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

[I'm the bad guy?]

looks like further proof, the relationship between Capstone and the SPVs, is a direct one. from the Eurosail accounts it spells it out, SPML was and is just a front. Its the SPVs who call the shots, and as from the accounts Capstone is their mortgage administrator.

 

Midge post, they are creating a new group collection account, previously with Barclays, as per prospectus. Its never mattered who you pay, it always ends up in the SPV account.

 

 

 

ITBG?

[midge61]

This goes with the earlier report that capstone is being re structured in Dec

[midge61]

Does anyone have access to dehavilands?

Moody's Investors Service - London - Moody's takes action on notes ...

 

This is about capstones

[h8them]

Eurosail-UK 2007-4BL - Notice

 

Eurosail-UK 2007-4BL - Notice

 

RNS Number : 0593C

Eurosail-UK 2007-4BL Plc

05 November 2009

 



 

 

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

 

 

IMPORTANT NOTICE TO THE HOLDERS OF THE

Class A1a €173,000,000 mortgage backed floating rate notes due September 2028

(the "Class A1a Notes")

Class A1c £100,000,000 mortgage backed floating rate notes due September 2028

(the "Class A1c Notes")

Class A2a €230,000,000 mortgage backed floating rate notes due June 2045

(the "Class A2a Notes")

Class A3a €150,000,000 mortgage backed floating rate notes due June 2045

(the "Class A3a Notes")

Class A3c £111,690,000 mortgage backed floating rate notes due June 2045

(the "Class A3c Notes")

Class B1a €52,000,000 mortgage backed floating rate notes due June 2045

(the "Class B1a Notes")

Class C1a €55,000,000 mortgage backed floating rate notes due June 2045

(the "Class C1a Notes")

Class D1a €36,000,000 mortgage backed floating rate notes due June 2045

(the "Class D1a Notes")

Class E1c £10,220,000 mortgage backed floating rate notes due June 2045

(the "Class E1c Notes")

Class N £29,200,000 mortgage backed floating rate notes due June 2045

(the "Class N Notes")

10,000 Residual Certificates

(the "Residual Certificates")

 

 

issued by

EUROSAIL-UK 2007-4BL PLC

(the "Issuer")

on or about 16 August 2007

 

 

The Class A1a Notes, Class A1c Notes, Class A2a Notes, Class A3a Notes, Class A3c Notes, Class B1a Notes, Class C1a Notes, Class D1a Notes, Class E1c Notes and Class N Notes are together referred to as the "Notes".

 

The Issuer received a letter from Capstone Mortgage Services Limited in its capacity as Cash/Bond Administrator on 24 November 2008 with regards to forthcoming payments to be made in respect of the Notes on the Interest Payment Date falling on 15 December 2008 (the "Transaction").

 

The contents of this letter are substantially set out below.

We act as Cash/Bond Administrator in respect of the Transaction. The purpose of this letter is to inform you of our intended approach in relation to payments to be made to Noteholders on the Interest Payment Date falling in December 2008.

 

Except where otherwise defined in this letter, capitalised terms used in this letter have the meanings given to them in the Transaction Documents relating to the Transaction and should be construed accordingly.

 

1 Background

1.1 Lehman Brothers Holdings Inc. (the "Swap Guarantor") and Lehman Brothers Special Financing, Inc. (the "Swap Counterparty") have each filed for Chapter 11 bankruptcy protection. These actions constitute Events of Default under the Swap Agreements between the Issuer and the Swap Counterparty.

 

1.2 As a result, the Issuer is entitled, subject to the terms of the Transaction Documents, to terminate the Swap Agreements.

 

1.3 As the procedures set out in the Transaction Documents that we, as Cash/Bond Administrator, are required to follow in respect of the calculation and payment of certain amounts due to Noteholders will change following the termination of the Swap Agreements, you are requested to advise us as soon as possible and, in any event, no later than one business day prior to the Determination Date falling in December 2008, if the relevant Swap Agreements have been or will be terminated on or prior to that Determination Date.

