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

[wonderman]

I've heard of them. They are amongst the ones lined up as service providers..I think they are 2nd on the list if Capstone fails...but I'm with SPML so it may be different but all connected in some way or another.

 

The insurance is one way you can really annoy them...I've had SPML removed completely as well as the muppets that invested. Until they provide proof of their entitlement, to my satisfaction, they won't get a mention. And they know they can't enforce their own insurance on me either until they can provide an answer and consent from the true owner of the mortgage. It's my insurance I'm taking out so it's my duty to make sure all the details are correct.

 

 

Great advice Crapstone - thank you.

 

And Ryde, totally and absolutely agree with your advice, you're so very right!

Edited November 20, 2009 by wonderman

[JonCris]

JONCRIS

Believe the bondholders won perpetual trustee/belmont see high court judgement,contract with the spvs and the trustee(bank of new york) stands, their interests come before remaining creditors of the lehmans insolvency to be ratified very soon by"comity"(unification of global legislation) in usa courts .this month i think.; scuppered the pwc appeal and payout plans as well.wonder what the fallout will be? technically on these judgements legal titles have all passed to the spvs if they want them, i think.Our case; mortgage in the name of eurosail administered by capstone.Could be a sell off to get investment back but really a bizarre situation as spv eurosail is a completely seperate entity and is not tied in any way legally to lehman insolvency.Problem is Eurosail cannot service the investments and the liquidity provider has refused back up funds SO THEY ARE ACTUALLY TRADING WHILST INSOLVENT THEIR OUTGOINGS ARE MORE THAN THEIR INCOME so more litigation and contract breeches(see eurosail notices to noteholders).Everytime one of us misses a payment one more nail in the box.!

 

 

Particularly as these are essentially American produced products cannot UK borrowers also argue comity:confused:

[eagleforms]

I have had a reply to my letter to Capstone about their new charges. It is interesting but I do not want to go into detail here because there seem always be guests looking in. Is there another way to communicate away from prying eyes?

[ryde]

eagleforms send one of the vets a personal message.

joncris its pretty confusing but the judgement has already been made in uk in investors favour and it is expected the same judgement will be upheld in us courts this month.

[ryde]

RE spv eurosail liabilities etc.

With the fsa fining recently of gmac although a seperate entity to our lot,they still operated the same system of securitization in fact our lot were involved in some of their transactions.The spvs instruct the administrators in all cases so it is the spv who should really be fined not the originator lender such as gmac who once they have securitized the loan play no further part in its administration except as the legal enforcer of any defaults by the borrower which is orchestrated by the administrator collector ,in our case capstone.This is all contained in the spv prospectus .

 

In the present situation the spv Eurosail must be highly vunerable to insolvency,there are no back up funds payments to the noteholders exceeds income from us,they are literally trading whilst insolvent now.Problem is there are several of these eurosail spvs will check details at companies house.

[enoughisenough]

There certainly is Eagleforms. And I'm very curious so if you click on my name then contact info you will see an option to send me a private message. You can trust me...

[enoughisenough]

Ryde

 

Tell me about it. It's a long slog. I've lost count of the number of prospectuses I've been through and digested on this and other threads. Add to that all the work on the CPRs the UTCCRs etc and you can take it from me it's a full time job, on top of all the other stuff. But being the eternal optimist I refuse to believe our voice will not be heard so it's worth all the hassle. Will try to post a link to some of the digests I've done later on. Even these are incomplete though.

[enoughisenough]

PS very impressive digging on insolvency and so on. Please keep this up. We are all pursuing angles. Think of It as a game of JENGA!

[kegi]

little dotty

the address we use for LMC is LMC Mortgage Administration po box 88

Cheltenham gl50 3sh that is both ways

if it helps

kegi

[kegi]

A long post I know….

I would like to state that I admire Ryde for his tenacity in trying to come to terms with all the issues of securitization how it was set up etc etc and if it is to increase his knowledge good for him ,I have to say however most of this is water under the bridge and will go nowhere as did the other threads .

I find it hard to believe at times that some of you or all for that matter think that the securitization of mortgages which has been going on for years or the sale of the beneficial interest in that mortgage to other investors a newer idea I admit has anything to do with you or impacts on you in any way is to my mind silly.

