Mortgage Securitisation - Preferred

[supersleuth]

Hi,

 

As I've been saying time and time again, these shysters are overcharging everyone in order to force people into alleged arrears so that they can fabricate the perception that they are entitled to a repossession order. They want to repossess everyone. You must write to them to tell them you KNOW they are overcharging and tell them that you've checked the rates on the LIBOR, BBA website and if they insist on their overcharging you then they are in BREACH OF CONTRACT. Tell them that you will make a complaint to the FOS for their breach of contract. Write to them and play their game. They may well credit you back for their overcharging, but make sure that they credit you back for the compound interest that they have charged you on the erronoeous inflated rate they are currently charging you.

 

With respect to the 8 weeks nonsense, yes they are right...so go along with their nonsense but make the point strongly in your letter that they are in breach of contract for overcharging you...and then if they don't credit you back take it up with the FOS. If you end up in repossession proceedings, then you can use these letters of complaint as part of your defence for their BREACH OF CONTRACT.

[uneverdid]

I will have to wait till my fixed rate finishes but i will be ready for them. I have already been to court for repossession but their representative made a completely balls up and the judge adjourned for them to get their facts right. Anyway i came to an arrangement with them so they stopped the case with liberty to restore although i have had a letter from the court saying that the case will be scrapped completely in Jan 2010 if no futher action takes place. Is this usual practice ?

Gosh how i despise them they treat you like dirt and wonder why you get annoyed with them on the phone. I think they are shocked when people challenge their actions and ask them question after question oh how i love to imagine them squirming on the other end of the phone. Well we wont let them get away with it NO WAY

[iconoclash]

Hi - yes as some already know - they will do anything to get away with this stuff - I spoke to Southern Pacific this morning and they answered the phone as Capstone. They first denied having any records of our previous mortgage - then they found it but had no record of my SAR but have managed to bank the cheque! - they now say it must be in a suspension account? and I now have to provide the chq number etc etc before they will action my SAR!! This company sold us a secured loan a few years ago and then converted it into a mortgage but I never questioned what happened to the ERC of the loan - they must have paid themselves that I guess- its all very messy and includes a suspect brokers fee in the total credit column for the loan - so - trying to get the files to sort it out but looks like its going to a long haul. (so nothing new there then:-))...

[mercyblue]

the libor rate that capstone will be using will be 2.01% as that was the libor rate on march 1st actually march 2nd as the 1st was a sunday. It wouldn't matter what it was on the 27th feb the rate is reset on a 3monthly basis on the 1st of the month march been one of them. Hope that clears that up.

Having said that not had a letter of crapstone telling me what the new figure is and its the 18th today...

[brassed-off-2]

Like you Mercy Blue, we too have had no letter notifying of the rate change, yet!!!

 

My payment cheque is sat ready and waiting, dated the 1st April..to be posted out recorded on the 26th April, with covering letter to state chq numbers £xxxx for mortgage & £xxxx for arrears as per court papers !!! Just loving this paper trail thingy!!!!

 

They are supposed to give 14 days notice, if i remember rightly!! i asume this is 14 working days notice ?? which means they are way out now !!

 

Think a phonecall is in order later, feeling like giving one of the muppets the run around with my questions today...... Will then follow it up with a letter of complaint...recorded of course!!

Regards to everyone.

B-O-2

[midge61]

Morning

 

According to their website the Libor rate will be 2.05% from 1st March. As my complaint is now being investigated by the FOS I will ask them to check this.

 

I have to say so far the FOS have been very good and seem to know these shy*ers very well!

[mercyblue]

The libor rate quoted is correct you can check it here BBA – British Bankers' Association - Home

[midge61]

It is capstones website that is quoting 2.05% BBA states 2.01%

[mercyblue]

I was wrong earlier when I said they would use the 2nd because the 1st was a sunday. Its just that when I first looked there was no data for the 1st march in the spreadsheet but having looked there isn't any for the 1st feb or january either. No idea why that would be.