 

2. TRANSACTION DOCUMENTS

2.1 The Transaction Documents provide for the application of proceeds both prior to and following termination of the Swap Agreements, but, subject to 2.3 and 2.4 below, contain no specific provisions dealing with the application of proceeds prior to termination of the Swap Agreements where the Swap Counterparty has filed for Chapter 11 bankruptcy protection.

 

2.2 We assume that, in these circumstances, no payments will be made by the Currency Swaps Counterparty pursuant to the Currency Swaps Agreements. This will result in the Issuer having no funds available to it in the currencies in which it is required to make payment to non-sterling Noteholders on the next Interest Payment Date.

 

2.3 The Terms and Conditions of the Notes provide that "in the event that any payment is to be made from the Available Revenue Fund by the Issuer and the Currency Swaps Agreements do not result in the relevant amount of the Available Revenue Fund being denominated in the relevant currency in which such payment is to be made, the Issuer shall convert the relevant amounts comprised in the Available Revenue Fund to make such payment into such currency at the then prevailing spot rate of exchange as may be required in order to be applied in or towards such payment" (see "Priority of Payments prior to Enforcement").

 

2.4 The Terms and Conditions of the Notes also provide that "where any payment is to be made from Actual Redemption Funds by the Issuer under [Condition 5. Redemption and Post Enforcement Call Option] and the Actual Redemption Funds do not comprise a sufficient amount in the relevant currency in which such payment is to be made, the Issuer shall convert any remaining amounts in the Actual Redemption Funds into such currency at the then prevailing spot rate of exchange as may be required in order to be applied in or towards such payment..." (see "Condition 5. Redemption and Post Enforcement Call Option": "Currencies").

 

3. APPLICATION OF THE AVAILABLE REVENUE FUND BY CASH/BOND ADMINISTRATOR PRIOR TO TERMINATION OF THE SWAP AGREEMENTS

 

3.1 As Cash/Bond Administrator, we act as the agent of the Issuer and the Trustee in performing the Cash/Bond Administration Services pursuant to the Cash/Bond Administration Agreement. In the absence of any direction from you to the contrary, we are obliged to apply the provisions of the Transaction Documents in relation to application of the Available Revenue Fund.

 

3.2 On the Interest Payment Date falling in December 2008, assuming we have not been notified by you of the termination of the Swap Agreements at least one business day prior to the relevant Determination Date, we will apply the Available Revenue Fund in accordance with the provisions relating to Priority of Payments prior to enforcement, which are set out in the Cash/Bond Administration Agreement and the Terms and Conditions of the Notes, on the basis that the Swap Agreements have not been terminated.

 

3.3 With respect to payments that would otherwise be due to the Swap Counterparty, as a result of the Events of Default which have occurred and are continuing under the Swap Agreements, the obligation of the Issuer to make scheduled swap payments to the Swap Counterparty is suspended (see section 2(a)(iii) of the relevant ISDA Master Agreement). This means that there are no amounts falling due and payable to the Swap Counterparty pursuant to the Swap Agreements. Accordingly, on the Interest Payment Date falling in December 2008, we will not apply any part of the Available Revenue Fund in making payments to the Swap Counterparty. It will be necessary, once the Swap Agreements have been terminated, to factor the scheduled but unpaid swap payments into any termination payment that the Issuer may have to make to the Swap Counterparty. Any such payments are subordinated to all payments to Noteholders, other than to Residual certificateholders. We assume that no such payments will be required to be made on the Interest Payment Date falling in December 2008.

 

3.4 With respect to payments that are due to the Noteholders, as a result of the Events of Default which have occurred and are continuing under the Swap Agreements, we assume that no payment will be made by the Currency Swaps Counterparty pursuant to the terms of the Currency Swaps Agreements. This will result in the Issuer having no funds available to it denominated in the currenc[ies] it requires in order to make payments to the holders of Notes in currencies other than sterling.

 

3.5 Whilst the Cash/Bond Administration Agreement is silent as to what action the Cash/Bond Administrator should take in these circumstances (i.e. where no payment will be made by the Currency Swaps Counterparty but the Issuer has not yet terminated the relevant Currency Swap Agreement), the Terms and Conditions of the Notes do provide that the Issuer should convert amounts in the Available Revenue Fund at the then prevailing spot rate of exchange in order to effect payment to non-sterling Noteholders (see 2.3 above).