The agreement you signed up to with whoever for a mortgage gives them the right to do so, but where it says x amount for x years at x amount back per month that is your contract with them and stands to-day as it did then and will do so until you consent to it being changed ,pay it off ,remortgage ,or don’t pay and get repoed.

That will not change no matter who owns the legal charge now or in the future and to go along with the hype and scare mongering that all the securitized mortgages will end in five yrs including yours is just that some will some won’t ie short term medium long term an investor invests in what suits him and its not your mortgage he’s investing in but the income from them in relation to the new trend .think long and hard about it in five yrs up to what 10,000 100,000, tens of thousands of mortgages all have to remortgage [god knows who with] at the same time or be forced to ,or have invented repo positions set against them ,get real guys and gals .and we are talking here of some 2 to 3 million sub prime let alone the other 8 milion or so prime or are you only talking about SPML /PPL mortgages

? how long as SPML been giving out mortgages Ans at least since 2000

Leave Lehmans Eurosail and the investors and Pwc to it there’s nothing in it for you .

The other bone of contention with seems to take up a lot of your time is who is who

LMC WAS T/OVER BY SPML THEN BY SP? SOME OTHER PPL ANOTHER one ETC ETC

And yet people are still paying these so called defunct companies and again who gives a sh*t as long as you get your statement showing what you have paid and how much your balance is going down.

To an extent I agree with JC GET IT DOWN to one issue and fight on that though I have to say I hold no hopes on having a win on the unfair relationship either I think you only have one chance and that is the charges issue.

Caggers on a forum have brought about another banking crisis amounting to

Billions following a ruling in the EU courts in favour of the consumer. That’s a story.

Notice I did not say British courts or is it a dream

Note of interest

A recent report on securitization stated that it was ,is and will remain the best thing since [sliced bread]my words for the entire financial systems of the world

Another one this is for Ryde states that Capstone owes out 65 milllion pounds but on the other hand is owed 80 million from its masters as it were and in their view were it to go down it would create absolute mayhem in the financial world with no one able to show if payments had been made.So it will not be allowed to go down.

And one more there is a group on facebook dedicated to past and present employees of SPML AND CAPSTONE if anyone is up for a challange

kegi ps if I am still here in 5 yrs time I’ll pop back and see if you are

[I'm the bad guy?]

It is fundamental to report the activities of these illegally 'trading' lenders. They donot have the right to take action against the borrowers, because they are in fraudulent trading. Your complaint will aid you and to stop repos. It will also expose the fact that your mortgage was securitised and sold on, without your knowledge, and all the terms of your contract were changed(UCCTRs etc).

 

So, even if the SPVs register their ownership of the legal titles, they will be exposed to all the contract and performance issues which will materialise.

 

 

 

ITBG?

[ryde]

ITBG

Have been thinking about all this carefully again over the past few hours and must say greatly admire your direct ferocity and fully agree the more you upset their system,get them prosecuted etc the better.Extra straw breaking the camels back syndrome.Be great if the whole lot went under and bit by bit it does seem to be slipping away.

If the spv is forced to register their title you have a right to object this will prevent registration until your complaint is heard.So no charge on your property until your objection is heard(the power base then swings our way) and you can then raise the contract performance issues etc etc supposedly on paper undertaken by spml etc and administered by capstone but in reality controlled by eurosail.

kegi

Any chance of posting a link to the facebook group dedicated to ex capstone / spml employees ,do you know if they are ex because they were fired? cannot imagine they were pleasant to work for .We may be able to turn one into a whistleblower.If we are all here in 5 years I'll count it as both a miracle and a victory!so hope to see you then,one thing for sure if we are we'll probably be the best property lawyers in the country!with our own website.

Edited November 20, 2009 by ryde

[littledotty27]

Login | Facebook

 

Doesn't give much away,but the staff seem happy to have left.

 

 

It only lets you look at it if you have a facebook account.

[mollie5549]

all,

 

has anyone else received their CIB, confirmation of investigation of SPML or other you filed online?

