possession order on my house

[Guest TaffR]

If you are with any of these subprime lenders....write/call them tomorrow.

 

Ask if they are HML (this scares them as they wish to remain invisible as they say on their site)?

 

Ask what services/facilties can/do they provide to help people with short or otherwise, problems in repaying their mortages?

 

Ask at what stage do they start litigation?

 

Ask to speak to a mortgage advisor?

 

Ask if your contract can be modified in anyway?

 

I promise you, you will not get a straight answer.

 

Let them know if they do not tell you these things that you will wriote to the BBC or ITN.

 

Ask now before you get into any problems.

 

You are also right...they can tell by the telephone number they hide behind who is calling and for which client and yes it is answered by just about anyone. There are data protection issues also here as one client therefore can see another clients borrower details and creit scores etc.

 

The blame lies though with HM Treasury and the FSA.

Edited May 12, 2008 by TaffR

[Guest TaffR]

Interesting reading indeed Taffr,

 

GMAC also have this address in skipton, ok this gives me more ammunition.

 

Hi Vickson...slowly, slowly catch the...whatever...

 

There is a lot more, really.

Edited May 12, 2008 by TaffR

[Bona]

I dont have that address for GMAC Bracknell and Padiham Burnley

[Guest Legallychallenged]

Hi have been through some of this myself! Would like to know more - they seem to think it is ok to mess with peoples homes, families and ruin lives for their own profits! Who knows what misery they have caused honest hard working law abiding people with their unscrupulous practices! People buying homes do for for a purpose - to raise a family, have a refuge of their own and be proud in what they do with the home. Then these people come along, decide they can securitise peoples homes and put them at great risk as if you default you are spoiling the credit rating of the portfolio, the fat profits go down so being ill etc. for a couple of months is not something they would even consider or can consider due to restrictions on the SPV eg. Redstone, so basically the poor borrower is stymied!!! Not fair is it!!?? and to make it worse they pick on the most vunerable!!

[Guest TaffR]

Did you know that Skipton own hundreds of estate agents who dont play buy the rules

 

HML are involved from the first time you make an application, the underwriting, the securitisation of your mortgage (sell on the bonds market), the administration of your account, the repossession (via salans, HL Interactive and others), the sale of your property and then chase you for the short fall.....very clever systems and processes.

 

You are a commodity, sorry, but that is all we are.

 

Normally, they will only sell to people with equity in their property and not on affordability...self cert etc....GMAC stood up in front of all brokers at the mortgage show in Manchester in 2006 and just a few yards from the FSA stand answered a brokers question by telling him/them "I don't care about affordability as long as they have equity".

 

(I wrote to them about this at the time...no response)!

 

TaffR

Edited May 12, 2008 by TaffR

[Bona]

GMac undervalued our house by about £100,000 but thr Judge wouldnt have it and told them they were wrong

[Guest TaffR]

GMAC:

SPV's

 

RMAC 2005-NS1 Plc

RMAC 2005-NSP2 PLC

RMAC 2005-NS3 Plc

RMAC 2005-NS4 Plc

RMAC Securities No.1 Plc

(Series 2006-NS1)

RMAC Securities No.1 Plc

(Series 2006-NS2)

RMAC Securities No.1 Plc

(Series 2006-NS3)

RMAC Securities No.1 Plc

(Series 2006-NS4)

RMAC Securities No.1 Plc

(Series 2007-NS1)

 

Some are serviced by HML and others by GMAC directly

 

I actually love the PLC status they achieve....recognise any of the above?

[Bona]

Never had any dealings with any of them Just GMAC for 10 years but I note thry are based at Brants Bridge where Gmacs head office is

[Guest TaffR]

a little more snippets....

 

Admissions below. As of 01 April 2008

 

Are you seeing a

noticeable increase

in arrears levels

due to/since the

credit market

turmoil?

 

 

Capstone -The UK market has been regulated since 2004 and is significantly different from the US; therefore, it looks unlikely that further government intervention is required.

 

HML - There has been a marginal increase between the 1-90 day arrears buckets in the past three months, but not a significant shift.

 

SMS - A noticeable steady increase

 

Capstone - In terms of arrears levels, 2007 > 2006 > 2005, and the trend will continue, with nothing specifically different because of the credit crunch.

