

 

So, Let us get on with it and get a class action going !!!!

 

I did paste a copy of the info from wiki here but it instantly vanished before I could complete the post. Does anyone know why ?

 

Ameriquest Mortgage - Wikipedia, the free encyclopediaAmeriquest Mortgage - Wikipedia, the free encyclopedia

 

 

 

Hi Rocket,

 

Excellent post(s) and l am most grateful as l never could find what you supplied here. It's a big difference between UK and US, unfortunately, in that, in the US they may have the (former) governement against them, but, not their congress men, as they are directly elected. Here, we have Boris Jonson running off to New York trying to stop any control or capping of bonuses!!! A big difference in attitude, l'm sure you agree. However, using the American class action(s) as an international rule of thumb and considering the fact that Lehman Brothers was a US investment bank, there may be some opportunity to do something. We all agree that we have not only been mis-sold our mortgages, but, in many cases at terribel rates and indefencible costs. l agree with you, based on what l've said above, that we should get as many people as possible together in a class action. With enough evidence it should'nt be any problem to to find a willing law firm, specialised in this type of action, to take care of our business.

GR

[gustavius rex]

GREX This is interesting why on earth would they pay your funds into SPML rather than preferred as both seem to be twin companies with both accounts overdue at companies house etc.could be that spml are actually more alive than preferred and all the preferred funds are being chanelled there.what gives capstone the right anyway to decide where your payment goes?sure evidence they are pulling the strings behind both companies.your contract is with preferred not capstone and spml,what if capstone are moving or selling all the preferred mortgage accounts into spml because preferred is going to be ditched,how would we ever find out ?.Imagine the same thing happening to high street banks and the uproar that would raise.

 

 

I'm sure that l'm not the only one who has had his or hers mortgage payment either transferred or directly debited to another account. Capstone only does what they are told and the real power is someone somewhere else. Do not forget what l revealed above, that Capstone was a part of the mortgage book offering from SPML/Preferred. lt's messy and very difficult to sort out, but, eventually we shall get there.

GR

[I'm the bad guy?]

to add,

 

If you refer to your Prospectus, you see under 'Bank Agreement', all monies go to Eurosail. So whether you pay SPML, PML, Eurosail or Barclays direct it will all be processed into the Eurosail Trust Collection account, administered by Barclays.

 

ITBG?

[ryde]

wouldn't there be some sort of tax evasion accounting issues here?

[enoughisenough]

I said Barclays were up to their necks in this stuff.

 

It was Barclays who refused the loan in the first instance after offering me it (Unsolicited I might add). At that point my credit rating was not perfect but pretty solid

 

It was Barclays who referred me to some brokers in slough -who the hell they were I don't know- they just kept ringing me up and never sent any letters.

 

Then some nice helpful person from SPPL gets involved

 

Then... we know all the rest. And it goes if you are SPPL SPML or Preferred into a barclays account. And now Lehmans headquarters no longer have green carpets they have blue ones and the NY office now has signs headed Barclays Capital.

 

None of this will be any form of revelation to anyone on this site/thread. But I will say this. If not legally accountable for this sh*te Barclays are morally culpable. They are big boys and they knew what they were doing.

 

Do what I did if you have anything with these barstewards. Divest yourselves of everything from the bank that used to support apartheid south africa (last one standing) and now supports equity cash grab schemes.

 

How many more millions does Bob Diamond actually need?

[Crapstone]

Just read the policy document. What stuck out like a sore thumb was the loading. Not a figure there anywhere near the 7.5% over libor I am contracted to pay. Anyone paying 7% and more over libor? This is a diabolical liberty.

 

Remember that the doc. is for 2005. I'd love to get hold of a copy of the SPML manual that they refer to.

 

I'll see if I can find the ones for other years. I've just lost the plot and forgotten what mine is but I think it's either 3.25% but that's from 2003.

 

My OH checked his credit record and SPML are showing more months missed repayments than what it should be. It also doesn't take into account the amount that's been payed off the arrears over the past few years either.

[Crapstone]

This one is from Oct. 2007.

 

Note at the bottom it says ' not to be given to the general public'!

 

http://www.quotes4all.biz/intser/SPML/Product_Guide_Oct_2007.pdf

 

Also a copy of the insurance and T & C's of applications

 

http://www.active-investments.co.uk/active/download/documents/spml/SPML%20Insurance%20Declaration%20form.pdf

Edited September 21, 2009 by Crapstone

[Crapstone]

March 2008

 

http://www.activeinvestments.co.uk/active/download/documents/spml/SPMLCoreProductGuide.pdf

 

Dec 2007

 

http://www.fastcommortgage.co.uk/product-guides-jan08/SPML18Dec08.pdf

[Crapstone]

wouldn't there be some sort of tax evasion accounting issues here?

