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

[enoughisenough]

Hi all

 

Here's the latest news from the FSA on their joint investigation with the FOS on Lehmans Investors. Disciplinary action will be taken. The question, as has often been raised, is whether this has any bearing on us. We will have to wait and see I suppose.

 

FSA update on Lehmans-backed structured products

[gustavius rex]

Hi all

 

Here's the latest news from the FSA on their joint investigation with the FOS on Lehmans Investors. Disciplinary action will be taken. The question, as has often been raised, is whether this has any bearing on us. We will have to wait and see I suppose.

 

FSA update on Lehmans-backed structured products

 

 

 

More of the usual manure. Do not hold your breath and expect the FSA or the Ombudsman Service to do anything to solve the problems at hand. This is nothing but another £15,000,000.00 investigation that will end up in a white-wash. These authorities has about as much regulatory power as a eunuch children, zilch, zero, nil, null and nothing. They cannot dish out or support any real dramatic disciplinary actions, as the consequences could have a profound impact on the entire financial industry in this country. Nothing will be done and they will all bury their collective heads in the sand waiting for the whole issue to disappear. Like everything else and l'm sure you all remember changes to the credit card and loan situation, where the authorities sided with the lenders and conveniently changed the law to support and aid them, will be done in the interest of the punter. Nothing, but nothing is too low for the people in power and they will defend and protect their interest for as long as we permit them to do so.

GR

[mrmfatic]

So question.

 

Who now looks after my mortgage i still get regular statements from SPML with an address in High Wycombe.

 

Im a little confused as i thought SPML no longer exists.

[enoughisenough]

SPPL no longer exist. SPML are still - god knows how - an entity nominally in existence. The fact is that neither really existed in the real sense of a company with employees etc. They were just a front for the now defunct Lehmans, Eurosail were the SPV from about 2006 onwards, Southern Securities sometime before that.

 

Capstone 'administer' your mortgage, PWC administer Lehman's assets (just the UK ones as far as I know but I'm willing to be put right on that one), the investors are shirty and getting up the nose of the FSA for having backed these self destruct mortgages and we are the lowest of the low in the food chain of priorities. Funny thing is is that it's our cash perpetuating the whole sorry cycle.

 

I'm at a loss as to how to revoke their permission to do so, since unanimity is a near impossibility on this thread. Divide and rule. The oldest trick in the book.

[sailor579]

All your statements will appear to still come from SPML, although they are no longer trading. It's Capstone who continue administer the account as a collection agency.

 

Might be worth checking the account you are paying into to see if it is a Eurosail spv. This should show on your bank statements.

 

There were a number of eurosail spv's created and sold off to other investors. BUT some of these SPML were forced to purchase back as the sale was illegal. (Oh what a surprise!)

Edited September 14, 2009 by sailor579

[mrmfatic]

Thanks well my payments are going to Eur Mge having checked my statements. Is this Merril Lynch Greater Europe would appear so ?.

 

Id have to go back through them and work out when it changed.

 

Is anyone else's payments going to Merril.

[gustavius rex]

Southern Pacific Mortgage Limited, is still an active limited company with the following details:

 

Southern Pacific Mortgages Limited

1 Broadgate

London

EC2M 2SP

www.spml.com

Founded in 1996

 

Subsidiary of Resetfan Limited

 

Mr. William E. Cherry - Managing Director & Director

Mr. John Prust - Sales & Marketing Director & Director

Ms. Mayuri Thakrar - Business Development Manager of Yorkshire & Humberside Region

Mr. Stuart Aikten - Director of Credit & Director

Mr. Roger Smith - Credit Strategy Manager

 

Board of Directors

 

Mess. Cherry, Prust & Aikten. No outside directors appointed.

 

Business address as registred in Companies House is the same as for Preferred and capstone in High Wycombe.

 

Business accounts for 2008/09 are late.

 

 

As can be seen, SPML are still active as a Private Limited Company, but, l would hazard a guess here and say they have been sold off to an outside investor as have probarbly Preferred and Capstone. As both SPML and Preferred are still sitting on mortgage books they have difficulties to sell as well as legal title holders for most of the other mortgages, l think that Capstone is still engaged as a separate entity solely working as a mortgage administrator. lt would, though, be interesting to know who owns Preferred Group Limited and Resetfan Limited as well as Capstone.

Gustavius

[gustavius rex]

lt get's better and the plot thickens, it's like reading a Agatha Christie Novel.

 

Well, Capstone used to be known as Resetfan Limited, but, as we all know, is now plain Capstone Mortgage Services Limited. According to Business Week Intellegence, Capstone does not have any Key Executives recorded?! Further, They are a part of the sale of SPML/Preferred sub-prime mortgage books.