 

HML - CPR rates are slowing down, but there has not been a dramatic shift

 

SMS - Definitely see signs that pre-payments are being affected, and expect this to continue

Edited May 12, 2008 by TaffR

[Guest Legallychallenged]

Well people used to be proud to have a mortgage and their own house and were secure knowing that they were with someone like HSBC, The Woolwich and many more well known names. Since this awful practice has grown who knows who your biggest and most expensive purchase you will ever make in your life is now with?? In 25 years you are more then likely to have a problem. Who do you speak to now?? Someone at an office who is qualified to help you? If you are with a proper mortgage company then yes but with an SPV no, just some anonymous person at HML who can only pretend to belong to the 'mortgage company' who can only insist you pay your mortgage or else!!! Thats it! Nothing else they can say! so waste of time calling and wasting money on calls and it makes a mockery of the CML etc advising you to speak to them!! and they will help - believe me I know this happens only too well!!!

[Guest TaffR]

"...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"

 

I hope like me people have a serious problem with this?

[vickson]

Hi Bona

 

I have checked Gmac's letterhead, and it has the brants bridge address, but on the back of the envelope it has "if undelivered please return to box no 12 Skipton BD23 2HL". In fact i always recognise gmac letters in this way.

 

Taffr

 

is gmac one of the SPV administered by HML? is there a list anywhere?

[Guest TaffR]

GMAC are originators (like Kensignton). Their portfolios (SPV's) are listed above. I personally believe that ALL Gmacs mortgage administration/servicing is carried out in Skipton by HML.

[OLIVE.FAMILY]

I think this is going to be very useful to a lot of people. Maybe you should start a new thread with the all of this info so that it stands out a bit more

 

Thanks for that.

[Guest TaffR]

Hi Olive,

 

I did think about that and was going to call it..."Everything you wanted to know about the subprime market and your mortgage but were too afraid to ask..." but I dont know how to start a topic LOL!

 

On a serious note...my aim is only to add value and let people know the truth as I have found it...the real scandal is in the set up and can be legally challenged!

 

Remember "....your home is at risk if you....go with a subprime lender"

[Bona]

All my Corresondence from them came from brants bridge and since our mortgage was redeemed in 2005 I ahve been dealing with Bracknell where all there top guys are I assume that as I was in arreas with my mortgage from about six months after we took iy out for 6 years they never transferred it bad risk

[Guest TaffR]

A word on a visiting debt councilor...

 

They charge £40 to the client

They are normally out of work/redundant from quite diverse backgrounds which are not financial sectors

They only visit so that the lender can say they sent someone (lip service/sham to passify FSA/CML)

They cannot make any agreement with you but will report back with your income/expenditure so the 'lender' can use against you (remember they cannot modify/change or agree anything with you to repay the arrears as your mortgage has been securitised and they do not employ mortgage advisors (SPV's cannot employ people direct)

The lender then charges you up to £100

 

It's true...

[vickson]

Bona

 

the actuall letter has the brants bridge address, but on the envelope the return address is skipton, maybe someone is making a mistake and putting gmac letters in skipton envelopes.

 

they have never transferred me too, maybe im just high risk and they wanna repossess as soon as poss

 

I myself have written to gmac at innovation house in Paddiham,

their registered office is brants bridge bracknell. but whats with the skipton envelopes.

 

Taffr

 

So its a fact that when i call gmac to explain my situation and try to come to an agreement, I am not actually speaking to gmac but a 3rd party, which can not help me at all.

[OLIVE.FAMILY]

ok, I have tried to do a very quick search to see who actually operates from 1 Providence Place, Skipton. As you would expect I came up with HML through the Skipton Group website.

 

Couldnt find any body else. Where can we find this info. A few of us, myself included have our own legal battles. I am currently taking Kensington on and have already found a few floors that I can get them for. This little lot will also help I think.

 

We were sod our mortgage by TML and what a coincidence they had the same headers and borders on the letters as Kensington. They charged us a fee to arrange this. That cant be legal as they were supposed to have searched the market for us and come up with our most suited.

 

Olivesxx

[Guest TaffR]

Interesting reading indeed Taffr,

 

GMAC also have this address in skipton, ok this gives me more ammunition if I go to court.

 

They have duped us into thinking they are true companies, is this why the sell on mortgage loans to Mortgage express derbyshire and co.

 

I shall be doing more research on this

 

Yes, as they convinced the FSA not to tell consumers about securitisation. In every subprime mortgage contract there is a clause to the effect:

 

"we can sell or transfer your mortgage to anyone at anytime etc etc"

 

Securitisation is agreed up to 12 months ahead with an investor so they know at the time of acceptance that your mortgage is being sold on... The FSA rules (MCOB) say that if the lender knows at the time of accpetance then they must tell the borrower at the point of acceptance.

