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

[Crapstone]

Crapstone

 

Iv never had any correspondence with capstone but his name is there when searching under LMC on the FSA register.

 

My quarterly statement did come with an arrears letter in the same envelope.

 

I am happy that you have had a refund,please dont take it that I was having a gripe.

I wonder how long it will be before they take it back off you though, in form of charges,as they seem quick to refund against the account,no doubt they will be wanting it back. Sooner rather than later.

 

Little Dotty...Gripes or not...they are of no concern..Getting the best outcome for all of us is .

 

Capstone have no chance of putting the charges back on as I do believe they are been forced to refund ahead of the FSA final decision. It looks good all around..SPML/Capstone are being good boys and the FSA are being seen to be doing something constructive for a change.They are going to want the ripples ironed out before the tidal wave.

 

AFAIK they shouldn't be enclosing arrears letters with your statement, it should be clear and stand alone. They can remind you of the arrears on the statement but not enclose a demanding letter if it's a due statement.

 

Hopefully there is something going on and you'll get the positive outcome you need to stop any further court action. Fingers crossed.

[Crapstone]

EIE,

 

Totally agree that if there is a filterering it needs to start at the bottom but realistically we aren't going to see that. Any insolvency has to maximise the income with the least disruption..preserve the assets and revenue.

 

The FSA wouldn't name the beggers. Why not if they aren't trading? To protect their own behinds for not doing their job sooner? To hide behind causing harm to the industry and the individual companies is a cop out. As above ..would that tie in I wonder? Preserve the company until last minute and maximise it's trading capability ..wouldn't want investors, customers or creditors making claims or not paying prior to the winding up which is obviously going to happen in the short term!

[gustavius rex]

hi Guys,

 

Do not, l repeat, do not speculate in any bankrupcy for PLM/SPML/LMC and so on. There is only one single event that could cause these mongrels to go belly up or have to wind up and that is if the spv's enforce their securities, i.e. the transfer of the legal titles. However, before that event can take place the spv's have to sort out their swap guarantees with Lehman Special Funding and ultimately Lehman Europe. The administrator will not volunteer to hand over assets like these titles, as that gives the whole mortgage book away, i.e. control of billions in properties with mortgages. l think that we should concentrate on our particular situation and continue to find the correct answere to the question...''did the lender give the borrower the right information and did he act with intent to defraud''.

 

Personally, l do not think the mortgage originators we are dealing with will go down for a long long time, but, will be kept alive by all and any means by the administrator. l think that the spv's will be forced to go to court to enforce their rights and the issue will be stuck in the system for such a long time that they may go south themselves before it is resolved. l bet you all that Capstone will be sold off and re-hired by PCW to administrate the mortgage books. And, l think too that PML/SPML/LMC/PLATFORM and whatever else that is lying around will survive as paper companies until it is clear which entity can be sold off intact and what has to be dissolved.

 

Please note, ladies and Gentlemen, that neither of the above outfits really needs to trade or have more than one (on paper) employee. The turn over can be £1.00 and as long as they do not fall behind on taxes, VAT, salaries, rent or other financial undertakings, they are ok. They are active and turn over a few thousand, pay one salary and that's it. Remember that they have no real financial obligations towards the spv's. The guarantees were all given by Lehman Special Financing and Lehman Europe. l know this is messy, but, be patient and concentrate on what is important to us, the borrowers, and we shall prevail.

 

Gustavius

[I'm the bad guy?]

Gus,

 

As regards the min. requirements for an active company I agree, though CH have confirmed SPML have a pending prosecution for late filing etc. Can't say(P&C) what the deadline date is but, its not far away. See what happens.

 

 

ITBG?

[eagleforms]

Lot of guests again. Why not join guys, it's free,and have your say?

[gustavius rex]

Gus,

 

As regards the min. requirements for an active company I agree, though CH have confirmed SPML have a pending prosecution for late filing etc. Can't say(P&C) what the deadline date is but, its not far away. See what happens.

 

 

ITBG?