 

3.6 As a consequence, as agent of the Issuer and the Trustee in performing the Cash/Bond Administration Services, in the absence of any direction to the contrary from you received prior to the Determination Date, we will, on the Determination Date, enter into a transaction on the Issuer's behalf (with a suitable counterparty (see 3.7 below)) at the then prevailing spot rate of exchange to convert sterling in a sufficient amount to ensure that the Issuer will receive the required Interest Amount (in the appropriate currencies) in order that payment can be made to the non-sterling Noteholders on the Interest Payment Date in the usual way.

 

3.7 Unless otherwise directed by you prior to the Determination Date, we intend to approach the Account Bank to act as counterparty in the spot exchange transaction referred to in 3.6 above.

 

4. APPLICATION OF ACTUAL REDEMPTION FUNDS BY CASH/BOND ADMINISTRATOR PRIOR TO TERMiNATION OF THE SWAP AGREEMENTS

 

4.1 As Cash/Bond Administrator, we act as the agent of the Issuer and the Trustee in performing the Cash/Bond Administration Services pursuant to the Cash/Bond Administration Agreement. In the absence of any direction from you to the contrary, we are obliged to apply the provisions of the Transaction Documents in relation to application of the Actual Redemption Funds.

 

4.2 The Terms and Conditions provide that, where Notes are to be redeemed by the application of Actual Redemption Funds, the Notes must be redeemed pari passu and pro rata in accordance with the Sterling Equivalent Principal Amount Outstanding of each Note (See "Condition 5. Redemption and Post Enforcement Call Option" (b) "Mandatory Redemption in part of the Collateral Backed Notes").

 

4.3 The "Sterling Equivalent Principal Amount Outstanding" of each class of Notes is calculated by applying the "Relevant Exchange Rate" relating to such Notes to the Principal Amount Outstanding of such Notes. If the Swap Agreements have not been terminated, as is presently the case (as far as we are aware), the Relevant Exchange Rate will be the exchange rate specified in the relevant Currency Swap Agreement relating to such Note or class of Notes. However, if the Swap Agreements have been terminated, the Relevant Exchange Rate will be the applicable spot rate.

 

4.4 On the Interest Payment Date falling in December 2008, assuming we have not been notified by you of the termination of the Swap Agreements at least one business day prior to the relevant Determination Date, in the absence of any direction from you to the contrary, we will calculate the Sterling Equivalent Principal Amount of each class of Notes in accordance with the Transaction Documents on the basis that the Swap Agreements have not been terminated, so we will therefore use the exchange rate specified in the relevant Currency Swap Agreement. We will then calculate the principal payments due to each Noteholder on a pro rata and pari passu basis in accordance with the Sterling Equivalent Principal Amount Outstanding of each class of notes (in accordance with Condition 5(b)). We will make these calculations at the exchange rate specified in the relevant Currency Swap Agreement, notwithstanding that, in the absence of receipt of funds from the Currency Swaps Counterparty, we will be obliged to convert sterling amounts in the Actual Redemption Funds into other currencies at the prevailing spot rate of exchange, as we set out below.

 

4.5 As a result of the Events of Default which have occurred and are continuing under the Swap Agreements, we assume that no payment will be made by the Currency Swaps Counterparty pursuant to the terms of the Currency Swaps Agreements. This will result in the Issuer having no funds available to it denominated in the currenc[ies] it requires in order to make payments of principal to the holders of Notes in currencies other than sterling.

 

4.6 Whilst the Cash/Bond Administration Agreement is silent as to what action the Cash/Bond Administrator should take in circumstances where the Currency Swaps Counterparty will not make payment but the Swap Agreements have not been terminated, the Terms and Conditions of the Notes provide that the Issuer should convert amounts from the Actual Redemption Funds at the then prevailing spot rate of exchange in order to effect payment to non-sterling Noteholders (see 2.4 above).