[brassed-off-2]

They got there before i could ring, got my letter when i nipped home at lunchtime... Get this.

 

letter dated 09 march 2009.

Please note that in acordance to our lending and mortgage conditions, (LIBOR) applied to your account has changed to 2.05%. The full interest rate that will apply to your mortgage as at 1st March 2009 will therefore be 5.55%.

 

My mortgage was therefore reduced by approx £84.00 on 1st march, they must have used the difference from the payment they recieved against the arrears ??? still waiting on my statement that was promised in last weeks letter before i can work that one out....

 

B-O-2

[JonCris]

SS is correct this is same [problem] that Providian pulled in the States. They 'lost' payments only to 'find' them AFTER the due date enabling to charge penalty fees. As a result they were prosecuted by the Attorney General & some officers of Providian may even have gone to prison

 

This is a similar sort of [problem] in that as soon as your in default for any sum of money you trigger their contract with the bond holder which requires you being repossessed in order to repay the said bond holder........& the bond holders are desperate to realise their assets

 

It's also the main reason why, despite government assurances, repossessions have rocketed

Edited March 18, 2009 by JonCris

[mercyblue]

brassed off they use 1st march to set the rate for the next three months. If you look at the last letter off crapstone it will list the jan-mar payments you get these letters even if you are on a fixed rate and the amounts are not changing

[uneverdid]

Hi i have to say i have never received any letters regarding interest rates. I have a fixed rate that moves to libor + 3.9% in June so im hoping that i will get advance warning of what my new monthly payment will be.

[the main man]

Countrywide Financial Americas largest lender also got caught out losing and withholding payments made by customers, not only that, they fabricated documents to show it. The Judge described this as a 'Smoking Gun'

 

 

Lender Tells Judge It ‘Recreated’ Letters

 

http://www.nytimes.com/2008/01/08/business/08lend.html?pagewanted=1&_r=2

Edited March 19, 2009 by the main man

[JonCris]

Countrywide Financial Americas largest lender also got caught out losing and withholding payments made by customers, not only that they fabricated documents to show it. The Judge described it as a 'Smoking Gun'

 

 

Lender Tells Judge It ‘Recreated’ Letters

 

http://www.nytimes.com/2008/01/08/business/08lend.html?pagewanted=1&_r=2

 

 

Aren't these people just the **** of the Earth but then we know something very similar goes on in the UK so they ain't alone............not by a long shot

[mercyblue]

uneverdid I dont know why you havent had any letters regarding interest rates I always had them every three months even through the fixed rate period.

If your fixed rate is ending in june your new rate will be set by the libor on the 1st june. June will be the last payment on the fixed rate.

the current libor is 1.87% and seems to be dropping slightly each day. 1% on a hundred grand is about £86 in interest so that might give an indication of what you mght be paying come the summer.

[Crapstone]

I think they have used the March overpayment to reduce the April payment.

 

Mine says the same 2.05% LIBOR from March 1st with letter dated 9th March and new rate is 5.80%.

 

£329.12 due on 1st April

£420.68 due on 1st May

£420.68 due on 1st June

 

I'm sure I used to get letters in advance of the change and not applied after it. It's a big reduction in Aprils payment of £91 so has the LIBOR rate dipped that much?

 

If they are late applying the lesser rate them I'm surprised they haven't tried throwing in a charge for overpaying on the mortgage the month before.

 

I don't think Mr Malek will appreciate my letter to him that I sent today pointing out the error of their ways but it's tough at the top and it's time to get tough with them. I've had 6 years of their excuses and it's time that they were made to answer questions.

[uneverdid]

Hi Mercyblue thanks for your reply.

 

I am so sick and tired of this shower of plonkers. I have never received any letters re;interest rates.

Another query can they add all their charges for late payments etc on to the arrears figure they quote the letters i receive show that i have missed 8 monthly payments when in fact a third of that amount is made up of charges. I thought the charges were added onto the total balance outstanding. Hope i have explained that clearly.

