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

[ryde]

can someone simply explain if pricewaterhouse are administrators for the lehman uk group etc and have tried to offload both capstone spml pml et al they surely must be in overall control of these entities who are part of lehmans assets so are administering them whilst trying to find a buyer.So are spml pml etc entitled legally to bring an action for repossession or any legal action in their own name.I cannot understand this if I WENT BANKRUPT AND OWNED SEVERAL LIMITED COMPANIES THEY WOULD FORM PART OF MY ASSETS AND BE RUN OR ADMINISTERED BY MY TRUSTEE IN BANKRUPTCY ie the official receiver WHO WOULD BE THE ONLY PERSON ENTITLED TO BRING ANY LEGAL ACTION.SUETONIUS COULD YOU EXPLAIN PLEASE

[ryde]

thanks for reply crapstone you must be an insomniac like me and this shower has played a big part in this,I need retribution.!!!!!!!!

[ryde]

was looking at the Eurosail prospecti ! on the Irish stock exchange which run to 200 plus pages some appear to disclose mortgage numbers some don't unfortunately .Then noticed that several were marked suspended,don,t know what this exactly means or its relevance to us but worth a look and investigation.

[ryde]

Have I GOT THIS RIGHT So this actually means that the mortgage can be removed/DELEVERED from lehmans bankrupt estate and assets by the investors/noteholders due to the contractual promises lehman made in the prospectuses? if this is so what would be the implications of this,they could be explosive.The INVESTORS obviously want their capital back quickly and are not prepared to have to make a claim on the whole lehman estate where they might after a long wait get 10p in the pound.???????!!!!! NO WONDER MORTGAGE PAYMENTS ARE GOING DIRECTLY INTO THE SPV ACCOUNTS THE INVESTORS MUST BE TEARING THEIR HAIR OUT BUT FROM WHAT I CAN GATHER THE INVESTORS SEEM TO HAVE THE JUDGE ON THEIR SIDE.SOME PRETTY GOOD DETECTIVE WORK ITBG

Edited September 27, 2009 by ryde

[ryde]

Problem for lehmans is they are insolvent and havent any assets thats why theyre trying to wriggle out of this.The noteholders and equitable owners of everyones mortgage are trying and succeeding in de levering these pools of mortgages away from lehmans,they would then own a huge tranche of mortgages which one would assume would then be sold to the highest bidder.this is understandable from their point of view as a claim against lehmans will take years,the spvs are not producing the returns and any claim on lehmans assets will be diluted by all the other claims.

[ryde]

Surely if spml ,pml cannot service the spvs hence peoples mortgage payments are being paid directly into these accounts TO PROP UP THE REPAYMENTS they are both trading whilst insolvent which I THOUGHT WAS A CRIMINAL OFFENCE. the irish stock market reports various eurosail entities suspended and I saw something where one eurosail fund? had failed.SEEMS LIKE IT IS JUST A QUESTION OF TIME.

[ryde]

if the legal title holders in our situation are spml and pml even though some other intermediary may be holding it on trust ,who is going to want to buy their mortgage books now with what appears to be the current obligation to and the legal action being taken by the investors.?No wonder they could not be sold.

[ryde]

In normal bankruptcies if someone has an interest in a property the other parties are allowed to buy that share from the official reciever.I know someone who bought their bankrupt partners share for £1 because the property was in negative equity.Could this in any way apply here I would think the equitable owners have quite a large stake in most peoples properties.I would think the investors will de lever the mortgage portfolio from lehmans and then sell it on to another player to get as much of their capital back as possible or yet another similar operation may be set up under a different name but the best hope is that all this lot go into liquidation at least there might be some power of negotiation then.

[ryde]

If all these entities are insolvent as stated by ITBG,which makes sense as they have no back up funds to service their debts anymore only what is actually being paid in by the mortgagors as payments to the investors/bond holders(through the spv) and if they are not in administration surely they are committing a criminal offence by trading whilst insolvent(and should be reported but who to?) and being limited companies their debts will also become the liability of the directors?payments from the mortgagors at the current %rate may be nowhere near the %rate required to service the spvs because when the notes were issued interest rates were considerably higher(the returns promised to the investors needs to be investigated) so every day that passes means bigger liability for spml/pml and the like leading to one immense ever deepening black hole.Does this make any sense?

