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

[Crapstone]

Silly me..a lightbulb moment ...

 

Should have realised sooner that their insurance [problem] is all part of the profits game, is widespread and has been for years both here and in the US.

 

They claim your insurance is overdue or faulty, then they put you on their block insurance. You eventually prove your own insurance is valid and then they refund your payments against your arrears or account, not back to the method they were made. Plus their insurance company gets a cut of the fees and their books look good.

 

I think a few people have mentioned they too have had insurance problems, apart from myself. It is a deliberate attempt to take money and retain it. Obviously you budget for your mortgage so when they start charging you for insurance and taking the extra payments it can only have a negative effect even if you are not in arrears.

[enoughisenough]

They claim I am not paying anything for insurance but cannot or will not account for why the payment part seems to disappear into the ether. Are they just stockpiling this cash. If so, is that misappropriation? Or is part of it secretly paying for a block policy I DO NOT NEED? Mr Marek?

[I'm the bad guy?]

Suetonius,

 

s.136 Law of Property Act 1925

 

"136 Legal assignments of things in action

(1)Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal thing in action, of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to claim such debt or thing in action, is effectual in law (subject to equities having priority over the right of the assignee) to pass and transfer from the date of such notice—"

 

s.136 means that unless a notice has been given to the debtor / borrower, the assignment can only be equitable.

 

Could you comment on the following:

Many of us have received notificaton from Capstone(mortgage administrator-within the Mortgage Administration agreement), that we are to name the household insurer as 'Eurosailxxxxx as mortgagee'.

 

‘The policy schedule must note the interest of Eurosailxxxx First Charges as mortgagee’

 

a) Would you regard this as notice to the borrower as a 'perfection event'?

 

b) Regardless of the literal statement of 'Eurosail as mortgagee', does this notice confirm the assignment is now legal?

 

c) If now that the legal title has been 'perfected', then does the previous charge by SPML/PML become redundant?

 

d) If the SPV is the legal title holder, under LRA 2002 s27(3)&(4), does it have a duty to register its new charge?

 

welcome your & cag comments on this.

 

ITBG?

[enoughisenough]

Mmm....

 

This will not go away will it?

 

 

I won't draw any conclusions from this at all. Yet. Promise.

[Suetonius]

As has been posted.

 

I have very clearly posted my views with regard to equitable and legal assignment in relation to securitisation on numerous occassions (over a period of many months)

 

I will leave people to draw their own conclusions and wish anyone considering using this argument in Court, the best of luck.

[enoughisenough]

Looks like ITBG has just been given the bird!

 

As previously posted, those who have the time to plough through what Sue has stated on any number of occasions are welcome to do so. I would love to but lack the time, and probably the nous.

 

Omnia justa sunt amore belloque.

[enoughisenough]

Originally posted by Wot2do

 

Do you have a list?

 

A list of what? The whole Ts & Cs?

 

Give me a break. Please. Do you have a list?

[I'm the bad guy?]

Suetonius,

 

from our Companies House m395 Deed of Charge, the TRUST DEED between the Issuer(SPV) and BNY Corporate Trustee Services Ltd(Trustee).

 

schedule 2 - 1.1 English Mortgages

‘The Issuer, by way of fixed security for the payment or discharge of the Secured Amounts, with full title guarantee as the registered owner’

 

Can you confirm that 'full title guarantee' means both the legal & equitable title to the mortgages?

 

 

any comments please.

 

ITBG?

Edited October 11, 2009 by I'm the bad guy?

[ryde]

Itbg re: your previous post.when did you reveive notification that eurosail was to be noted as first chargee and motgagee.please state or copy the letter exactly as stated by capstone.

with regard to previous recent posts if this has been recently stated by capstone it could mean that the assignment of the legal title from spml and pml is taking place.

please post all links this needs carefully looking at.

Edited October 11, 2009 by ryde

[I'm the bad guy?]

Ryde,

 

even before my insurance was due to be renewed but after securitisation. See earlier posts, alot of caggers here will confirm the same. This is nothing new, only the question.

 

ITBG?

[enoughisenough]

Crapstone has certainly raised the issue as have numerous others. The question remains why would the buildings insurance need to have anyone other than the mortgage provider named? A very simple question to which the TPA craphead seem to have NO answer.