 

Thanks N

[bustthematrix]

Supersleuth

 

Just wanted to say thanks to you for all your posts. It makes very very interesting and encouraging reading. You've been a great help.

 

I hope that justice prevails in all our efforts.

 

Vincenta

[bustthematrix]

.... The media will keep on with the propaganda phrase that these are "toxic" assets, but in fact, when you read the returns in the investor's reports you will see that these a highly performing and excessively profitable assets. The public are being well and truly creamed!

 

Yo Sleuth...you really ARE Super, man!

 

Know anything about fractional reserve banking and the creation of money??? Takes the '[problem]' to a whole new level!

[bustthematrix]

Consequently, in my case, I am currently considering (and probably will) issue a high court action against my SPV soon. It's about time they were put on the public platform to answer for their abuse, extortion, breach of contract and criminal activities perpetrated against the borrowers.

Supersleuth

Super, did you go through with this, and why the High court and not a lower court? From your posts so far, it look like you've been to court a few times and litigated for yourself? I understand that unless you are a quailified solicitor/barrister, you won't be able to do this at a/the High court (is there more than one?).

Are you a legal practitioner?

Lastly, why take your SPV to court and not the "lender" that sold your mortgage onto them?

[bustthematrix]

 

The real joy here is that the City seemed to think that securitisation is too complicated for us mere mortals to understand....seems they totally underestimated us. We do understand. We understand being shafted and we can unravel their skullduggery!!! I really think the cat will be right out of the bag soon.

 

Keep digging

Supersleuth

 

Super, you're making my weekend! I love your posts and your fighting spirit!

 

Much success to you man!!!....er u r a bloke right?

[bustthematrix]

Supersleuth, kindly please indulge me

 

1) With all the subprime mortgage mess that led to the 'credit crunch', are there any securitisations still taking place? I thought this market was now 'dead' and has been for most of 2008, both here and in the US?

 

 

I can state with firm conviction that the lenders do sell the legal title. The actual contract of sale between the bank and the SPV which I have inspected states the words:

 

"The Seller sells AN ABSOLUTE ASSIGNMENT WITH FULL TITLE GUARANTEE and the Buyer accepts AN ABSOLUTE ASSIGNMENT WITH FULL TITLE GURANTEE".

 

Supersleuth

 

2) Regarding your statement above in an earlier post, how in the world is someone challenging their lender/SPV supposed to get a hold of the contract of sale between lender and SPV?

 

Thanks a lot for your insight.

[bustthematrix]

 

What does that mean to you.....they will be going crazy to force every borrower to redeem through overcharging which means people will be force to remortgage (yeah likely now) or through repossession (very likely). They don't honour the borrower's contracts where they are supposed to lend for 25 years. They want their cash and profit now...they don't want to wait.

 

Hope this helps understand why all this c*ap is going on. It's not that these assets are toxic, it the because lenders are toxic!!...and greedy.

 

Supersleuth

 

Oh my God Super! You've just answered a mega question I've had since last year when the US and other Govts started talking about buying toxic assets off lenders to help rescue them! This is it! It's literally just a ploy to take tax payers money, PAY OFF THE SPV INVESTORS, while the real debt risk gets transferred to the public purse/taxpayer!...and if the economies tank and the debts go really bad (unemployment etc), the big boys, in cahoots with the western govts, will have walked away with their profits and its the taxpayer that ultimately loses out. Boy, these guys are not only phenomenally greedy, they are also mega clever! Gotta hand it to 'em - they're smooth!

Smoothly despicable...but justice will have her day. Really enjoying reading all this. The good book says 'knowledge is pleasant to the soul'.

[bustthematrix]

 

I have downloaded the memo from the Treasury Commitee website and converted it to pdf for easier viewing. Download it and take a look it is memo number 107 by Carmel Butler.

 

Thanks Scedminc

 

How goes it?