 

MP to formally request the directorate of CH and CIB, on the 'trading' status of SPML and other Lehman mortgage entities. It looks like the only 4 companies which have not been put into administration, are the 4 'mortgage companies'; SPML/PML/LMC/SPPL. I wonder why?!

 

 

 

ITBG?

 

I also received my email confirmation this week. With the list of names I have dealt with over the past 3 years it should hopefully keep them busy!

Not sure about the bit that says we will not hear about the outcome unless publicity is generated though. How will we know action (if any) has been taken?

 

mollie5549

[ryde]

ITBG?

 

I also received my email confirmation this week. With the list of names I have dealt with over the past 3 years it should hopefully keep them busy!

Not sure about the bit that says we will not hear about the outcome unless publicity is generated though. How will we know action (if any) has been taken?

 

mollie5549

 

This is b...y ridiculous you make a formal complaint with the relevant supporting grounds against a company purporting to be acting illegaly and the CIB are not even going to inform you personally of the result what a complete cop out, what do you have to do then suddenly wait for them to disappear off the register. Their accounts have been overdue for 2 bloody years they should be disqualified on that breach alone.Talk about toothless.

Is there anyone else to complain to? I am now fully of the opinion that if we could get this lot disqualified it would then fully expose the spv eurosail ,show what a sham all this was originally,the spv will probably have to re register the charge at the land registry leading to wholesale objection and everyone has some power to renegotiate their contract,maybe on a collective basis.

Edited November 21, 2009 by ryde

[I'm the bad guy?]

mollie5549,

 

CIB will write to you(possible letter from Criminal Allegations Team) to confirm that an investigation is underway, use the tel# they provide you with to contact the investigating officer. They cannot give you details, but you can 'eek out' info as to the status. If you have no response within 28 days from your online receipt, give them a call(tel#on receipt). If you need to find who your investigating officer is, put it up on the thread, and I'll see if I can get it for you. Most likely, as all our complaints originate with SPML in one way or another, the officer in charge will be the same.

 

Shut'em Down#4

 

 

ITBG?

Edited November 21, 2009 by I'm the bad guy?

[mollie5549]

ITBG?

 

Thanks for clearing that up. Will let you know if I hear anything.

 

Mollie5549

Edited November 21, 2009 by mollie5549
typo

[kegi]

ITBG

It is fundamental to report the activities of these illegally 'trading' lenders. They donot have the right to take action against the borrowers, because they are in fraudulent trading. I am trying to be the bad guy here so lets say they are as suggested defunct [something I will believe when its on the front page of the FT ]what is it that they are illegally trading in .

2 AND IF THEY WERE INSOLVENT they still have a drawer full of legal titles to the charge on your houses and that gives them the right to repo, and if they did revert to the spv as suggested I bet you not they would still have the right under the trustees rules to do so on behalf of xyz.

So lets have a poll on the status or not of LMC SPML PPL SPPL Who are all according to some non entities and yet we are still paying out to them

LMC in particular way way back in time .

Your complaint will aid you and to stop repos. It will also expose the fact that your mortgage was securitised and sold on, without your knowledge, and all the terms of your contract were changed(UCCTRs etc).

It is common knowledge to most and has been for years without your knowledge[ could'nt resist that one] in regards to securitisation because they do not have to tell you, and where when and how has your contract changed Ans ..IT Has not ....Its the same one you signed up too. Not abided? by maybe..

Do you accept now ITBG that I am the BG ,the man in blue

KEGI

[kegi]

RYDE

QUOTE

If the spv is forced to register their title you have a right to object this will prevent registration until your complaint is heard. So no charge on your property until your objection is heard(the power base then swings our way) and you can then raise the contract performance issues etc etc supposedly on paper undertaken by spml etc and administered by capstone but in reality controlled by eurosail.

Ryde lets say that Eurosail if they did come into full title of all don’t register ?what then not pay your mortgage ,sell the house privately and keep all the money .

Would you complain and say they should be but aren’t [joking aside] please put your name on my property I feel uncomfortable without it. But unless they want to perfect it they seem to able not to until it suits them ie repo .Another scenario lets suppose SPML are still on the LR

WHAT would you do complain that they shouldn’t be having not the title to do so

So they say under the trustee rules we do on behalf of others..

