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

[Dangermouse]

I wonder if the lawyers who handled the Ameriquest class action are an international firm with offices in London?

 

Dangermouse

[I'm the bad guy?]

just to go back quickly to the administration of Lehmans, just to clear a few points:

 

1) The parent company in the UK is Lehmans Brothers Holdings PLC(LBH)

and the administrator is PriceWaterhouseCoopers(PWC).

The US parent company of Lehman Bros Bankcorp Inc.(chapter 11 bankruptcy) of Lehman Bros Holdings INC.(US)

 

The subsidiaries of LBH, are SPML, PML, Capstone, Resetfan Ltd + others.

 

This means that PWC HAS NOT INFORMED COMPANIES HOUSE THAT THESE COMPANIES SHOULD ALSO BE IN AN ADMINISTRATION, contrary to the Companies Act 1985.

 

Thereby, the administrator-PWC, is the only one that can enforce the collection of the outstanding debts, vis-a-vis thier insolvency(can someone confirm this).

 

It appears that many of the lenders have very late accounts SPML, PML- which is a direct indicator of insolvency.

 

I donot believe Companies House are aware of this, and if PWC as administrator is the only legal enity which can collect the debts of it subsidiaries administration; then the courts cannot enforce actions by the lenders.

 

COMMENTS please?

[ryde]

I thoroughly agree with this and have been saying so all along if you become insolvent and own an asset or BUSINESS THIS THEN SHUTS DOWN OR IS ADMINISTERED BY YOUR TRUSTEE IN BANKRUPTCY so it is he who must bring any claim as I HAVE STATED PREVIOUSLY Preferred were reported in a crown court fraud case as being in administration someone must have told the trial judge this.this was reported in the press on 09/04/09 .look at how payments appear to be being switched into other accounts ie laundered who knows what accountancy tricks capstone and their controllers are up to it all needs thorough investigation.I THINK PRICE WATERHOUSE ARE UP TO THEIR EARS IN THIS LOT AND I DONT THINK COMPANIES HOUSE HAS BEEN INFORMED.I JUST WISH EVERYONE WOULD SEE HOW IMPORTANT THIS IS AND GET ON IT.

Edited September 23, 2009 by ryde

[I'm the bad guy?]

Ryde,

 

I will concur with the DTI/CH tommorow, but I thought I would get some initial thoughts first- as this may have already been discussed. If it has can anyone please post it up again, thanks.

 

ITBG?

'not economically viable'

[I'm the bad guy?]

pressure on SPVs, SPML/Capstone increasing repos...

 

However, other performance indicators continue to deteriorate. With the exception of Eurosail 2007-2 which currently has a fully funded reserve fund, the remaining transactions have seen large reserve fund draws, which in the case of Eurosail 2006-3 and Eurosail 2007-1 have been fully utilised, leading to the allocation of losses to the principal deficiency ledgers (PDL) of the most junior notes.

 

if you got Eurosail 2006-3 & 2007-1, be prepared they will be coming for you.

 

ITBG?

[ryde]

From what I gather pml ,spml hold the legal title to your mortgage they sell the beneficial title to the spv's who then offer the investors a % return on their investment.Correct me if I am wrong,so the only people legally entitled to take legal action repossession etc are the legal title holders ie pml and spml etc (the originators and legal title holders and the name that is on the charge on your mortgage) the spv's cannot unless they have been sold the legal title as well which if you look at the prospectus they usually have not.The strings of spml and pml which are paper companies with no employees are being pulled by capstone (and the shoddy group of directors behind it all who are probably stripping assets like crazy out of this lot )who would like to repossess as much as they can for the very reasons pointed out By ITBG ABOVE. If their parent company lehman is bankrupt then I WOULD HAVE THOUGHT THAT THE ONLY PEOPLE LEGALLY ENTITLD TO TAKE LEGAL ACTION against anyone ARE THEIR ADMINISTRATORS PRICEWATERHOUSE who have said it may take 10 years to unravel this lot.This is being put to the test now in legal action through the land registry.What I NEED IS ABSOLUTE CONCRETE PROOF RATHER THAN A NEWSPAPER REPORT FROM 5 MONTHS AGO.IF this is correct you could refuse to deal with them(capstone etc who must also be in admin) and give the administrators hell,it would certainly hold up any legal action because the legal charge would be the property of the adminstrators who would want to dispose of it asap perhaps they'd do a deal in a repo case to get it off their backs,who knows?

