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

[zither]

Anyone else the letter today from Carpstone stating they are changing your account number. I can see problems coming with this!!!!.

[kegi]

If you haven't read it .

this is from a US case think maybe JC may have posted it.

I have read and reread it and it can't but not fit the case over here, it fits the scenario I posted on the other thread whereby neither A B OR C COULD SUE at some point in time even if as I believe the original lender is tied into the the trusteeship set up by the investors the bit in bold would knock that out of the water .Replace MER with Capstone for thats what they are book keepers pretending to be the head Librarian.

This is your defence Ryde hand it to the Judge and say get out of that [sir] pretty please]

ARTICLE

The real parties in interest concealed behind MERS have been made so faceless, however, that there is now no party with standing to foreclose. The Kansas Supreme Court stated that MERS' relationship “is more akin to that of a straw man than to a party possessing all the rights given a buyer.” The court opined:

“By statute, assignment of the mortgage carries with it the assignment of the debt. . . . Indeed, in the event that a mortgage loan somehow separates interests of the note and the deed of trust, with the deed of trust lying with some independent entity, the mortgage may become unenforceable. The practical effect of splitting the deed of trust from the promissory note is to make it impossible for the holder of the note to foreclose, unless the holder of the deed of trust is the agent of the holder of the note. Without the agency relationship, the person holding only the note lacks the power to foreclose in the event of default. The person holding only the deed of trust will never experience default because only the holder of the note is entitled to payment of the underlying obligation. The mortgage loan becomes ineffectual when the note holder did not also hold the deed of trust.” [Citations omitted; emphasis added.]

MERS as straw man lacks standing to foreclose, but so does original lender, although it was a signatory to the deal. The lender lacks standing because title had to pass to the secured parties for the arrangement to legally qualify as a “security.” The lender has been paid in full and has no further legal interest in the claim. Only the securities holders have skin in the game; but they have no standing to foreclose, because they were not signatories to the original agreement. They cannot satisfy the basic requirement of contract law that a plaintiff suing on a written contract must produce a signed contract proving he is entitled to relief.

 

go get em ryde but just in case give him the old nod and a wink when you go in.

 

kegi

[ryde]

kegi

Found this on the capstone website,you've already infiltrated them then , good on yer mate , should be ok now 2 JOBS!!

Dont forget to report back.

I can see 'em going under , don't give 'em a month now.

 

THE WRITINS ON THE WALL

OUR BOYS IN

WARS OVER

NO MERCY

DEATH AND DESTRUCTION TO THE TYRANNICAL HORDE.

 

Capstone >> Careers >> Working for Capstone

Working for Capstone Mortgage Services

 

See below for some real life examples of what Capstone employees do in an average working day.!!!!!!??

 

Blimey any chance of getting us a job?

 

A day in the life of a Customer Services Officer …

(The Capstone Academy)

I work at Capstone as a Customer Service Officer, and thoroughly enjoy the various tasks that I find myself involved in on a day to day basis. These varied and interesting tasks range from dealing with general customer queries to the more complex assessment of applications for further lending.(EH?)

Capstone is rapidly growing and expanding and this gives me the opportunity to grow and develop my career, as I know that promotional opportunities will exist for me later down the line.

Working at Capstone has given me a great insight into the world of financial services and allowed me to progress myself and continue to learn and develop my skills. I have been given the opportunity by Capstone to study for my CE-MAP qualification; this is a certificate in mortgage advice and practice which I have recently completed.

In a typical day I will be involved in any number of administrative tasks as well as dealing with our clients customer and broker enquiries. Queries range from general questions regarding the mortgage or loan, as well as other activities including providing statements, references, consents, retentions releases, payment protection, ground rent and assessing loan applications. At Capstone Mortgage Services we are constantly striving and looking at ways to improve the service we offer our clients customers; both in turnaround times for correspondence and requests and also in the service we offer by telephone.

My colleagues are warm and friendly and always willing to help each other and there is a real sense of teamwork with the department. There is a lot to learn but you can use other people’s knowledge within the team structure as well as the dedicated process trainers to help, direct and support you at all times, which is great and really reassuring.kegi 1

 

 

A day in the life of a Collections Officer …

(The Capstone Academy)

 

I thoroughly enjoy working at Capstone as a Collections Officer.

My day as a Collections Officer is a fairly hectic one and each day is different, which I really enjoy. We are all focussed on making contact with people who have fallen behind in their mortgage repayments and who may need some help and guidance getting them back on track.