 

Resetfan Limited now owns SPML while Preferred Group owns Preferred Mortgages. Both new owners are registred at the same address 6 Broadgate, London EC2M 2QS.

 

Well Guys, now it's up to you to come up with some proposals and get really actively engaged.

 

Gustavius Rex

[gustavius rex]

One more thing before l go. There is no intellegence available on Preferred Group, Resetfan or Crapstone.

GR

[ryde]

Are this showe all subject to different rules than the rest of us if we go bankcrupt and then trade behind someone elses name we get stuck in prison,similarly we are not allowed to dispose of assets,they go bust and start up in another name could you imagine if lehman did the same surely the fsa should be called in to investigate this in depth how do I go about getting them to do it???????????

[Crapstone]

Not sure this is going help anyone but I thought I might relate my experiences over the last few months.

 

I was unable to maintain my payments to SPML/Capstone at the begining of the year. They were at first very helpful, until such time as the arrears on the account reached a level they felt that they had to take action. This resulted in a reposession hearing in July this year. I attended the hearing and the Judge while being sympathetic had little choice but to grant the order.

I had put my house on the market prior to the hearing and informed capstone of all the details.. price/solicitor/estate agent etc along with permission for them to contact them to confirm my intentions.

Capstone continued to assure me that they would not enforce the order and apply for eviction right up until the day an eviction notice was served on me !!!

I had been in weekly contact with capstone and 2 days before the arrival of the eviciton notice had informed them I had a buyer for the house (even sent them a copy of the accepted offer).

Once the eviction notice had been served capstone simply ignored any offer/negotiation I presented to them, insisting that the only way to stop they proceeding was to pay all the arrears or give them a completion date for the sale.

During this time I had been talking to CAB and found this web site. Coming from a financial services background I started digging into the shambles that is SPML/Capstone/Eurosail/wilmington etc.

 

If at the time of the original hearing I had known then what I know now I might have been able to highlight quite what a bunch of crooks these people are.

 

Anyway, I approached capstone asking them to explain in detail the relationship between themselves SPML/Eurosail as the CAB where very confused and had advised me to appeal the eviction order, this caused them some constination, comments like "why do cab need to know this" I had also requested a explanation of why I was paying eurosail as the mortgage holder and yet SPML where showing on the land registry as the mortgagee's and I use this information as part of my appeal. In additon I requested a special access request and sent an e-mail to Mr Marek detailing these questions.

 

The response was shocking.. Mr Marek stated he was unable to respond due to security issues but would pass on my enquiry to the departments concerned, who would contact me by post at the address given (bear in mind eviction date was 3 days away by this time !)

 

I then received a phone call from a "senior team" leader in the litigation dept saying that the info I had requested was not relevant and anyway SPML and Eurosail were the same company !!!. He also re-stated their intention to evict me and would actively oppose any appeal.

 

The appeal was heard yesterday and the judge suspended the eviction order for 28 days also stating that even if he had allowed it to go ahead he would instruct SPML to contact my buyer with a view to completing the sale with them. I was instructed to pay the monthly mortgage plus a sum off the arrears (which I can now do) but it was interesting to note that the day before the hearing I received another phone call from capstone stating that my payments had dropped by £200 per month and the settlement figure for the mortgage had fallen by over £7000. This was a bit embarassing for their lawyer as his figures in court were wildly inaccurate.

 

One of the reason's for me posting this account is because this morning I received yet another call from capstone virtually accusing me of mis-leading the judge to obtain the suspension !!! shame I didn't record the call.

 

Just goes to show they are not infallible

 

A

 

Mr. Marek knows exactly what's going on, he just chooses to play at being dumb even when he has the full facts shoved in front of him and they are caught red handed.

 

They have no boundaries when it comes to lies.

[Crapstone]

One thing is for sure. We are all being told different things by Capstone and all treated differently so they can't have a proper schedule in place to deal with complaints, debt management or data protection requests.

 

This is something we could use to our advantage..same letter, same day/week/month and see what comes back for each of us ..

[determindator]

Well done Sailor, this site is invaluable and I am so pleased for you.

[enoughisenough]

From the penultimate Lehmans bros prospectus:

 

THE SELLERS AND ORIGINATORS

 

Preferred Mortgages Limited

 

PML is a limited company incorporated in England and Wales under the Companies Acts 1985 and 1989 on 14 December 1995 (registration number 3137809). PML is engaged in the business of originating, purchasing and

selling residential mortgage loans made to borrowers whose borrowing needs may not be met by traditional financial institutions in the UK residential market. PML is a subsidiary of an affiliate of Lehman Brothers

International (Europe), the Manager. However, such affiliate may consider offers in respect of its interest in PML from time to time and may not continue to hold such interest for the duration of the life of the Notes.