Edited September 24, 2009 by ryde

[gustavius rex]

From what I gather pml ,spml hold the legal title to your mortgage they sell the beneficial title to the spv's who then offer the investors a % return on their investment.Correct me if I am wrong,so the only people legally entitled to take legal action repossession etc are the legal title holders ie pml and spml etc (the originators and legal title holders and the name that is on the charge on your mortgage) the spv's cannot unless they have been sold the legal title as well which if you look at the prospectus they usually have not.The strings of spml and pml which are paper companies with no employees are being pulled by capstone (and the shoddy group of directors behind it all who are probably stripping assets like crazy out of this lot )who would like to repossess as much as they can for the very reasons pointed out By ITBG ABOVE. If their parent company lehman is bankrupt then I WOULD HAVE THOUGHT THAT THE ONLY PEOPLE LEGALLY ENTITLD TO TAKE LEGAL ACTION against anyone ARE THEIR ADMINISTRATORS PRICEWATERHOUSE who have said it may take 10 years to unravel this lot.This is being put to the test now in legal action through the land registry.What I NEED IS ABSOLUTE CONCRETE PROOF RATHER THAN A NEWSPAPER REPORT FROM 5 MONTHS AGO.IF this is correct you could refuse to deal with them(capstone etc who must also be in admin) and give the administrators hell,it would certainly hold up any legal action because the legal charge would be the property of the adminstrators who would want to dispose of it asap perhaps they'd do a deal in a repo case to get it off their backs,who knows?

 

 

A few points here. Subsidary companies to Lehman (in administration) are not necessarily in administration too, but, are assets. As long as an individual Limited company can operate and make some sort of profit or be a viable entity, it is not in administration or in the administrators interest to be put in to administration, but, to be sold off, at hopefully a profit. However, the administrator must sit on their boards and must be party to all information available about their businesses and financial status. They are so interwoven with Lehmans business and money transactions that it may be difficult for them to survive without Lehmans financial backing. lf there are heavy draw downs on the reserv funds then they do have a serious problem as l am sure they cannot raise new funds on the open (money) market, which has dried up. But, l read yesterday that there has been some movements lately in the packaged whole sale of mortgage backed securities, but, they were all prime and sold by Lloyds. My fear is that they will all go under and then we will have serious problems on our hands when the administrator liquidates his (their) assets, i.e. our mortgages and properties.

Gustavius

[ryde]

mortgages would probably be sold on to some barclays vehicle at 50p in the pound and continue to be administered by a new style capstone worse case scenario.Best case able to renegotiate loan with a better lender.

[sailor579]

Just had a covering letter from capstone ref my SAR.

 

They have included reams of photocopies of letters/agreements/telecons etc (along with loads of info blanked out) but on the subject of securitisation I quote...

 

"You have also requested details of any agreements between lender/broker/packager, written or unwritten, in relation to commissions or any other payments - this is not data relating to the account holder and as such we do not consider ourselves under an obligation to provide this pursuant to the data protection act"

 

In otherwords, "what we do with your mortgage is none of your business"

 

Interestingly as some of you are aware they were instructed by the court to accept an offer of repayment and the eviction notice was suspended.

 

I have been trying to get them to confirm why the account into which I want to transfer the funds is in the name of Eurosail not SPML or Capstone, as you might guess all I am getting is evasion's smoke and mirrors and if I press the matter by saying I shall be asking for their legal rep to explain at the next hearing in Oct as CAB and Judge are 'confused', they say they will get someone to call me back...... same answer if I ask if there is someone available to e-mail or telephone this question to. To date no one has called me to explain.

 

In a weird way I am begining to enjoy phoning them every 2-3 days acting a touch simple requesting these details. To help poor little me understand all this complicated stuff !!!

 

By the way best way to save a few pennies is to ring them asking for help and then get them to ring you back, petty but fun !!!!

[midge61]

Capstone was supposed to be sold off in Jan 2009 in a fire sale but I have been unable to find out anymore about this.

 

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

 

My mortgage has been bundled in SOUTHERN PACIFIC SECURITIES 05-3 PLC which is traded on the Irish stock exchange.

[ryde]

This bunch must be in real trouble as normally I WOULD EXPECT THE PAYMENTS TO GO INTO EITHER PML OR SPML ACCOUNTS and then be passed on to the spv from them but they are making direct payments obviously to save time and charges.The other question is do pml and spml still have actual accounts,are they suspended or what,how can they account for incoming revenue if its all being diverted immediately into other accounts bypassing their own?

Sailor... who is actually bringing the court action against you.?the question being if they have sold the legal title of your mortgage to Eurosail(which is doubtful but worth finding out for sure)only Eurosail I would have thought can bring an action against you.

We need a whistleblower to report the whole lot to the relevant authorities dti,revenue,companies house etc The ensuing scandal then causes the government to bail out the thousands of british taxpayers with new and cheap deals to win votes for the forth coming elections,we can all dream.

Edited September 24, 2009 by ryde

[midge61]

Just found this which may or may not be of interest/use

 

 

Sir or madam i am in turmoil over a dispute with... - JustAnswer

[I'm the bad guy?]

Sailor579,

 

Could you or anyone else post a really worded Subject Access Request(SAR) for information relating/required of their mortgage(obviously ommit personal info) to be sent to SPML or Capstone. I am looking to send one off.

 

Much appreciated.