My work is telephone based so the majority of my day is taken up listening to and helping our clients customers in a variety of situations. I speak to people from all walks of life about their mortgages and the reasons why they may be experiencing payment difficulties. It’s a rewarding role when you feel that you can make a difference to a our clients customer’s circumstances. It can, of course, be challenging which gives me a ‘buzz’. We are given excellent training and there are always colleagues at hand to provide support and direction.

Sometimes, we need to engage third parties to help, however, it is always our aim to keep in regular contact with our customers and help them back to a stable position.

Team work is a major part of the Collections department. The case load is split across the teams and we have monthly targets to meet. This creates great banter and gives us all drive, keeps us going and above all makes work fun!

We have a strong team here at Capstone. The company puts a lot of time and energy into the training and development of new employees who, upon joining, enter the ‘Capstone academy’ which gives them classroom and on the job training to enable them to develop their skills before speaking to the customers in a live scenario. The Collections department is also a great place to work with real opportunities to progress. kegi 2

 

Your home may be repossessed if you do not keep up repayments on your mortgage.

 

 

 

On a serious note when were this lot authorised to give further lending,thought they were collectors?Who,s the loan with?

 

Make sure you keep your old account number as this is usually the reference number to the loan that has been sold to one of the sp(i)vs.

Edited December 9, 2009 by ryde

[midge61]

Well I would like to know who sends the letters telling you what to pay for the next 3 months because I have just discovered that the "arrears " they claim I have are due to someone not giving me the correct amounts and failing to use the calculator properly when explaining how the "arrears" are made up.

 

Wonder if the change of account number means they are so overdrawn that they are changing banks to stop the payments made being swallowed up in charges lol

[kegi]

A few quotes I overheard while lurking around near the bar

 

kegi:eek:

 

Craig a legendary walkout a wonderful way to leave

 

 

..so the parent company couldn't live without us then?

 

Tamara 6 working days to go!

Everyone is invited to the joint leaving do on the 30th at the usual place of O'Neils in HW!

I said joint, but there must be at least 10 people leaving on that day!....

 

 

Freedom from Capstone/SPML=happiness

 

 

Paul Life's better without SPML/Capstone, everything works out just fine....

 

Booo capstone!!!

 

ooops I meant yeah capstone (are managers a member of this group - hahaha)

 

 

From what I hear I left just at the right time

 

 

Cory What do you mean, no-one's actually moaned about the craphole that is capstone yet?

[kegi]

And here you have it in black and white .Capstone were promoted to head librarian

And are there to help you if needed

kegi ........ CIA agent 0001 walking as fast as I can

In January 2008, Capstone (a wholly-owned subsidiary of Lehman Brothers) – currently

carrying out servicing for Southern Pacific Mortgage Loans (SPML) and Preferred

Mortgage Loans (PML) – announced a new servicing initiative, including a suite of loan

modifications, which would be applied on a case-by-case basis to minimise borrower

arrears and losses if foreclosure was expected. The servicing strategy has been

developed by expertise gained from Capstone’s and Lehman’s recent US involvement

and targets specifically those borrowers that may suffer difficulties with upcoming rate

resets. Capstone believes that this special servicing strategy is in the best interests of

the borrower and therefore, should ensure performance for securitised transactions.

As part of this strategy, Capstone now receive monthly credit bureau data from

Experian to identify borrowers that may be showing the initial signs of financial distress

allowing it to direct additional resources to these borrowers. Capstone has developed a

suite of loan modifications, which includes helping to stave off defaults when the loan is

in arrears and a loss is expected on foreclosure, for these borrowers:

Deferral of payments;

Extension of loan maturities;

Changing the interest rate;

Amending capital balances;

Capitalisation of arrears; and

Short sale – where the lender allows a property to be sold for less than the amount

owed on a mortgage and takes a loss.

Each loan modification is dependent on a full re-assessment of the borrower,

including his/her propensity to pay following modification, a revaluation of the

property, and a full adherence to the FSA mortgage guidelines including a new Key

Features document presented to the borrower.

The monthly information from Experian will provide a valuable source of information,

help to build a picture of how borrowers are performing and allow Capstone to preempt

any potential difficulties for borrowers. HML carried out a similar initiative when

it contacted borrowers in Q3 last year, forewarning them of upcoming rate re-sets.