 

I'm sure there is and we are only just scratching the surface of this circus. There are other accounts apart from Eurosail and the ones named so far.

[midge61]

It seems nothing has changed and the banks have learned nothing

 

Lloyds seeks buyers for £2.8bn in securities - Times Online

[enoughisenough]

Playing fast and loose with your credit score is just another way of pursuing the aggressive repo strategy. They duff it up so badly you can't switch providers. I wonder what effect these monthly credit checks are having. Leaving great big muddy footprints all over the shop I would guess. We have got to do something more to take the wind right out of their sails. Dougal's fraud act might focus the mind even if ultimately it doesn't stick. Last thing they will want is plod sticking their beaks in. Also it goes right to the top with the directors getting nice calls from the local constabulary. If it didn't stick what have we lost.? It doesn't even cost us, causes them maximum havoc and gives us some welcome breathing space to develop a coherent strategy for legal opinion. Thoughts anyone?

Edited September 22, 2009 by enoughisenough
Typo sand other assorted communication slips

[gustavius rex]

Anyone see Panorama last night? As for the rest, will be back a bit later.

GR

[ryde]

Wonder if preferred,spml,capstone have anyone monitoring this site so that they can stay one step ahead,are they all based at the same address?if I knew where and how to do it I'd report them for tax evasion and money laundering ,any ideas,any concrete evidence ,paying preferred account money into spml?

[enoughisenough]

Hi ITBG

 

My Inbox is empty now. Please send your message.

[enoughisenough]

Originally posted by GREXAnyone see Panorama last night? As for the rest, will be back a bit later.

GR

 

Have dowmloaded it but not watched it yet. Aren't they chewing at the edges though, rather than getting to the heart of the matter?

 

Keep the faith EiE.

[littledotty27]

Just found this on companies house... London Mortgage Company Ltd registration no. 05673094. Previous name - EBONYWAY ltd- date changed 02/05/06. The registration number for this is. 01281316.

 

This registration number 01281316 is LANGERSAL No.3 (Dissolved 12/05/2009). Previously known as EBONYWAY LTD and before this was CANDA Int. date changed 08/05/02

 

00603511- Matlock London,previously known as Matlock London Ltd,date changed (09/08/2007) also previously known as Matlock Bank Ltd,date changed (14/05/2007), also previously known as Trucanda Trusts Lts,date changed(01/02/1990).

 

http://www2.standardandpoors.com/spf/pdf/fixedincome/040303_mars.pdf

Edited September 22, 2009 by littledotty27

[rocket1]

Hi Everyone,

 

Have a look at this link about Americaquest being sued for predatory lending. It settled with payment of a few hundred million to be distributed to its borrowers rather than risk being found guilty of illegal activity.

 

But it shows that we could do the same thing here - take the lenders to court in a class action and see if they offer to settle or risk losing their case.

 

You will notice that there is increasing public recognition that borrowers were victims of illegal practices, but nobody has yet done anything about bringing an action against the lenders here in the UK.

 

Lord Turner said the banks engaged in undesirable , harmful practices etc today !! He basically seemed to be saying the banks were parasites.

 

Can we do something about finding a suitable lawyer for some initial advice ? Any ideas anyone ?

 

If we can make a list of what seem to be predatory practices that we have experienced, a lawyer will easily tell us if we might have a case. All we then have to do is gather evidence. It shouldn't be difficult if we all get together to work on it.

 

Ameriquest Mulit-State Settlement

 

1. What kinds of lending practices did the States investigate?

 

The States investigated complaints that Ameriquest used a variety of unlawful lending practices, such as giving borrowers inaccurate information about interest rates, Discount points and other mortgage loan terms, inflating property appraisals, and persuading borrowers to refinance, even when refinancing didn’t offer any real advantage to the borrowers. Some borrowers also complained that Ameriquest pressured them to close loans on terms that were different from those originally proposed, and failed to complete funding of loans on time.

 

You can read the complete list of lending practices that the States investigated by clicking here to see the definition of “Lending Practices” in the Settlement Agreement.

 

Scroll down to the letter 'Q' for details of lending practices.

 

It occurs to me that we might start this by simply listing on this site a list of our specific experiences of predatory lending practices (I have a few for a start ). These will also be likely to have evidence available from the individuals concerned who list them.

 

We can then bunch this group of individuals together and start the ball rolling by making a 'group complaint' to the FSA asking them to specifically investigate the list of complaints.

 

We can get newspaper publicity for each step taken, perhaps do a deal with an appropriate newspaper for ongoing publicity support.

 

Anyone game to make a start on this ?

 

I think the way forward is for people to succinctly list their particular experience of 'predatory lending'' they have experienced. this can then be collated etc for the FSA.

Edited September 23, 2009 by rocket1
clarification