[ryde]

GR Surely the whole point is that the investors holding only the beneficial title to everyones mortgage have absolutely no security for their investments at all they cannot take action against the mortgagors if they default,they are not receiving the returns on their investments,there is a danger the whole lot will get tied up in the lehmans bankruptcy the only thing they can do for their own security is to take legal action to recover the legal titles because their payments have been defaulted on, which then gives them control,is this not going on now in the high court and the american courts?The legal title is all as it gives the power of sale.

 

Who was the actual legal guarantor for the investors in these mortgage tranches,there must have been some underwriter or investment bank who carries the ultimate responsibility.?It must have been some arm of lehmans?Could someone clarify how this works PML/SPML SELL MORTGAGE POOL TO EuORUSAIL THE SPV WHO THEN SELL BENEFICIAL INTERESTS IN MORTGAGES TO INVESTORS' . EUROSAIL THEN PAY SPML/PML.

WHO ACTUALLY PROVIDES THE CAPITAL TO SPML/PML IN THE FIRST PLACE TO PAY THE MORTGAGOR?THE TRUSTEE APPEARSTO BE BNY.?WHO BEARS ACTUAL RESPONSIBILITY FOR THE HUGE SHORTFALL,WHERE DOES THE DEBT LIE?

Where is all this going and what is everyones' ultimate aim or object? To renegotiate your mortgage at a high st lenders rate?I bet all these posts are being monitored as its one of the first things you see when you do any search on the guilty parties capstone spml/pml who as long as they stay solvent are still registered at companies house(despite overdue accounts) are still legitimate in some way and in charge Everyones stuck with them unless someone wins a test case.I am involved in litigation with them now (and I DON,T EVEN HAVE A MORTGAGE WITH THEM) give me some ammunition about misselling unfair contract or anything and I'll fire it for you ,I will do anything to bring them down,they gave a mortgage despite a restriction being on the land register to 2 people on the dole with the idea that it would bypass the restriction (which in normal cases it would),the mortgage was missold the 2 people never filled in a form it was just signed, the rest (income etc ) filled in by the broker,no checks at all were made on income or the ability of the borrowers to repay the loan despite what it says in the eurosail prospectus ie.responsibility of pml/spml in approving the loans.the valuation of the property was at an undervalue because they knew the borrowers would default and now they are trying to repossess it and get around my restriction.the brokers fee was £2000 by the way.this has all been going on for 3 years.Apologies for that rant but it is just so frustrating these people always get away with it and live the life of luxury at others expense and misery.

Edited October 1, 2009 by ryde

[ryde]

I have a nasty feeling this is all heading back to the dreaded PENDER case again how can the USA case be applied here?In the eurosail prospectus does it not say that SPML PML retain the legal title and are some sort of trustees for the beneficial owners ie spvs then investors?

[ryde]

POST BY SUETONIUS^^^^WHAT A CRACKER.!!!!!!!!^^^^GENIUS everyone now knows where they stand yet again instead of delving into flights of fantasy! .So everyones best hope is a possible complaint to the F.O.S. believe me they are good if you have a genuine complaint,they take a year to hear it and in some cases any repossession action is suspended whilst they look at your complaint just think if they were inundated with complaints about this lot, there is nothing to lose by giving them a go.I got a repossession action cancelled and the mortgage arrears capitalized and switched to interest only when the building society just would not listen,this was all down to the F.O.S.(MIND YOU IT WAS A PROPER BUILDING SOCIETY!who actually subscribed to the scheme)

The only other hope is the current high court actions where the investors are trying successfully to lever away the legal titles from the evil (lehman) empire,which is currently being appealed by lehman

.Just google the eurosail prospectus and the bits you will understand is how cleverly this lot have tied everyone up it even states that they(spml and pml) are agents and can act for the spv in repossessing the asset ie your home.

 

.Are pricewaterhouse trying to renew their administration which expires after a year?

Whatever happened to the capstone spml pml sale and WHO actually was the person or entity putting them up for sale?Price waterhouse? if so what power or legal standing do they have to actually put up for sale 3 seperate limited companies if these are supposedly seperate solvent individual legal entities?not in administration?