Capstone, by using credit bureau data, can build a wider picture of a borrower,

encompassing all his/her debts, not just mortgage-related, allowing it to see if

borrowers are struggling on other payments, a natural pre-requisite to mortgage

BARCAP_RESEARCH_TAG_FONDMI2NBUR7SWED

The role of a servicer has always been to act in the best interests of the borrower;

therefore, if default for a borrower is avoidable, the benefits would be seen in the wider

mortgage market, as increasing arrears can have a snowballing effect, causing house

prices to fall further and the downward cycle to accelerate.

 

 

 

[ryde]

kegi

well posted, saw that but couldn't lift it out of some barclays report.Like the way they find out your "heading"( not actually in) for arrears via experion credit checks then target you(more like victimize you) very sinister, is that legal? They probably then invent arrears knowing you can,t pay and pushing you onto the road to repo :also have installed some robodialler which keeps dialling you if you go into arrears.

Look at the bullsh.t they spin and get away with, cos results pay.

There is a servicing update presentation accessible through lehmanslive i'd love to see that but you have to log in which defeats me.

Lets hope our mole can dig out some more dirt.

All he needs to find is the one red button.

midge

there is some reason for changing your account number but believe me that lot are the last to go down,

OP THE SECURITIZATION NUMBERS TIE WITH YOUR PRESENT ACCOUNT NUMBERS MAY BE THAT?OR MAY BE IN PREPARATION FOR SETTING UP A NEW HOLDING COMPANY?

Edited December 10, 2009 by ryde

[enoughisenough]

Originally posted by Ryde

 

They probably then invent arrears knowing you can,t pay and pushing you onto the road to repo

 

Probably? Erm yes Ryde... Try definitely. This is the whole business model after all.

 

Massive evidence of this is available including Butler's submission before the TSC and Fulcher's submission to the committee, both of which (I think) you have brought to this thread's attention.

 

I have been through them and they both say the same thing, in regards to your point about ratcheting up so called arrears. Asset strip the equity through unsustainable borrowing and evil default making accounting practices.

I say unsustainable in view of either lending to those who really had no hope of affording (a few in my opinion) the mortgages they took on or unsustainable given the ultra high interest levied and the charges and interest applied. (probably the majority)

 

It all becomes clear when you think of the short term promises to the investors. Who needs a degree in SPV prospectus reading? The implications are clear.

 

Vast swathes of the damned documents are given over to explaining the repo process and the consumers' rights (investor risks) involved in the whole process. The typical maturity/redemption periods are there in black and white. 5 years and get remortgaged or repossessed. Of course since they are trashing the customers credit reference files on what is now likely to be a weekly rather than a monthly basis there is zero hope of the former. A really clever little game. What you pay or do not pay does not ultimately matter. They will have your keys.

 

These figures (i.e the numbers crunched on our accounts) are illusions and so much smoke and mirrors. If you paid these cowboys TWICE what you needed to pay each monh it would disappear down a big vast Wells Fargo hole. When I was asked in my early days to look up Wells Fargo I thought somehow, somewhere someone was having an effing joke. Not now.

 

We are not even going to scratch the surface of this smash and grab raid on the mortgagees equity and all the CIB stuff, all the equitable vs legal, all the FSA complaints, all the 'shut em down stuff' is not going to help one bit, save for saying that at least we went down fighting. Can any single contributor to this thread PLEASE tell me the following:

 

1. Are Capstone one of the four (or six... the FSA let slip six even though they had originally said 4) that are currently being investigated by the FSA?

 

2. Are CAPSTONE soon out of the loop? (Everybody leaving...?). Or are they being wound down? If they are out of the loop why would Homeloan Ltd. be any better? Are PwC so stupid not to have a contingency plan. I don't think so.

 

3. Is the Sole remaining director Attia really being prosecuted?. If so what for and how does this affect things on the ground? If being prosecuted that means papers have been passed to the CPS and they have decided to proceed. Is anyone really privvy to this?

 

4. Why is SPPL dead but still able to issue claims?

 

5. Why is SPPL dead but SPML is not?

 

I could raise a thousand more questions but why the hell bother? There's too many people all over the shop on this thread and, given that it's no-one's private property who the hell am I to say what gives? But I'm not going to be dissuaded from posting to call things as I see them.