 

 

Hi Baddy,

 

You may be right and it may be so bad that Companies House will wind them up due to non-filing. However, if that event should materialise we will have a major circus coming to town with not only the appearance of a lot of clowns, but, some real nasty and dangereous carnevours as well. lt is not a scenario that we should whish for, but, rather that PML/SPML and the rest will survive until we have had our day in court! lf any of the originators goes down there will be a major scramble among the scavengers to get to the carcass. We are, unfortunately, not strong enough to take part in the feast as we cannot unite. ln the world of wild animals and scavengers in particular, only the strong survive. As individuals without major financial backing we will be nothing more than canned dog food to be devoured at leasure. Do not forget that many of the spv bondholders are hedge funds, institutional and wealthy investors with access to money and the best in legal help.

 

So, let's get together and form a interest group with representation, that's the best way forward for us.

 

Gustavius

[bgqs]

I have a mortgage with SPML whose fixed rate ended earlier this year and I am now on the libor rate.

 

As SPML is no longer offering new products due to the Lehman Problems, would it be worth me giving them the incentive for me to move away by requesting a discount on the amount owed thus increasing the equity/LTV ?

 

Please let me know your thoughts as to whether anyone else has done this ?

 

I have just rung them up and the settlement is virtually no different (this would obviously be the case as it was an interest only mortgage !).

 

Should I offer a settlement of Amount owed less 15% discount ?

 

Do you have any idea of the wording as obviously it would be subject to successful offer of a mortgage from an alternative lender.

 

Also, should this be made out to SPML's address direct or Capstone ? I think Capstone would say no to discounted settlement whereas as SPML's administrators may think differently ?

[I'm the bad guy?]

Hello Gus,

 

I'm not a baddy? I'm a gooddy!

 

I agree that contract and performance issues are important, but the exposure of the SPVs, will help us facilitate our cause. It will reveal how?when?why? are mortgages were sold, modified and unregulated by an unlicensed third party.

 

 

ITBG?

[eagleforms]

I am sorry, but all the initials used have got me totally baffled. Is there somewhere I can mug upon them?

[JonCris]

eagle is would help it you quoted the post you want answered If you're asking about SPV's that's Special Purpose Vehicles which are what helped cause the credit crunch

[verycatchy7939]

Well any ideas how we can find out who the SPV holders are?

I was thinking of may be doing a subject acesss request on the FSA?

What do you think guys? worth a try?

[eagleforms]

I was trying to find something that had the meanings of the initials that seem to be used a lot by people posting quotes so that I could understand them better. Is there a reference section?

[gustavius rex]

lt would really help if all you guys who have dropped in latey read through the whole thread. lt is very difficult if not totally impossible to understand the process of discussion that has been conducted here without reading through the entire thread. Abbrevations and initials are explained as is the whole mortgage origination - securitisation - guarantee - re-guarantee process. For all of us who are in the middle of a very serious conclusion to the questions at hand to start all over again is too destructive to contemplate. We do need additional interest and engagement here, but, please do yourself as well as us the favour to study or read through this thread.

 

Gustavius

[enoughisenough]

Originally posted by Gustavius Rex

 

 

lt would really help if all you guys who have dropped in latey read through the whole thread. lt is very difficult if not totally impossible to understand the process of discussion that has been conducted here without reading through the entire thread. Abbrevations and initials are explained as is the whole mortgage origination - securitisation - guarantee - re-guarantee process. For all of us who are in the middle of a very serious conclusion to the questions at hand to start all over again is too destructive to contemplate. We do need additional interest and engagement here, but, please do yourself as well as us the favour to study or read through this thread.

 

Wholeheartedly agree. There are very serious things happening right now that affect each and every one us profoundly and though we don't always see 100% eye to eye we have some idea as to where we are going with this. It is too critical at this stage to be spending valuable time answering ABC questions. Read the thread.

[I'm the bad guy?]

EiE,

 

any word on the web on what happened to PWC at the CofA today?

 

 

ITBG?