[Suetonius]

Suetonius,

 

from our Companies House m395 Deed of Charge, the TRUST DEED between the Issuer(SPV) and BNY Corporate Trustee Services Ltd(Trustee).

 

schedule 2 - 1.1 English Mortgages

‘The Issuer, by way of fixed security for the payment or discharge of the Secured Amounts, with full title guarantee as the registered owner’

 

Can you confirm that 'full title guarantee' means both the legal & equitable title to the mortgages?

 

 

any comments please.

 

ITBG?

 

As previously posted... 8-)

 

As has been posted.

 

I have very clearly posted my views with regard to equitable and legal assignment in relation to securitisation on numerous occassions (over a period of many months)

 

I will leave people to draw their own conclusions and wish anyone considering using this argument in Court, the best of luck.

 

However, to help people draw their own conclusions, here is a Eurosail s.395....

 

Personally, I would suggest everyone reads "perfection act" & "perfection event" and then draws their own conclusions

Edited October 11, 2009 by Suetonius
typo

[ryde]

Its the old cookie of legal and beneficial ownership again.The beneficial owners retain all benefits from the property ie if it burns down they get paid.The legal ownership is just the legal title ie:spml and pml are the enforcers and trustees for eurosail who own all the benefits derived from the property ie mortgage repayments.

EXAMPLE.YOU BUY A PROERTY WITH YOUR WIFE LETS SAY SHE OWNS OTHER PROPERTY SO FOR CONVENIENCE YOUR NAME IS REGISTERED AS SOLE PROPRIETOR AT THE LAND REGISTRY.SHE HAS PAID THE WHOLE PURCHASE PRICE FOR THE PROPERTY AND ALL THE OUTGOINGS,MAINTENANCE ETC.LEGALLY YOU ARE HOLDING THE PROPERTY ON TRUST FOR HER.SHE IS OWNER OF 100% BENEFICIAL INTEREST IF IT IS SOLD SHE IS ENTITLED TO ALL THE PROCEEDS THAT IS BENEFITS , YOU ARE MERELY A NOMINEE AS ARE SPML PML ETC.EUROSAIL IS YOUR WIFE.THE ONLY POWER YOU HAVE IS A POWER OF SALE BUT YOU WOULD NOT RECEIVE ANYTHING FOR THE SALE IT WOULD ALL GO TO YOUR WIFE.(IF OF COURSE SHE PROTECTED HER INTEREST WITH THE LAND REGISTRY EUROSAIL HAVE NO NEED TO DO THIS AS THEY HAVE CONTRACTUAL PROTECTION)

THE CRUNCH MAY COME WHEN THEY HAVE TO ASSIGN THE WHOLE OF THE LEGAL CHARGE IE THE LEGAL TITLE THEN AND ONLY THEN WILL THERE BECOME A CHANGE OF OWNER AND REGISTRATION OF A NEW CHARGE ON YOUR PROPERTY.THIS IS WHAT IS HAPPENING NOW WITH PWC AND THE DEAL THAT IS BEING DONE OUT OF COURT WITH THE NOTEHOLDERS,HEDGE FUNDS ETC.SO EVERYONE HAS GOT TO BE PREPARED TO ACT!!!!!!!!!NOW. AND FIND OUT WHEN THIS IS GOING TO HAPPEN AND ITS EFFECTS.

Edited October 11, 2009 by ryde

[Crapstone]

What I've found on the insurance front is part of the [problem] they pull and intended to cause arrears but maximise what they can get from you.

 

Initially there is confusion in payments made..by which time they have already taken your cash and will only refund it to the mortgage account regardless of any arrears. This may well put you ahead in payments (total balance) but it's shortening your available cash to make the next payments and not taken into account of any arrears that may accrue.

 

From day 1 we had problems with the insurance but they still take the payments. They refund them to the mortgage account and not your bank account despite not having any arrears. Keep that up for a few months each year when you already stretched on repayments .......

 

Something will give and they get the benefit of Royal and Sun Alliance plus your overpayments that you wouldn't have otherwise made because you have your own insurance.

 

My insurance isn't due until late November, they want a 'new' policy (not just a copy of the existing one or a fax from the company to confirm it's still in place) or they can't guarantee that I won't be charged block insurance from September onwards.

 

Don't let them be in contol of your payments.

[Crapstone]

EIE.