 

The whole thing is based on short termism. Get in, get out and maximise the bangs per buck in the interim. We are stuck with 20, 25 or god forbid even 30 years of this nonsense, and that would be bad enough. Except to say of course that we won't be. We'll just be turfed out of our homes instead, regardless of what we pay.

[ryde]

EIE

Everything you've said is perfectly right.I have not got one solid concrete fact to take to court its all IFS and vague argument without supporting evidence,its driving me insane as can probably be seen from previous posts.

I need rock solid ammunition not tomatoes and I'll fire it at them broadside to the highest level I can get ,I'm so f.cking mad I'll probably get done for contempt.I've spent months going from one red herring(this in no way is meant as any criticism of anyone we all have to explore every avenue) to another just to satisfy myself and all the time there's a clock ticking in the background.

I haven't even got a mortgage with the sh.ts and I've been dragged into their cesspool .I will do anything to bring the b*****ds down, any dirty trick I can think of, is anyone really red hot on a pc?

Can't sleep now, because of the filth.

Look at this sh*t and what has been done,f*ck all again.

Mortgage arrears charges

33. The issue of mortgage arrears charges levied upon people who fall behind with

mortgage payments emerged as a major theme of our inquiry. The FSA’s mortgage

conduct of business rules cover this area and state that:

A firm must ensure that any regulated mortgage contract that it enters into does not

impose, and cannot be used to impose, a charge for arrears on a customer except

where that charge is a reasonable estimate of the cost of the additional administration

required as a result of the customer being in arrears.65

Mr Jon Pain, Managing Director, Retail Markets at the FSA, explained that the rules were

“fairly specific” in this area and that there could only be “a recovery of the costs borne by

the firm” and the rules were “not designed to allow the firm to generate a profit from

handling arrears cases”. He explained that, whilst the rules allowed for the recovery of

costs, they expected charges to be “proportionate to the costs involved”.66

34. Which? told us that they were “concerned about the levying of excessive charges on

consumers in mortgage arrears” and that these excessive charges worsened the financial

position of consumers already in mortgage difficulties.67 Dominic Lindley, Principal Policy

Advisor for Which?, explained that some lenders were “imposing charges of £50 or £60 a

month” on people who were in arrears.68 In its written submission Which? expanded on

Mr Lindley’s statement and explained that firms were levying a variety of fees and charges

on consumers who fell behind with their mortgage payments, including:

64 Ev 79

65 FSA, Mortgages: Conduct of Business, January 2007

66 Q 209

67 Ev 59

68 Q 31

18 Mortgage arrears and access to mortgage finance

• charges of £25 to £35 for missing a payment/direct debit, which could be on top of any

fee levied by the consumers’ current account provider for missing the payment;

• charges for sending letters/making telephone calls of up to £35 for each occasion;

• monthly administration charges when a consumer is in arrears ranging from £25 to

£60; and

• charges incurred if the lender makes an appointment for the consumer with a debt

counseller or collection agent of up to £150.69

Table 1: Examples of mortgage arrears charges being levied by lenders

Capstone

(Preferred and

Southern

Pacific

mortgages)

£60–rising to

£115 a month

when they have

instructed a

solicitor

Source: Which?

Mr Lindley said that lenders had “not justified these charges in any way”. He gave the

example of one lender whom the FSA had found “trying to recoup its advertising costs

against these charges” which Mr Lindley asserted was “totally against the rules”.70 Mr

Lindley told us that Which? wanted to see the lenders “open their books and justify these

charges and provide a full breakdown of what this £35 or £55 a month is actually supposed

to cover in terms of administrative cost”. Which? wanted to see not only “lower charges”

but also to see all charges suspended where a consumer had “made an agreement with a

lender to repay their arrears”.71 Ms Edwards picked up on this point, telling us that Citizens

69 Ev 61

70 Q 35

71 Q 32

Mortgage arrears and access to mortgage finance 19

Advice Bureaux had seen a lot of sub-prime lenders charging customers in arrears even

where the borrower had made a repayment arrangement with the lenders and was sticking

to the arrangement.72

35. Both Which? and Citizens Advice referred to debt advice charges being made by some

lenders.73 Citizens Advice said it frequently saw cases “where lenders have charged £100 for

one of their debt counsellors to visit their customers”, with many lenders “making

compulsory charges to borrowers for debt advice” before they would “negotiate over an

arrears plan.74 Sue Edwards said that £100 charged for a debt counseller seemed to be “very

steep”, but noted that such fees were commonplace, even in cases where Citizens Advice

were already negotiating with the lender on the client’s behalf.75 She referred to one lender

who had asked Citizens Advice to “pay a £60 charge in order to deal with them”.