 

GMAC are an orginator (mortgage term) which means that is all they do. They will sell the mortgage whole or retain the 'administration' duties (HML again) on which they receive an income from the investor.

 

None of these have savers or high streey outlets...they are letter-head companies at best but your mortgage has been securitised which mean they cannot provide you with the same facilities as traditional mortgage companies.

 

You also didnt know that your mortgage is now just a debt!

 

This is the pretence that does not stack up to arrears management and advising your 'lender' of a problem only alerts them to possible litigation action from the first missed payment. You are meant to believe that they are a normal mortgage company otherwise the subprime market would fail.

 

When is a 'lender' not a 'lender'?

 

Taff R

[OLIVE.FAMILY]

One more thing. Is it just my imagination or does orange seem to be the latest graze for borders and titles.

 

Kensington, TML and GMAC all have the same shade of colours. GMAC customers try and do a Kensington Mortgage Company search and see what you think.

 

Olive

[Guest TaffR]

ok, I have tried to do a very quick search to see who actually operates from 1 Providence Place, Skipton. As you would expect I came up with HML through the Skipton Group website.

 

Couldnt find any body else. Where can we find this info. A few of us, myself included have our own legal battles. I am currently taking Kensington on and have already found a few floors that I can get them for. This little lot will also help I think.

 

We were sod our mortgage by TML and what a coincidence they had the same headers and borders on the letters as Kensington. They charged us a fee to arrange this. That cant be legal as they were supposed to have searched the market for us and come up with our most suited.

 

Olivesxx

 

 

HML - Homeloan Management Ltd

 

They are owned by the Skipton Group.

 

They sold TML last year and in December TML went bust.

 

You are right.....the letter head is there to con you and it is HML systems that do all of this.....actually HML were involved in the now automated underwriting, acceptance and now admin ot your mortgage.

 

KMC have one office in Reading which is (was) theirs which was thier sales arm dealing with brokers etc...the only other location they have is HML in Skipton and a HO in London where all the fat cat directors sit!

Edited May 12, 2008 by TaffR

[vickson]

Question.

 

So how do you know that your mortgage has been securitised, is this when they tell you its been sold to so n so? or maybe i just dont understand the term.

 

Olives

 

yeah the blue n orange is suspect.

[Guest TaffR]

TML (remember them off the TV)?

 

They were what are called a tied-in broker...they only sold (with an aim to complete a defined portfolio of a specific status) for KMC...they normally gave the impression that they searched the market and Hooray!!! Found a lender which will accept you...but they only sold on behalf of KMC.

 

KMC today is a shell of what it was...it is now the reminants of the portfolios that remain to be administered on behalf of an investor but they do not actually own your mortgage any more.

Edited May 12, 2008 by TaffR

[Guest TaffR]

Question.

 

So how do you know that your mortgage has been securitised, is this when they tell you its been sold to so n so?

 

If it is subprime then it has either been sold as a wholesale loan or securitised (same thing really). If you were with one company one day and another the next....it is!!

 

Securitisation has been around for a long time...as a financial instrument to spread risk etc....over the last years it is being used in the mortgage market (Mortage Backed Secutities) but here they need to utilise deceitful tactics to make you believe something that is not. Securitisation is not at fault here it is the manner and way they have been allowed to set up that is.

 

It fails.... as 87% of all repossessions are subprime today and its growing, long before the credit crunch....due to the set ups created and the lack of any assistance to those borrowers that they preyed upon to make thier quick profit.

 

Brokers get paid on acceptance

Orginators borrow money based on your mortgage and sell it on (the risk too) to an investor and thus they get thier slice of the pie at this stage

The victim is you.

 

Subprime was set up to help the adverse get on the property ladder, Gordon Browns Sustainable Home plan...he boast 1.8m now own thier home...no, a third of these are being repossessed and everyone is profiting. Shelter then has to rehouse these familes. The Government has made a great savings in NOT providing council houses.

 

Everyone wins except the borrower who has early repayment fees, attracted in by teaser rates and will be repossessed at the very first missed payment. Remember, it is arrears they take you to court on and not your recommencment of payments. They are NOT mortage companies as we know them.

 

Taff R

Edited May 12, 2008 by TaffR