The registered office of PML is at 6 Broadgate, London EC2M 2QS. PML is authorised and regulated by the Financial Services Authority (registration number 304343).

 

Southern Pacific Mortgage Limited

 

SPML is a limited company incorporated in England and Wales under the Companies Acts 1985 and 1989 on 15 October 1996 (registration number 3266119). SPML is the holding company of nine subsidiary companies

incorporated in England and Wales under the Companies Acts 1985 and 1989 with limited liability and one subsidiary incorporated in Jersey (each, a “Subsidiary” and together with SPML and any other affiliates and

subsidiaries from time to time, the “UK Group”). The UK Group’s primary business is the origination of standard and non-standard residential mortgages in the UK. SPML is a subsidiary of an affiliate of Lehman

Brothers International (Europe), the Manager. However, such affiliate may consider offers in respect of its interest from time to time and may not continue to hold its interest for the duration of the life of the Notes.

SPML’s registered office and principal place of business is at 1st Floor, 6 Broadgate, London EC2M 2QS. SPML is authorised and regulated by the Financial Services Authority (registration number 302327).

 

Southern Pacific Personal Loans Limited

 

SPPL, an affiliate of SPML, is a limited company incorporated in England and Wales under the Companies Acts 1985 and 1989 on 25 October 2000 (registration number 4096093). SPPL’s entire issued share capital is owned

by Resetfan Limited (registration number 372197) whose registered office is at 1st Floor, 6 Broadgate, London EC2M 2SQ. SPPL’s primary business is the origination of loans secured by second ranking residential mortgages in England and Wales or (in Scotland) by second ranking standard securities. SPPL also originates, where all prior mortgages or standard securities over a property are held by a single lender, some loans secured by mortgages or standard securities ranking immediately after the single lender. SPPL’s registered office and principal place of business is at 1st Floor, 6 Broadgate, London EC2M 2QS. SPPL will have sold the Loans originated by it and which are to be included in the Initial Mortgage Pool to SPML not later than the Closing Date

 

Matlock London (formerly Matlock London Limited)

 

Matlock London is a limited company incorporated in England and Wales under the Companies Act 1948, on 25 April 1958 (registered number 00603511). The registered office of Matlock London is at Fourth Floor, Eagle

House, 108-110 Jermyn Street, London SW1Y 6EE. Until 2 May 2006 it traded as the London Mortgage Company. On 9 August 2007, it changed its name from Matlock London Limited to Matlock London.

 

Langersal No. 2 Limited

 

Langersal No. 2 Limited is a limited company incorporated in England and Wales under the Companies Acts 1948 to 1967 on 1 November 1973 (registered number 01143030). The registered office of Langersal No. 2

Limited is at Fourth Floor, Eagle House, 108 110 Jermyn Street, London SW1Y 6EE. It was formerly called London Personal Loans Limited until it changed its name on 2 May 2006.

 

Alliance & Leicester plc

 

On 21 April 1997, Alliance & Leicester Building Society converted from a mutual building society into a bank, Alliance & Leicester plc, whose securities are listed and traded on the London Stock Exchange. A&L’s primary businesses include a full range of retail banking products and services ranging from residential mortgages, current accounts, personal loans and savings products and commercial banking services to a wide range of customers ranging from sole traders to blue-chip companies.

A&L provides a number of other products and services through strategic partnerships with third parties. On 10 June 2006, A&L entered into an agreement with SPML and Lehman Brothers International (Europe) pursuant to which A&L agreed to originate a range of prime self-certified and income verified, near prime, near prime buy to let and credit adverse residential mortgages and sell the same to SPML. Alliance & Leicester plc (company registration number 03263713) is a public company limited by shares

incorporated in England on 10 October 1996. Alliance & Leicester plc has its registered office address at Carlton Park, Narborough, Leicester LE19 0AL. Alliance & Leicester plc is authorised and regulated by the

Financial Services Authority (registration number 189099).

 

Regarding our friends in the collection business:

 

 

Capstone Mortgage Services Limited

 

Capstone Mortgage Services Limited (“Capstone”) is a limited company incorporated in England and Wales under the Companies Acts 1985 and 1989 on 3 March 2005 (registration number 5381786). Capstone has the following servicer ratings: “RPS2+” in respect of its primary servicer rating (prime and subprime) and “RSS2+UK” in respect of its special servicer rating by Fitch and “Above Average” as a sub-prime residential mortgage servicer by S&P. Capstone’s registered office is at No. 6 Broadgate, London, EC2M 2QS and its principal place of business from which its servicing activities are carried out is at St. John’s Place, Easton Street, High Wycombe,

Buckinghamshire, HP11 1NL. Capstone is a subsidiary of an affiliate of Lehman Brothers International (Europe), the Manager. However, such

affiliate may consider offers in respect of its interest from time to time and may not continue to hold its interest for the duration of the life of the Notes.