36. We asked industry representatives whether they agreed that some lenders were levying

excessive charges on people in mortgage difficulties. Responding to the specific charge

about some lenders continuing to charge arrears fees even where an agreement had been

reached with the mortgage holder to pay off the arrears, Ms Jackie Bennett, Head of Policy

for the CML, explained that its industry guidance was against such practices. She justified

arrears charges as being permitted under the rules “for the additional work that having

someone in arrears can cause”, and went on to explain that there was a “balance to be

struck” in this area and that “if the cost was not borne by those people in arrears were not

charged it has to be passed on to the wider population”, such that “everybody’s mortgages

would be more expensive”.76 Mr Adrian Coles, Director-General for the Building Societies

Association (BSA), suggested that the problem of excessive charging was concentrated in

the specialist or sub-prime sector. He argued that “building societies especially are not

guilty of the crime that is being suggested”, adding that he suspected that “most

mainstream lenders would also come into that category”.77 Ms Bennett said that where

excessive charges were being levied these could be investigated by the FSA.78

37. Jon Pain acknowledged that the FSA had found instances of “inappropriate” and

 

sorry for mess from a pdf doc anyway of posting this as it stands??

Edited December 10, 2009 by ryde

[wot2do?]

You two sound like Suetonius asking for facts and evidence. Remember what happened to him. Certain posters had nothing except personal insults and silly comments about drugs.

 

I am not critasing either of you. I agree, just be warned that calls for hard proof do not look like they are welcome here.

 

I have been in the back ground reading these threads daily and hear say appears to rule

Edited December 10, 2009 by wot2do?
Spelling mistakes - now corrected

[ryde]

dear wot

thats cos its all weve got weve been chasing rainbows, you can't go to court with hearsay.We need official announcements were LIP'S against barristers and who takes notice of us unless they're punched in the face with it.Don't care what anybody thinks or says we're all on the same journey and the enemy is out there and they hold all the trump cards.(at the moment).

Never give up

Never say die

Never in the field of human conflict will so much be owed by so many to so few.

The enemy's at the gates.

Death to the oppressor.

Edited December 10, 2009 by ryde

[enoughisenough]

And how many of my posts have you read. I offer plenty of concrete stuff. I just ask the same of others. And with due respect to Seutonius I'd hang up my keyboard here and now if my posts ever were said to be comparable to his. Sue will hopefully know what I mean by this as there is no obvious offence intended. Or for that matter oblique offence. You won't find any of Sues posts using intemperate language to describe our various regulatory or TPA friends. You will find plenty of mine and Ryde's.

[ryde]

EIE

Youre a film buff, great film on film 4 at the moment the new world by terence malick (badlands ,thin red line etc) if you haven't seen it would highly recommend, the scores mesmerising,takes you away from yourself if you can get into it.

[ryde]

FSA enforcement

49. We requested evidence on the action that the FSA took against lenders who breached its rules in this area as well as its broader regulatory approach towards enforcing its ruleson mortgage arrears. As we have noted previously, the FSA announced on 22 June 2009 that four firms had been referred to enforcement and Ms Lesley Titcomb, Director Small Firms and Contact at the FSA, also informed us that the FSA was considering referring a number of other firms to enforcement.92 We asked Jon Pain how long this enforcement action would take to complete. He told us that the length of time would depend on “their level of complexity, but three to six months is a normal part of that process.93

 

The 6 months is almost up so when are the sh.ts gonna get done.?

Everyone should read this at this link if you haven't already,its too much to post.

http://www.publications.parliament.uk/pa/cm200809/cmselect/cmtreasy/766/766.pdf

 

You will see.... "which ,the cab and shelter" are great crusaders for our cause and should be applauded, we have not been abandoned and its thanks mainly to them that changes might be made,theyre the ones that have kicked the toadies at the fsa up the ass .If only we could pin the whole of this forum to one of their flags?

 

heres a clue to who the gang of 4 now 3 are

The FSA has carried out a review which focussed on specialist lenders who are no longer lending and third party administrators, and the way these firms treat struggling borrowers.

 

40000 people have lost their homes while this lot have been f.cking about.