 

Just to touch on Gus points, he is correct and my proviso was in the post above was if they were insolvent, which we cannot determine until CH get their accounts. They can trade but then PWC would have to notify CH, and until they so they can carry on. If in the worse scenario PWC were to put SPML into liquidation, I donot believe even the government would allow over 100,000 SPML mortgages to be demanded.

 

ITBG?

[midge61]

Although companies house show SPML's accounts are overdue it does state

Last return made up to 20-9-2009

 

Accounting Reference Date: 30/11

Last Accounts Made Up To: 30/11/2006 (FULL)

Next Accounts Due: 30/10/2008 OVERDUE

Last Return Made Up To: 20/09/2009

Next Return Due: 18/10/2010

[midge61]

Capstones accounts are due on 30-9-2009 according to companies house

[I'm the bad guy?]

Spoke to CH today, SPML directors still facing prosecution for late filing. What midge61 has at 20-9-2009 is the 363form annual return, which is a standard details of changes of directors, address etc.

 

So SPML, PML accounts overdue, don't be surprised if Capstone don't file either.

 

Anybody, got a response to my request for a worded SAR cover letter?

 

Many thanks

 

ITBG?

[ryde]

midge well done great post this gets to the nub of the matter pml and spml are paper companies and capstone are pulling all the strings and starting all the litigation in their names when all they are supposed to do is administer the mortgage payments.the link you posted is 8 months old but there is a strong legal argument here answered by a barrister and worth pursuing,anyone who is in trouble with these lenders should look at this link and ask the same questions.anyone got £3 so we can look at the full answer?!!!!!!!!

[enoughisenough]

Hi all

 

this is all getting rather interesting. I wonder how it's all going to unravel.

 

On a different note, another Eurosail prospectus. On the face of it very similar to other propsectuses we've all seen. However scroll to the end and we see something at least I've never seen before. Quite a few caggers will find their own mortgage ID reference right there.

 

http://www.ise.ie/debt_documents/eurosail%205NP%20P_9529.pdf

 

Keep the faith. EiE

[ryde]

Eie a great find is there any more prospectuses like this can you post the link what I find staggering is the amount of money and number of loans sold.It does state that only the equitable title has been sold and spml etc retain the original legal title,be interesting to find out the legal ramifications of this though.

[enoughisenough]

Staggering isn't it . the Irish stock exchange is brimmed with this stuff but a lot of is being pulled.

 

Securitisation might still be an angle where thassignment is equitable as far asits impact on operation and performance is concerned. This brings us neatly back to GR and JonCris.

[enoughisenough]

I've read through loads of these prospectuses and to all intents and purposes they are virtually indentical. They are fill of warnings to the investors which describe the risks. It is interesting that almost all the risks are attributed to the available consumer protection legislation.

 

Critically if anyone can get their heads around it is the section on early redemption. It's a blatant statement of intent to liquidate the asset well before the term. Since very few of us can remortgage we are sitting on a ticking time bomb.

 

We have got to find a way to topple this house of cards.

[I'm the bad guy?]

It appears all the prospectuses are basically the same, and the post above with individual mortgages, is considerable evidence your mortgage has been sold to Eurosail(SPV).

 

I would like to add, just because it says in the prospectus(in extreme ambiguity) that the tranfer is equitable and not legal., donot take things as written to be absolute. The whole idea of legal doctrine is based upon interpretation, that is the purpose of legal action, to adjudicate the facts within the law. Stay on what we can prove.

 

1) Prospectus with individually sold mortgages to Eurosail(spv)-'Sale of Mortgage Pool'.

2) CH m395 form, 'Deed of Charge' - 'The Issuer(spv), by way of fixed security for the payment or discharge of the secured amounts, with full title guarantee as the registered owner'. A TRUE SALE.

3) Check your Capstone insurance document, 'The policy schedule must note the interest of Eurosailxxxx, First Charges as mortgagee'

If your house caught fire or fell over, the owner SPV would be joint claimant, not the lender.

 

There is considerable evidence here to prove your lender is no longer in contractual privity with you, but the SPV is, if not the actual Trustee(BNY).

 

 

come back please, facts only?

 

ITBG?

[enoughisenough]

I'll come back on that one.

 

Fact. The arrival of a toga wearing naysayer speaking Latin is imminent.

 

Meant only in humour sue if you pick this up.

 

Eie

[I'm the bad guy?]

I like eggs!

 

 

ITBG?

[ryde]

Surely if the originator,lender,legal title holder etc ie spml/pml have been paid by the spv ie eurosail for your mortgage do they then not lose their title to sue as they have made no loss ? unless they are authorized to do so by the spv which should be stated in any action against the defaulting borrower?If this is the case it would be essential to tie your mortgage account number to the spv prospectus as proof it has been sold,problem is not all the prospectuses seem to contain the detailed list as supplied by ENOUGHISENOUGH.

Edited September 24, 2009 by ryde