 

Refuse to add the name..either Eurosail or others such as Mortgage Funding 2008. As long as you name the lender it's up to them to make the arrangements and any such term can't extend beyond your contact and into an arrangement with your own insurer on such vague details.

 

The lender has only an interest in the building as per their own details on their block insurance that they would invoke. To ask for more is ...

[Suetonius]

Interesting reading.... Eurosail-UK 2007-4BL

 

Eurosail-UK 2007-4BL Notice of Meeting - Bloomberg.com

 

Eurosail-UK 2007-4BL Plc - Notice to the Noteholders | RNS News Item | Hemscott.com

 

Eurosail-UK 2007-4BL Plc - Notice to Noteholders

 

Eurosail-UK 2007-4BL Plc - Notice to Noteholders | Regulatory News | Daily News | News | Hemscott

[ryde]

Originally Posted by ryde

 

SUETONIUS GLAD YOUR BACK THESE ARE THE POSTS I MADE FROM LAST WEEK IF YOU HAVE TIME PLEASE HAVE A ITS A BIT MIXED UP BUT i THINK YOU WILL MAKE SENSE OF IT.

PLEASE AS SOON AS YOU HAVE SOME TIME LOOK AT THEM AND GIVE US YOUR THOUGHTS HOPE YOU DON'T MIND THE REFERENCES TO YOU; SAID IN JEST; AS YOU HAVE BEEN REFERRED TO AS BOTH HE AND SHE BY VARIOUS CAGGERS.!!

 

Notice to Noteholders - London Stock Exchange

 

THIS IS VERY IMPORTANT

 

JUST GOOGLE ......EUROSAIL IRISH STOCK

EXCHANGE

 

I think this is the spv that concerns us as this was used by spml/pml/london mortgage etc to sell the equitable titles to.They are it appears in deep s...t that is why they are issuing all these notices and that is partly why PWC are arranging this deal out of court which is subject to a time bar.

I believe this is our best and maybe only chance To all act together and get some publicity WITHOUT ANY COST

 

CAN SOMEONE PLEASE ROUSE OUR RESIDENT SAGE HIS/HER? MUNIFICENCE SUETONIUS FROM HIS/HER? SELF IMPOSED EXILE TO MAKE SOME SENSE OF ALL THIS AND POINT US IN THE RIGHT DIRECTION..OR IS HE/SHE? OMNIPRESENT AND ABOUT TO ARRIVE ON THE SCENE LIKE SOME THUNDERBOLT READY TO STRIKE DESPAIR INTO ALL US UNDERLINGS WHO OPPOSE HIM/HER? OR TALK UTTER RUBBISH BECAUSE AT LEAST THEN WE ALL KNOW WHERE WE ARE. SOMEONE PLEASE USE THE MAGIC INCANTIONS TO ROUSE HIM/HER?(IS HE/SHE? ACTUALLY BOTH!!) FROM HIS/HER? HEAVENLY SLUMBER WITH HIS LEGENDARY MAGICAL BUCKET OF COLD WATER TO END OUR MAGICAL MYSTERY TOURS. BECAUSE TEMPUS FUGIT.

 

 

GR This means then that the ''merde'' finally hit the fan. These notes are not performing and the issuer has no funds left why he wants to invoke his rights to swap and the guarantees he has from Lehman Special Financing (in liquadation). So far, PML/SPML etc. are not directly involved as the issuer, on behalf of himself and the note holders, is trying to squeeze some ''juice'' out of the Lehman carcasse. The next step should be the transfer of the legal title to the issuer and the investors from the originator. Before this will happen they will have to inform us mortgage holders. This, Ladies and gentlemen, is the real financial ''wild west''!

GR

Edited October 12, 2009 by ryde

[ryde]

GR ITS ESSENTIAL WE ALL EMAIL THESE REPORTERS SO WE CAN FIND OUT EXACTLY WHERE WE STAND SEE PREVIOUS POSTS.