 

PS Anyone Checked out Nomura?

 

Why Lehman Brothers collapsed

 

In addition here's some stuff on Resetfan. The forerunner of SPPL and SPML was called SPFC. It went belly up in 1998.

 

SPFC owned a United Kingdom subsidiary operating a similar business in London. A discussion of the sale of the subsidiary to Resetfan Limited, a new company led by management, is set forth in Attachment B. In the sale, SPFC received a note in the amount of 6 million pounds (UK) and a 25 percent interest in Resetfan. Within a week or so prior to the effective date and the assumption of duties by the Trustee and the Trust Committee, Resetfan advised the Trustee that SPML (its wholly owned operating subsidiary) had ceased originating new loans and business. This was

due to an inability on the part of SPML to complete either a planned securitization or whole loan sale of its loan portfolio. This, coupled with the loan originations already in its pipeline, had caused SPML to exceed its lending limits and criteria with its warehouse lender, Barclay's Bank. Barclay's suspended funding of loans beyond those in the pipeline and ultimately determined not to permit further use of its lending commitment.

In cooperation with the Trust Committee and Bank of New York representatives (BNY claimed a lien on the UK Assets in favor of senior debt for which it was the indenture trustee), the Trustee initiated contact and dialogue with UK management to determine the appropriate course of action. Under the SPFC agreements with Resetfan, rights could

have been exercised to take virtual control of the UK Assets. The Trust's options included liquidation or sale of all shares of Resetfan.

 

Hope this is helpful for those trailing their forks around this never ending spaghetti trail.

[enoughisenough]

Originally posted by Gustavius Rex

 

Capstone does not have any Key Executives recorded?!

 

You can find them on the FSA Register here. It gets even more interesting if anyone fancies clicking on the names to check out these guys previous

 

FSA Register

[Crapstone]

Surely the buck stops with the government that allowed these investments in the first place. They knew the risks but it's us that are left to unravel the mess we were duped into.

[Crapstone]

Will the wider implications mean that any previous judgements by the FOS or courts are open to challenge me wonders?

 

It looks like we have an interesting time ahead of us and there is going to be a lot of butt clenching in Crapstones offices.

[ryde]

See my previous posts have emailed the editor of the sentinel which is part of the evening standard/mail group of newspapers asking for their source for their report that states preferred now in administration if they have stated this to a criminal trial in a crown court they must be in trouble with some regulatory body as they are litigating in their preferred mortgages ltd name when they are in administration or hiding behind another name it could open the floodgates and unravel all the shady dealings of this lot especially with lehman being a current hot topic What we all need is the power of the press behind us especially a tabloid AND AN INVESTIGATIVE JOURNALIST so suggest everyone bombards the sentinel and try and get them interested so they get the DAILY MAIL onto it,just think how many people have lost their homes to this lot who have escaped any penalty and made millions out of this fiasco,most will never need to work again in any event or will just move company or as it seems change name and start again as though nothing has changed WHICH IT HASNT in 12 months it will all start slowly again because they will have learnt all the new loopholes to get round any new regulations RBS IS ALREADY PUTTING ITS RATES UP AFFECTING THE PEOPLE WHO BAILED IT OUT IE;THE TAXPAYER as has been stated now the bubble has burst they are trying to release their capital by repossessing at the smallest excuse so lehman can be liquidated which is estimated to be costing 4 billion price waterhouse have already made 100 million out of their administration so far.

Edited September 17, 2009 by ryde
mistakes

[gustavius rex]

l do'nt think we will get anywhere with the company angle. Both SPML and Preferred are active as Private Limited Companies. The fact that there is confusion over the ownership got nothing to do with the mortgage loans. As far as we mortgagoor's are concerned, the only thing that really matters is if we were sold a product under the correct contractual conditions. l maintain that we did not as no prospect told me that Preferred was an ORIGINATOR and not a mortgage lender. There are serious implication in this as other lenders, such as Alliance and Lester have contracted agreements with Lehmans to sell on sub-prime products to them. l wonder how many A&L mortgagoor's are aware of that? l am fully aware that the mortgage agreement states that the mortgagee can sell and/ or securitize the mortgage, but, l and as l think most of us, did not expect the mortgages to be bundled off before the ink was dry on the contract we signad. lt say's that any sale will not affect the performance of the mortgage contract agreement, but, that is not true as it is almost impossible to re-negotiate the contract due to other beneficial ownership.