 

WHERE THERES A PLAN THERES HOPE.

Edited October 2, 2009 by ryde

[ryde]

itbg see suetonius's post above difference between american and uk securitisation this is absolutely and unfortunately correct in fact in the eurosail prospectuses it states specifically that the sale is subject to uk not usa law,it seems they have not surprisingly thought of everything ,the more you read and eventually understand about these prospectuses is how bullet proof they have made them,I JUST CAN'T FIND ANY ANSWER WISH I COULD.,HOPE YOU OR SOMEONE ELSE CAN BUT WE SEEM TO BE CLUTCHING AT STRAWS.

[ryde]

The problems are that everyone has their own individual gripe,we cannot act collectively or as any sort of force because of this and the only way to any success is weight of opinion in sufficient numbers.I keep saying complain to the Financial Services Ombudsman if you have a legitimate complaint.

1)its free

2)they have a great deal more clout than you think`

3)repossession may be stopped

4)the lender has to pay them £500 to hear YOUR dispute

5)The more complaints they hear about this lot the more its going to cost them ie capstone etc in answering the complaint because it will tie up personell

6)WHAT HAS ANYONE GOT TO LOSE ..... AND A COURT AND THE REGULATORS(F.S.A.) ARE GOING TO MUCH MORE NOTICE OF THE OMBUDSMAN THAN ANY INDIVIDUAL.see the ealier post by jansus these people get results.

 

EIE what exactly is your complaint

Edited October 3, 2009 by ryde

[ryde]

EIE. I like the way capstone speak for spml and pml I suppose they have this authority tell the fos they wont give you a final response because they know the complaint will then be referred to the fos.ask capstone directly for their final response by return if they dont respond send copy to fos saying their lack of response is deliberate. for the above reasons.

[ryde]

Without wishing to appear to be a sycophant he,s right again!^^This needs to go forward and we should all know now legally exactly where we stand ie stuck with PML/SPML AND CRONIES.

The prospectus does outline the lending policy but is this not geared for the peace of mind of the investors? IT REASSURES THEM THAT THE lenders are prudent and make proper checks.

This is a joke because they certainly did not use the lending criteria stated in my particular case

The broker sent a blank form stating sign here and here and then all the other details were filled in by the broker or lender ie pml/spml there were no income checks ,both people were on the dole and they gave them over £100000 remortgage which was defaulted on.PML it appears would give almost anyone a mortgage so they could just add to their list and sell it on via eurosail ie sell on a load of toxic debt, if there was any comebak repossess the property if in default with whatever excuse; or keep banging in high administration fees forcing any borrower in arrears into repossession,the property was usually undervalued in any case. WHAT DO WE DO REPORT THEM FOR THE CROOKS THEY ARE TO THE INVESTORS?

Edited October 3, 2009 by ryde

[ryde]

Is there anyone out there who has a journalist friend or contac if only we could get the press interested in this lot or this forum,what about some sort of online petition calling for investigation and action we,d need to have a theme or list of complaints that need to be addressed and someone with simple organizational skills.?any realistic suggestions or ideas more than welcome,lets get something going for gods sake.We are all spending hours online in any case trying to find some tripwire for the b.....ds

[ryde]

Good on you mate! We need an attention grabbing headline like"FALLOUT FROM LEHMANS BANKRUPTCY,THOUSANDS OF BRITISH HOMEOWNERS IN DANGER OF LOSING THEIR HOMES!!!" THEN THE VARIOUS REASONS CAN BE LISTED,CAN YOU POST THE LINKS... AT LEAST LETS GET SOMETHING STARTED HOW LONG DOES IT TAKE ABOUT 3 MINUTES.ENDLESS DEBATE HERE IS NOT GOING TO STOP THE REPOSSESSIONS,.UNLESS SOMEONE COMES UP WITH A REAL WINNER.

Edited October 4, 2009 by ryde

[ryde]

What exactly is the common ground here ,seems to be the actual mortgage contract with the lender and the unfair charges for arrears.This needs to be specified,usually you have to be 3 months or more in arrears for the lender to take repossession action.It looks like we are going to get nowhere with the spv or title to sue issue.Talking about which can we not petition the sage of this forum Suetonius to suggest an answer as his knowledge bank and access to information appears to dwarf our own

Edited October 4, 2009 by ryde

[ryde]

A lighter flights of fantasy thought.