 

4.7 As a consequence, as agent of the Issuer and the Trustee in performing the Cash/Bond Administration Services, in the absence of any direction to the contrary from you received prior to the Determination Date, we will, on the Determination Date, enter into transaction on the Issuer's behalf (with a suitable counterparty (see 4.8 below)), at the then prevailing spot rate of exchange, to convert the proportional amount of sterling receipts into the relevant currency in order that payment can be made to the non-sterling Noteholders on the Interest Payment Date in the usual way.

 

4.8 Unless otherwise directed by you prior to the Determination Date, we intend to approach the Account Bank to act as counterparty in the spot exchange transaction referred to in 4.7 above.

 

4.9 In summary, and for the avoidance of doubt if the relevant Currency Swap Agreements have not been terminated, we will calculate the Sterling Equivalent Principal Amount of each class of Notes not denominated in sterling using the exchange rate specified in the relevant Currency Swap Agreement, notwithstanding that we will be obliged to convert sterling amounts in the Actual Redemption Funds into other currencies at the prevailing spot rate of exchange.

 

4.10 However, if the relevant Currency Swap Agreements have been terminated, we will calculate the Sterling Equivalent Principal Amount of each class of Notes not denominated in sterling using current spot rates of exchange.

 

4.11 In these circumstances, the Issuer may consider it appropriate, subject to the terms of the Transaction Documents, to terminate the Currency Swaps Agreements prior to the next Determination Date.

 

 

This Notice is given by Eurosail-UK 2007-4BL PLC.

27 November 2008

 

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 

 

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

[ryde]

ITBG and all

Great news have been waiting for months for this,the same must apply to pml as well as spml as they are like bedfellows!

One thing to keep very carefully in mind is that when this lot do go bottoms up which I have always said is a question of time,your mortgage does not disappear it becomes the property and an asset of their trustee in bankruptcy/administrator which in this case is pwc who can sell it on or return it in some way to the bondholders(by selling it on and realising the capital value) and whilst this process is still continuing they will keep your repayments flowing continuosly possibly through the company that is insolvency proof being merely a collector ie.capstone.Will look into this scenario and respectfully submit(always my opening court lines!) possible suggestions for a way forward beyond this situation.

Perhaps the **** couldn't post accounts because they were as ITBG says balance sheet insolvent,what other reason can there be,although remember sometime ago suetonius saying they had been posted sometime in June in a publication called the gazette? They also of course have the fsa investigation/fine pending.

BE VERY VERY CAREFUL OF WHAT IS POSTED HERE...MOLES AT WORK!!!!!!

Edited November 13, 2009 by ryde

[enoughisenough]

H8them...

 

Your last post. Meaning...?

 

This is no good. The information is only useful if broken down for analysis.

 

i.e.

 

YOU QUOTE:

 

We act as Cash/Bond Administrator in respect of the Transaction. The purpose of this letter is to inform you of our intended approach in relation to payments to be made to Noteholders on the Interest Payment Date falling in December 2008.

 

Do you understand this? Would any cagger other than one used to this kind of language/usage of technical accounting and contractual terms understand it? The simple answer is no.

 

Break it down.

 

Explain what you think it means.

 

And then for the good grace of god show that it makes some contribution to the advancement of the argument that they cannot take a house.

 

Posting massive swathes of legal technical jargon from an ISE notice or a prospectus without explanation helps nobody.

 

Post it by all means but do some leg work and at least highlight the bits you see as importantt Then we can pick up on those and see if they have merit.

 

This is a serious issue and the fact IS that families will get TOTALLY SCREWED out of their homes before Christmas and beyond.

 

Please. No more mass quotations with nothing to add. Use some argument.