 

l need someone else to back me up on this in order to pursue the issue.

 

Gustavius

[enoughisenough]

Hi all. I am stlll on this and want to move it forward but we need the space to contribute without being slapped down. Brokerage is was a live issue for some but not for others. Therein lies the difficulty. If at all possible we need to leave individual concerns behind and work collectively on each aspect of this whole sorry process. Once we have done that we can distill this into a series of formidable questions for a legal opinion.

 

Following on from origination and brokerage I suggest the next step is to look at the contractual terms and conditions as they were in black and White at the time we signed them. What exactly did those contracts stipulate? Theres rich pickings here. I have two copies of my contract which state two different loan figures. They were so busy they were just running the numbers. My guess is that the contracts are an unholy unlawful mess. Lets get running with this. After contracts we can get into the red meat of performance! Lets get em!

[mercyblue]

eie its not a matter of been slapped down its a matter of constructive counter argument and putting a different point of view. It would be a pointless thread if everything just agreed with everything that was said.

GR I fail to see the point in why you make so much in the difference between originator and lender?

As for re-negotiating your contract on what basis do you think you can do this "performance of the contract" what do you mean by that?. I am sorry to be harsh but your post reads like "I am one side of a contract that no longer suits me so I want to arbitrarily change it to be more beneficial to myself" which clearly makes a nonsense of contract law they would all be pointless.

The only way I see forward on the contract front, which I have said before, would be to go down the road of the fact they never intended to lend you that money for 25years, in that way you would be able to nullify the contract as the other party never intended to fulfill their side of the contract. The eurosail prospectuses clearly show they expect the mortgages to be redeemed by whatever means by about 5 years if you look at the CPR rates quoted.

However you run into problems straight away as the prospectus is merely an estimate its pretty easy to say well are estimates were way out but we are still fulfilling our side of the contract, it would be very difficult to prove clear intention.

[littledotty27]

We have had a letter today off them,stating after reviewing our suspended possession order that we are in default under the terms of the order.

They want £909.51 by close of business tomorrow and further payment by 1st oct,failure to make this payment will result in them asking the court without further hearing for possession.

 

The original order was to pay £900pm inc cmi by the 28th of every month.

All payments as requested by the judge was to send a cheque to there solicitors,which we have done by special delivery every month since june.

Can anyone see where we have defaulted here? they don't give a **** even if you are paying the arrears,all they want is the bloody house.

[Crapstone]

We have had a letter today off them,stating after reviewing our suspended possession order that we are in default under the terms of the order.

They want £909.51 by close of business tomorrow and further payment by 1st oct,failure to make this payment will result in them asking the court without further hearing for possession.

 

The original order was to pay £900pm inc cmi by the 28th of every month.

All payments as requested by the judge was to send a cheque to there solicitors,which we have done by special delivery every month since june.

Can anyone see where we have defaulted here? they don't give a **** even if you are paying the arrears,all they want is the bloody house.

 

Have they cashed your cheques? They tried the same with me, despite proving the cheques were sent, they failed to cash them so it makes you look in default.

[ryde]

Everyone has different problems with this same group of loan sharks,the people who know about this forum and post these problems must be just the tip of the iceberg these problems which must be widespread need national exposure and this is just not going to happen with people fighting individual battles in the privacy of a coutroom.The whole situation needa national exposure so the thousands in similar situations can air their grievances collectively this won't happen by funding a class action as few have the funds to do this and it would again be fought in the privacy of a courtroom. The only thing we have is a free press who if bombarded with enough complaints might take notice and run a campaign if they think theres a good enough story in it especially if it concerns the same group of cowboys.It would be more effective if one paper was sent all the posts posted here until they got fed up and took some action.As has previously been said all this lot want is their capital back to fund the liquidation of lehmans.

Edited September 17, 2009 by ryde

[ryde]

Littledotty havent read your previous posts but is there no way you can get rid of this lot it seems they are looking for the slightest excuse to repossess and you seem to be on the brink,the stress and frustration must be unbelievable,is there no way you can find a better lender and switch the mortgage to interest only or are you already interest only?give me your mortgage details.I had a battle with bristol and west for 18 months so as a last ditch effort contacted the financial ombudsman service with little hope of success.I had a wonderful result the service was truly excellent and had the mortgage switched to interest only by their intervention alone.Bristol and West just would not listen to me at all,had taken me to court and only stopped because I had made a complaint to the ombudsman.

Edited September 17, 2009 by ryde
mistakes