Lehman U.K. Administrators Offer Out-of-Court Payment (Update4) - Bloomberg.com

Edited October 12, 2009 by ryde

[ryde]

PWC seeks to avoid court by offering ... - Google News

LOOK AT THIS LOT IT APPEARS PRICE WATERHOUSE ARE OFFERING AN OUT OF COURT DEAL TO THE NOTEHOLDERS/INVESTORS TO DISTRIBUTE THE ASSETS OF LEHMANS EUROPE WHICH I THINK MEANS US AND OUR MORTGAGES DON'T QUITE KNOW HOW THIS IS GOING TO WORK ARE THEY GOING TO TRANSFER THE WHOLE LEGAL AND BENEFICIAL TITLE OF OUR HOMES TO A HEDGE FUND ,COULD BE GOOD NEWS FOR ANYONE FACING REPO.WHAT HAPPENS TO CAPSTONE SPML/PML AND THE LIKE HOW DO THEY BREAK THAT LOT UP OR DO THE HEDGE FUNDS JUST TAKE OVER AND CAPSTONE ADMINISTER THE LOT ,IS IT THE END FOR PML AND SPML AND EUROSAIL????????

 

EIE SEEMS TO HAVE DROPPED A BOMBSHELL HERE.!!!!

 

Lehman U.K. Administrators Offer Out-of-Court Payment (Update4) - Bloomberg.com

 

CAN SOMEONE EMAIL ONE OF THE REPORTERS AT THIS LINK MENTION THE THOUSANDS OF BRITISH HOMEOWNERS WHO HAVE MORTGAGES WHICH ARE HELD AS SECURITIES WITH LEHMANS EUROPEAN HOLDINDS IE SPML/PML AND ASK HOW THIS WILL AFFECT US,THE REPORTERS HAVE A MUCH BETTER CHANCE OF GETTING AN ANSWER OUT OF PRICEWATERHOUSE AND THIS COULD BE A GREAT STORY FOR THEM AND PRESS COVERAGE FOR US AND A FOOT IN THE DOOR........HEADLINES.... .THOUSANDS OF BRITISH HOMEOWNERS TO BE AFFECTED BY PRICEWATERHOUSE DISTRIBUTION OF LEHMAN ASSETS........i CANNOT DO IT AS IT IS OUTLOOK EXPRESS AND WILL NOT SEND A MESSAGE FOR SOME REASON AS NOT DEFAULT EMAIL??(if someone can tell me how to do it i will)

 

BETTER STILL EVERYONE EMAIL THEM!!!!!!!WE ALL NEED TO KNOW

 

AM JUMPING THE GUN HERE BY A LONG WAY BUT IF LEGAL AND EQUITABLE TITLE IS ASSIGNED MEANS AN APPLICATION TO LAND REGISTRY MAKE SURE YOU FIND GROUNDS TO MAKE AN OBJECTION IT IS THEN REFERRED AUTOMATICALLY TO LAND REGISTRY ADJUDICATOR IF YOU HAVE GROUNDS FOR OBJECTION(EG YOU DONT OWE AMOUNT ON CHARGE)THIS WILL MESS THEM UP AND THEY MAY WANT TO OFFLOAD YOU QUICK

 

SORRY TO TEMPORARILY HIJACK YOUR LAST POST CRAPSTONE.

Last edited by ryde; 8th October 2009 at 01:44.

Edited October 12, 2009 by ryde

[Crapstone]

And the much loved Wilmington Trust...

 

I still think the better idea is to stay on the side of being a 'stupid' consumer who relied upon the information provided by a regulated profession.

 

I don't think any of us intended to stay with the lender and probably wouldn't have signed up if we were fully aware that we'd end up with Capstone or an administrative company from the outset.

 

Let's face it, we paid money to get these mortgages..it wasn't free and it didn't do what is said on the tin ..before this all happened.

 

Do what you can to stir.....every complaint helps to support what may be going on in the background.

[Crapstone]

Ryde..can you keep the caps off please..I don't think it's intentional on your part but it's difficult to read and very colourful in that format.

[ryde]

sorry keyboard jumps into capslock for some reason spontaneously will make sure I edit it properly and change the keyboard which seems to jump mid sentence when it has a mind to.!!!!!!!!!!!

[enoughisenough]

FSA investigates alleged market abuse at Cattles - Telegraph

 

If it can happen there...

[MortgageTalk]

Please could I re-inforce Crapstone's comment about fonts, colour and size. As a mortgage broker (yes, the good ones have survived) I help with advice when I feel I can make a positive contribution, but my problem is always time. Consequently, when we post could we please keep in simple, lower case, black print, minimise exclamations and to the point. Thanks.

[enoughisenough]

As a mortgage broker (yes, the good ones have survived) I help with advice when I feel I can make a positive contribution

 

You couldn't get us all out of this sh** at a decent rate could you?