The nazis didn't do as much damage as this lot have done during the blitz and fortunately they weren't discriminating they bombed the bloody banks as well.

DON'T THE TWOTS REALISE THAT ALL THE TIME THEY ARE PREVARICATING SOME POOR SOD IS HAVING THEIR HOME REPOED POSSIBLY ILLEGALLY.

Mad as hell and I aint taking it anymore.

Look at the time again.

ITBG's done it .

Action tomorrow(today!) not words.

Edited December 10, 2009 by ryde

[ryde]

Calmed down now.

The current situation as I see it (OP),is that everyone has individual problems the one thing in common being arrears either real or invented,whatever is dug up and posted either stops here or is used in an individual cases with a local DJ.

People are still getting repoed daily by this shower whilst the FSA drags its feet.We have a GMAC situation ongoing,people who have been repossessed will be allowed to claim some meaningless compensation when their home has been taken illegally away from them because the amount of arrears stated was unjustified or fictitious and the filth have stripped all the equity out of it by repo fees and underselling which won't be included in the compensation without litigation,you can bet on that one.

 

We must put pressure on someone to suspend the repos whilst this lot are investigated cos it could be you next.There were 2 desperados yesterday and thats just the people who have found this site,its gonna escalate.

The only way to do that is by direct contact with the crusaders for our cause with clout which are all mentioned in the above report.

I don't know how this works but can we get the site team involved in this? This is just one of loads of threads and theres several others on the web.

Maybe we need a simple template letter like ITBG's to the FSA.

Has to be an action en masse to be taken seriously.

 

Lets get something going now before its too late, theres nothing to lose.

[JonCris]

If you haven't read it .

this is from a US case think maybe JC may have posted it.

I have read and reread it and it can't but not fit the case over here, it fits the scenario I posted on the other thread whereby neither A B OR C COULD SUE at some point in time even if as I believe the original lender is tied into the the trusteeship set up by the investors the bit in bold would knock that out of the water .Replace MER with Capstone for thats what they are book keepers pretending to be the head Librarian.

This is your defence Ryde hand it to the Judge and say get out of that [sir] pretty please]

ARTICLE

The real parties in interest concealed behind MERS have been made so faceless, however, that there is now no party with standing to foreclose. The Kansas Supreme Court stated that MERS' relationship “is more akin to that of a straw man than to a party possessing all the rights given a buyer.” The court opined:

“By statute, assignment of the mortgage carries with it the assignment of the debt. . . . Indeed, in the event that a mortgage loan somehow separates interests of the note and the deed of trust, with the deed of trust lying with some independent entity, the mortgage may become unenforceable. The practical effect of splitting the deed of trust from the promissory note is to make it impossible for the holder of the note to foreclose, unless the holder of the deed of trust is the agent of the holder of the note. Without the agency relationship, the person holding only the note lacks the power to foreclose in the event of default. The person holding only the deed of trust will never experience default because only the holder of the note is entitled to payment of the underlying obligation. The mortgage loan becomes ineffectual when the note holder did not also hold the deed of trust.” [Citations omitted; emphasis added.]

MERS as straw man lacks standing to foreclose, but so does original lender, although it was a signatory to the deal. The lender lacks standing because title had to pass to the secured parties for the arrangement to legally qualify as a “security.” The lender has been paid in full and has no further legal interest in the claim. Only the securities holders have skin in the game; but they have no standing to foreclose, because they were not signatories to the original agreement. They cannot satisfy the basic requirement of contract law that a plaintiff suing on a written contract must produce a signed contract proving he is entitled to relief.

 

go get em ryde but just in case give him the old nod and a wink when you go in.

 

kegi

 

Judge cancels LI family's mortgage, berates lender

 

November 25, 2009 By JOHN VALENTI. AND JENNIFER SINCO KELLEHER. [email protected]., [email protected]

A Suffolk judge awarded a Long Island family their East Patchogue house, wiping the slate clean on their mortgage debt and ruling that the bank holding their home loan had acted in a manner "so completely devoid of good faith that equity cannot be permitted to intervene on its behalf."

In a terse, no-holds-barred decision rendered Nov. 19, Suffolk County Supreme Court Justice Jeffrey A. Spinner.