Edited November 13, 2009 by enoughisenough

[ryde]

If pwc are the administrators ie running spml/pml,capstone how can they allow prosecution for non submission of accounts without being complicit in the whole shabby affair? they have failed in their duties to the creditors of these companies and the only possible explanation I can see is that the first 2 have been trading whilst insolvent as they do not have the resource reserve provided by lehmans to service the spv eurosail since lehmans went bust and their assets were frozen,hence no accounts have been submitted to companies house.

opinion welcomed

[gustavius rex]

If pwc are the administrators ie running spml/pml,capstone how can they allow prosecution for non submission of accounts without being complicit in the whole shabby affair? they have failed in their duties to the creditors of these companies and the only possible explanation I can see is that the first 2 have been trading whilst insolvent as they do not have the resource reserve provided by lehmans to service the spv eurosail since lehmans went bust and their assets were frozen,hence no accounts have been submitted to companies house.

opinion welcomed

 

 

Hi Ryde,

 

You know, as well as l do, that all these various companies are nothing, but, dream factories, without any other purpose than to lead us and the authorities round in circles. ln the end they all belong(ed) to Lehman and are proberbly staffed by the very same people. lt's a game of smoke and mirrors you put up to stop anyone from realising the truth behind the fasad. Among other things, this is what you do when you want a one man boiler room business look like a billion pound conglomerate. l guarantee you that there is not one single person who actually works full time for either SPML, PML or LMC. Each and everyone is a full time employee of Capstone. Even the introduction letter to Capstone that l received made that clear...''belongs to the same group of companies as'' ... SPML/PML/LMC are dead in the water and proberbly have been for quite some time. Their sole purpose was to generate business, i.e. originate mortgages and loans. Once that business was done and over with so were the companies. They simply had outlived their purpose. As a matter of fact, they have no income as they are no longer originating any mortgages or loans, hence, there's nothing to pay salaries with. All mortgage payments will be funnelled through Capstone to the spv's and on to the bondholders, why it would be strange if there would be any staff still on the payrolls of SPML or PML.

 

GR

[enoughisenough]

Even upon origination there WERE no employees. These are fictional entities. Apart from an entry in the fsa register a bank account and some headed paper they were and remain the classic ghost company.

[ryde]

Thanks for replies basically its institutionalised back street loan sharking given a cloak of respectability by the sharks appearing to conform with regulations, and executed on a national scale,apparently sadly condoned and approved by a blue chip company price waterhouse.Think I will email all the press an edited version of Mr Fulcher's submissions (saves an awful lot of time and excellently put) and hope to get an investigative journalist onto it "THE SECRET OF BRITAIN'S SHAMEFUL SUB PRIME MORTGAGE SCANDAL thousands made homeless ,an unwanted American import etc etc" great story I think and fully authenticated what do you think?

Edited November 13, 2009 by ryde

[sailor579]

Shut em Down !!!!

[mollie5549]

Found this an interesting read on the workings of Capstone in 2006. Considering they are due to be re-structured in December I wonder if we will see another in-depth review by Standards and Poors.

 

 

 

http://www2.standardandpoors.com/spf/pdf/fixedincome/092706_capstoneSNAP.pdf

[on*the*case]

Found this an interesting read on the workings of Capstone in 2006. Considering they are due to be re-structured in December I wonder if we will see another in-depth review by Standards and Poors.

http://www2.standardandpoors.com/spf/pdf/fixedincome/092706_capstoneSNAP.pdf

 

Hi mollie

That is an interesting read. I liked in particular the 'praise' for their collection procedures and compliance safeguards:roll:

 

Attached is a copy extracted from the report; Capstones 2007 delinquency management timeline. Its suggests Court hearing at day 97, 28 day Possession Order at day 127, Eviction by day 300.....It would seem that I have messed up their pretty timeline, and whats more I intend to mess with it somemore:evil:

Capstone delinquency management timeline 2007.doc

[JonCris]

Hi mollie

That is an interesting read. I liked in particular the 'praise' for their collection procedures and compliance safeguards:roll:

 

Attached is a copy extracted from the report; Capstones 2007 delinquency management timeline. Its suggests Court hearing at day 97, 28 day Possession Order at day 127, Eviction by day 300.....It would seem that I have messed up their pretty timeline, and whats more I intend to mess with it somemore:evil:

 

 

This document establishes their clear intention to liquidate the asset at the earliest opportunity. It also shows, as has been long argued, that they are unable to amend the payments to allow the borrowers more time to pay:evil:

[on*the*case]

This document establishes their clear intention to liquidate the asset at the earliest opportunity. It also shows, as has been long argued, that they are unable to amend the payments to allow the borrowers more time to pay:evil:

 

 

Page12/ 'Property repossession and sale is considered a last resort.'