So all that been said they inform you that they are going to register their interest and you object as you say you have the right too .And LR say on what grounds.

And you reply I am not happy with the way they have performed in regard to the contract I signed when I took out the Mortgage.

And they say do they own the title deed charge to your property

You answer yes

And they say then its on, any other matter take up with the company involved its nothing to do with us.

As to wholesale objections ryde do not hold your breath on that one the vast majority of the 11,000,000 mortgage borrowers out there do not would not give a toss I doubt most care not who’s name is on LR who owns what etc ie securitization

Kegi the man in blue

[I'm the bad guy?]

sorry, don't do drugs.

 

 

 

 

 

 

ITGG?

[eagleforms]

Sorry Kegi, understand the words you used but not the order in which you used them. What on earth are you trying to say? I am sure it is very important, but can you be clearer please.

[Suetonius]

It will also expose the fact that your mortgage was securitised and sold on' date=' without your knowledge, and all the terms of your contract were changed(UCCTRs etc).[/quote']

 

ITBG

It is common knowledge to most and has been for years without your knowledge[ could'nt resist that one] in regards to securitisation because they do not have to tell you,

 

Mulkerrins (formerly Woodward (FC)) (Appellant)

v.

Pricewaterhouse Coopers (a firm) (formerly trading as Coopers & Lybrand) (a firm) (Respondents)

 

 

13. The general rule is that the benefit of a contract may be assigned to a third party without the consent of the other contracting party. If this is not desired, it is open to the parties to agree that the benefit of the contract shall not be assignable by one or either of them, either at all or without the consent of the other party.

 

There is nothing objectionable in this; a party is entitled to insist that he deal only with the particular party with whom he has contracted: see Linden Gardens Trust Ltd v Lenesta Sludge Disposals Ltd [1994] 1 AC 85, 105, per Lord Browne-Wilkinson. But unless he takes the precaution of including in the contract a prohibition of assignment, he has no right to object to it.

A debt is freely assignable both at law and in equity without the debtor's consent. Section 136 of the Law of Property Act 1925 requires notice of the assignment to be given to the debtor if it is to be effective at law; it does not require his consent.

link

 

Within the last 15-20 years virtually all mortgage agreements will have a term that states that we can assign our rights etc....... (or something to similar)

Edited November 21, 2009 by Suetonius

[JonCris]

It states 'without consent' NOT 'without knowledge' which is what has happened. Before anyone mentions their term that they can sell the mortgage it does NOT state they can dispose of the mortgage to the detriment of the borrower which again is what has happened

[Suetonius]

It states 'without consent' NOT 'without knowledge' which is what has happened. Before anyone mentions their term that they can sell the mortgage it does NOT state they can dispose of the mortgage to the detriment of the borrower which again is what has happened

 

Sorry JonCris, but I will be one that does mention the term/condition of an agreement (contract) that does state (or something with the meaning of).

 

"We have the right to sell assign any/all of our rights under this agreement."

 

It cannot be simply brushed under the carpet.

 

I would strongly urge no one to take that approach in Court.

 

Ownership be it either equitable or legal with regard to securitisation (except wholesale) is transferred via assignment. The right under the contact that is assigned (sold) is the right to payment.

 

As I previously said, within the last 15-20 years virtually every single mortgage, loan, credit card and HP agreement will have this term within the agreement. Admitedly the contract does not mention the word "securitisation" however, it does state in "clear english" that the lender will have the right to assign/sell its rights.

 

Therefore, in my own personal opinion any argument that someone cares to use that they were not told that a lender could assign a right under the agreement, has about as many holes in it as the legal title to sue argument.

 

1) Unless an agreement states that the lender cannot assign its rights, it can.

 

2) If a lender was to tell a borrower after a mortgage had been securitised that it had been, this could be argued to be an express notice as per the LOP 1925.

 

 

• As it is an equitable assignment, notification(post assignment) to the borrower is not required. (s.136 LOP 1925)
  
• As the term/condition is in the agreement contract, the borrowers further permission is not required. (as per above House of Lords)
  

[JonCris]

I don't disagree they can sell the mortgage to whomever they wish. What I'm saying is they can't or shouldn't be able to sell the mortgage to another who's terms are detrimental to the original borrower