When you think about it its bloody scandalous really the greedy banks and executives make a mess escape without any liability to fat bonuses and pensions for pushing paper around then sell our mortgages off at a discount rate to a similar bunch of white collar crooks and the whole cycle starts again.

If only we were in a position to buy it back at the same rate.They couldn,t sell the SPML/PML mortgage book at 50p in the pound because the sale was only to financial institutions.IMAGINE GETTING A LETTER FROM CAPSTONE OFFERING YOU YOUR MORTGAGE BACK AT HALF PRICE.

WE SHOULD ALL GET TOGETHER FORM A LIMITED INVESTMENT COMPANY

CAGGERS LTD OBTAIN FUNDING FROM BARCLAYS,THE GOVERNMENT OR THE LIKE AND BUY THE WHOLE LOT BACK AT 50% AND THEN PAY NORMAL HIGH STREET INTEREST RATES BACK.(WE COULD EVEN THEN GET INTO THE SECURITIZATION GAME OURSELVES AND NO ONE WOULD HAVE TO DO PROPER WORK AGAIN!) WE CAN ALL DREAM.

would also save the goverment or rather taxpayer a lot of dosh when they have to rehome everyone,maybe we could get it on the electoral agenda ,what a vote winner.

Edited October 4, 2009 by ryde

[ryde]

better still apply for govt funding or register as a charity helping the soon to be homeless and get lottery funding as well.! and rates rebate from whatever premises we operate from.!

[ryde]

b........r

Edited October 4, 2009 by ryde

[ryde]

b............r sorry about this technical incompetency!

Edited October 5, 2009 by ryde

[ryde]

Mortgage brokers jailed for conspiracy to defraud | MB Mortgages Sercices | Shelton | Matthew Booth | Grant Ratcliffe|

 

see this link I know I have been through it before but its bugging me and someone new looking at this might know,something.Pml in administration.verycatchy7939 believe this must be your local paper and crown court,any chance of getting a transcript of the trial!!!!!!!!!!!!???????.

 

Mortgage brokers jailed for conspiracy to defraud | MB Mortgages Sercices | Shelton | Matthew Booth | Grant Ratcliffe|

 

http://www.ise.ie/debt_documents/Eurosail_7083.pdf

 

check out page 72 onwards of the lending criteria of spml/pml etc this was the guarantee offered to the mugs who invested amongst many other things of interest there are loads of these documents on the irish stock exchange will try and post a link.

Irish Stock Exchange

 

JUST TYPE EUROSAIL IN DEBT SECURITIES AT TOP RIGHTHAND SIDE OF PAGE AND PRESS ARROW.

 

Notice to Noteholders - London Stock Exchange

 

This is an interesting one as well shows how much trouble lehmans are in,this will contain many of our mortgages,can't say I UNDERSTAND IT FULLY THOUGH

 

JUST GOOGLE ......EUROSAIL IRISH STOCK EXCHANGE and look at all the announcements to noteholders some huge claim was made against lehmans on 22/09/09 and notified to noteholders on 29/09/09 Suetonius as our potential saviour and respected resident expert or any other knowledgeable cagger any idea of the implications of this lot?

Edited October 5, 2009 by ryde

[ryde]

Eurosail 2006-1 PLC - Repurchase of Mortgage Loans - InvestEgate

 

Crapstone totally agree with you I bet many have the same story ;all the brokers wanted was their fat fee and probably fiddled the forms to get it hence they are lost.

The two fraudsters above were caught because PML MUST HAVE LOST MONEY BUT AS LONG AS THE VALUE WAS IN YOUR PROPERTY THEY WOULDN'T HAVE BOTHERED.PML AND SPML WERE CRAFTY IF ANYTHING GOES WRONG BLAME THE BROKER.IF THEY WERE ON £2000 + COMMISSION THEY ARE HARDLY GOING TO RECOMMEND ANYBODY ELSE.THIS IS WHERE WE ALL HAVE TO START.SPML HAD TO BUY A LOAD OF MORTGAGES BACK BECAUSE OF DODGY BROKERS WILL POST THE LINK ABOVE.

Edited October 5, 2009 by ryde