[bgqs]

Can anyone assist with http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-97.html#post2529988

 

I have read this thread with interest and understand the issues noted however, this does not address the potential (if any!) for speculative discount for settlement purposes (like the deals seen offered by other Lehmans subsidaries/trading companies ?

[Suetonius]

Suetonius,

 

thanks for reply. I agree, if we can move to the other thread to continue.

 

I am also in full support of the performance & contract issues, these issues have a higher probability of success.

 

Indeed, the illustration is convincing, however I will post other illustrations from reputable sources, that negate yours. To include 'an equity trust, is redundant in the context of a true sale securitisation.

 

Could you reveal the author/source/date & title so I may examine it?

 

Hello ITBG?

 

Just in case you missed it, I responded on the other thread..

 

http://www.consumeractiongroup.co.uk/forum/show-post/post-2503345.html

 

and further suggested reading..

 

http://www.consumeractiongroup.co.uk/forum/show-post/post-2503707.html

 

 

1. Innovation in Securitisation: Yearbook 2006 (International Banking & Finance Law) (International Banking & Finance Law Series)
   
2. Mortgage Securitisation – Legal Aspects
   
3. Securitization: The Financial Instrument of the Future
   
4. Securitization law and Practice: In the Face of the Credit Crunch (International Banking & Financial Law Series)
   
5. Halsbury's Laws of England
   

[I'm the bad guy?]

Sue,

 

got it, will comment as necessary.

 

 

 

ITBG?

[enoughisenough]

ITBG

 

hearing runs into tomorrow. I suspect judgment may be reserved but have no intelligence which supports this suspicion.

[Suetonius]

THE MASTER OF THE ROLLS’ COURT COURT 71

Before THE MASTER OF THE ROLLS

LORD JUSTICE LONGMORE and

LORD JUSTICE PATTEN

Tuesday, 27th October, 2009

At half-past 10

APPEAL

From The Chancery Division

FINAL DECISIONS IN BANKRUPTCY

A2/2009/1994 In the Matter of Lehman Brothers International (Europe) (in Administration). Appeal of Applicants from the order of Honourable Mr Justice Blackburne, dated 21st August 2009, filed 10th September 2009. Part Heard.

[Crapstone]

As promised I called Capstone to find out why they have refunded my charges.

 

It seems that they are 'reviewing accounts' and 'in process'. I tried to pin the down on something more specific but they aren't biting despite trying to lead them. They were unusually polite and suggested that I put any concerns in writing as they were unable to answer at this time.

 

Is this same company? I got the feeling that they are not as free and as easy speaking as usual. If you've spoken to them in the past you'll know what I mean as they usually can't be ar..ed to give you the time of day and make it somewhat obvious.

 

I think there is a bit of bottom clenching and pursing of lips going on, down in High Wycombe.

[Crapstone]

GR,

 

I'm not sure if I agree that SPML, LMC.. and Capstone will continue. With a crackdown on their funding methods how will they meet their overheads? The still need to keep up to spec. with their requirement as lenders and admin. companies to the borrower.

 

I can see investors and holders strongly objecting to any reinstatement of Capstone and wanting their returns ASAP after being sold as short as we were. I also think the the whole industry and regulatory authorities will be keen to clear up every last bit of Lehmans as it's a cringing reminder that they would sooner we forget about......until next time......

[enoughisenough]

Hi Suetonius,

 

Just to clarify

 

it was listed on Sunday for Monday without indication that it would run to tomorrow. It was then listed on Monday as hearing on Tuesday. I can only go with what is contemporaneous. Hope we are not at cross purposes here!

 

EiE.

[enoughisenough]

Crapstone

 

No letter today. I have been particularly strong in going in at them. Any thoughts following on from your conversation?

 

Any victim of this sub prime garbage please confirm if your charges have been refunded. This is really important.

[Suetonius]

Not at all EIE. I am actually in 100% agreement with you about the reserved judgement.. It appears a lot of judgements are being publically delayed at the moment. There are a couple of big cases, I am waiting on..