 

 

Remember the principal of comity :D:D

[ryde]

Joncris

the big problem

"Without the agency relationship, the person holding only the note lacks the power to foreclose in the event of default. The person holding only the deed of trust will never experience default because only the holder of the note is entitled to payment of the underlying obligation. The mortgage loan becomes ineffectual when the note holder did not also hold the deed of trust.” [Citations omitted; emphasis added.]"quote

Eurosail prospectus clearly indicates the agency relationship or words to same effect.

So no go here.Securitization in the states is different to that here usually a full true sale (on paper at least),been through it all a dozen times.

Waiting for kegi to report in.

Does anyone know how I can contact the site administrators?

Edited December 10, 2009 by ryde

[zither]

Has anyone heard of Preferred Mortgage Collections Limited? This is a new one on me I thought all the collecting was done by Capstone?.

[ryde]

zither

think it may have been their admin/collector before capstone replaced it as admin/collector a few years ago,just a collector account for your repayments.No doubt still listed at CH along with others,wonder if there are any directors?

[zither]

Ta ryde, its just Iam a bit sceptical about any communication I get from craptone, seems strange they are changing account numbers?.

[ryde]

eie

1. Are Capstone one of the four (or six... the FSA let slip six even though they had originally said 4) that are currently being investigated by the FSA?

 

answer. own opinion yes based on rumour/hearsay and value judgement reading through the lines of various reports ,but it will be spml/pml etc who get done,when ,is anybodies guess.BEEN 6 MONTHS NOW.

 

2. Are CAPSTONE soon out of the loop? (Everybody leaving...?). Or are they being wound down? If they are out of the loop why would Homeloan Ltd. be any better? Are PwC so stupid not to have a contingency plan. I don't think so.

ANSWER OWN OPINION:NO but a cert to be sold on at some stage,will not affect us.

 

3. Is the Sole remaining director Attia really being prosecuted?. If so what for and how does this affect things on the ground? If being prosecuted that means papers have been passed to the CPS and they have decided to proceed. Is anyone really privvy to this?

 

Answer:Failure to submit accounts. If she is, will get a hefty fine won't make any difference to us, FSA probably won't even inform anybody.You saw their answer to sced.

 

4. Why is SPPL dead but still able to issue claims?

answer :Same as all the other lot 'a wholly owned subsidiary of SPML( all debts assigned to them) who are a wholly owned subsidiary of restefan etc right the way up to Lehmans who are in admin. still can't work that one out.pwc are calling all the shots ultimately, they stuck the whole lot up for sale last year,evidently all fell through and is still going even stronger today.Obviously fixed by PWC.

 

5. Why is SPPL dead but SPML is not?

answer as 4 , SPML seperate legal entity still apparently solvent, have promised to submit accounts according to a previous post by sced?

 

INSOLVENCY QUESTION:LONG PROCESS IF THEY BOTHER TO INVESTIGATE :AS PROBABLY BEEN PALMED OFF ON THIS ISSUE AND ALL THE OTHERS BY PWC as itbg says.

 

All own opinion.

Regards to mrs enough !

Edited December 10, 2009 by ryde

[JonCris]

The days of the highly ethical and highly regarded community based bank or building society manager has long gone ..... now the spivs are in charge ....you know the types who would flog their granny if there was profit in it

[ryde]

If they lived on the corner street they'd end up getting pulverised by the locals for what they've done.

The worst american import

[littledotty27]

FTAdviser.com - Lehman looks to sell UK mortgage assets

 

found this which leads to this

 

BlackRock - Investor Relations

 

Which could be why they are changing accounts

 

this is what i have found for Preferred mortgage collections ltd

http://www.ukdata.com/company-credit-reports/PREFERRED-MORTGAGES-COLLECTIONS-LIMITED.html

Edited December 10, 2009 by littledotty27

[ryde]

Blackrock were the favourites to purchase our lot 12 months ago then for some reason it all went quiet.

Problem is whoever purchases will keep it as the same with just a pile of sleeping dormant companies as fronts and wholly owned subsidiaries.

Own opinion,best thing for us if it all went back to spv and noteholders and there had to be a land registry change (big sdlt payment by originator) might just be a chance we might be given a chance to remortgage and would get an incentive to do so ,ie a big chunk of the debt,this has already happened for a few with other sub primers.

Thats why I'm 100% behind the ITBG CAMPAIGN TO BRING 'EM DOWN

WARS COMIN

NO MERCY

CAMPAIGN.

latest news our mole keggers has apparently spread a virus throughout capstone,think all their servers may be down!!!!!!!!!!

Edited December 10, 2009 by ryde