Yes of course:roll:

Page 9/ 'There is no option to collect payments on any other day of the month in an attempt to reduce failed collections by, for example, collecting closer to a borrower's salary credit date. This is a system limitation.'

[Crapstone]

Southern Pacific Personal Loans Ltd v Walker & Anor [2009] EWCA Civ 1176 (12 November 2009)

 

Also these so called 'specialist' sub-prime lenders have between 30% and 60% of their 'customers' in arrears.

[I'm the bad guy?]

recognise, sailor579

 

next batter up!

 

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

 

 

ITBG?

[enoughisenough]

Bring it down

 

the altogether's an insane thing

 

burn the lies they use to justify this insanity.

[I'm the bad guy?]

EiE,

 

is that a now a threesome!

 

 

ITBG?

[ryde]

Southern Pacific Personal Loans Ltd v Walker & Anor [2009] EWCA Civ 1176 (12 November 2009) QUOTE AND THANKS FROM CRAPSTONE .THE **** WILL GO TO ENDLESS LENGTHS TO PROTECT THEMSELVES THIS COULD BE HEADING FOR THE LORDS

 

 

Financial ruin for the walkers after that **** had the audacity to appeal a judgement against them and they should not even be trading.Will go through it in detail later but seems could be some serious issues for most here and very recently.

Edited April 22, 2010 by ryde

[wonderman]

The Walker case - of course, damned if you do and damned if you don't - the Court of Appeal will ALWAYS find in favour of the lenders. Even when those lenders violate every other law in the land e.g. not file accounts etc., etc.

 

Thus, back over to the lovvies at S&P. As Mollie rightly pointed out S&P just love Capstone for their ability to ignore the law and screw the debtors so top marks to them from S&P. But, S&P just love the British Courts and our very accommodating judges too! S&P know that our courts and especially the Court of Appeal will always rubber stamp for the lender.

 

Thus, S&P gave our judiciary TOP MARKS for being the most creditor friendly jurisdiction in the WORLD - yes, folk, our courts get GRADE A1 as the MOST CREDITOR FRIENDLY COURTS IN THE WORLD. They get Grade A1 because the recovery rate for creditors in our courts is 100% which is the highest expectation that any lender could hope for.

 

Of course, this also naturally means, that our judges and our courts are the most debtor unfriendly courts in the world - and don't we just know that to be the absolute truth.

 

British Judges even beat the Americans and Germans into second place! They only got an A2 and France and Italy are so much more debtor friendly that they only got a B grade. Upshot is, that our courts will never permit a borrower to actually have the protection of consumer laws because after all, the British Judges must protect their S&P CREDIT RATING!

 

See for yourselves, pdf attached.

Standard and poors creditor friendly jurisdiction.pdf

Edited November 13, 2009 by wonderman

[I'm the bad guy?]

Will be speaking to CIB next week, on how LMC and SPPL are 'trading' without any directors and violations of the Companies Act 1985.

 

Get your complaints in for any Lehman lender to the CIB. Only 2 so far.

 

 

 

 

ITBG?

[Crapstone]

ITBG?

 

Might also be worth a word with Trading Standards to take it forward as well.

[I'm the bad guy?]

Crapstone,

 

yeah, I was thinking about that but donot know too much about their remit. Will look into, plus the OFT and any others recommended.

 

Thanks and get your complaint in to CIB!

 

 

ITBG?

[wonderman]

Haven't fully studied the Walker case but it has extreme results for consumers. This Court of Appeal Judgment appears to effectively overturn Wilson v First Trust case. If I'm right, the Walker case means that the Wilson case is no longer good law and consequently the CCA is a nullity. Well done Court of Appeal, you can overturn all the protections that our democratic parliament bequeathed on the consumer public. I had thought that parliament was the legislator and the courts enforced that legislation. Seems that its the courts who ultimately get the last vote on whether the public can have what parliament intended.

 

All that remains to be said of our "democracy" and Parliament is R.I.P.