Capstone Mortgage Services and Prefered Mortgages

marvin

marvin wrote: »

I have put in a query with PWC to see if they can shed any light.

If anyone else wants too then the contacts page is http://www.pwc.co.uk/eng/publications/lehman_brothers_contact.html

I have today had a lengthy email reply from PWC on the Lehman's situation, nothing specific about Capstone however Preferred Mortgages is apparently being administered in the US by the US administrators.

Its a long email and they would prefer it not published so if anyone wants to see it please PM me and I will send it too you.

banks4u

Oh my god, I am so glad I chose not to work at Capstone. I knew they were a mess but not this big of a mess. Good luck to you all who have to deal with capstone. If you ever have a complaint put it down in writing and they have 8 weeks to reply then write to the financial ombudsman they look into your complaint. Also suitabilty letters are required for cases that are stated as recommended. (see your offer if it says advised) you should have got one. I know this because I used to work for SPML/LMC/Pref before they went under. listen guys just write to them send a £10 cheque and say data protection states that you need all information and payments sent to you in the post because you are unhappy with the way you have been treated. tell them to include all notes and a copy of your file. They must send this to you within 40 days or it is a breech of the data protection act.

banks4u

I will find out more from my friends that actually are managers at capstone to find out more. Also if you are having a problem paying your mortgage use the term " treating customers fairly" and credit crunch and you do not want to loose your property. Also speak to the loan modification team as they can help you look into your mortgage and see if there is an affordable option. But to be honest people.. those people coming off a rate you may be happy to know that Libor is going down so your payments may even be cheaper very soon. I say if you can remortgage away as you will need less income to remortgage as soon as rates go down.

SteveStone

Does anyone know what the current svr is for prefered? my fixed rate ends in feb and i'm weighing up what to do then...

midge61

Hi

SPML svr is 4.25% plus LIBOR if that's any help.

I got all my statements and an arrears statement from them. It took me 2 days to work it out!
It appears they have been adding failed dd payments on to my account when it seems that their bank didn't actually call for the dd so I have written back giving them proof of my payments and asking them to refund the fees.

SteveStone

Thanks Midge,

Ive done some digging myself and found that Prefereds svr is 2.60% + libor (4.04%).

LTS2472

Hi,

My mortgage is with SPML / Capstone.

A letter dated the 23rd of Oct from Captone insurance department (yearly letter asking me to fax / forward a copy of my insurance document from More Than). I'm sure you know the one!
Anyway I had to change the 'mortgagee interest' on the insurance document from SPML to Eurosail 2006-1 Firsts Client. Whoever they are?

Regards,

Les

midge61

Hi

This is from an article in Risk Magazine in 2006
Until recently, Lehman had been structuring stand-alone securitisation deals for its various lenders. Then, in May, it launched its first residential MBS deal from its Eurosail platform, a £735 million transaction called Eurosail 2006-1. This deal comprised non-conforming and near-prime mortgage assets originated by Southern Pacific Mortgages.
Eurosail deals will include assets from Lehman's other mortgage lenders, as well as loans the firm buys from the market. "We have good relationships with most UK mortgage providers," says Maddox. "We have been in whole loan trading for two and a half years now." Lehman also has a relationship with the Alliance & Leicester building society, providing it with non-conforming mortgage products for its clients. These could potentially be included in future Eurosail transactions.
So it is part of Lehmans

midge61

Also found this
http://www.reuters.com/article/pressRelease/idUS212160+10-Jan-2008+BW20080110

midge61

Hi

On the 11th I received a letter from SPML re my complaint.

They say they are committed to excellent customer care and are sorry that I feel I have been unfairly treated lol

They have included a statement of the mortgage and a statement of arrears.

I have spent the last 2 days going over it but it is so confusing. Anyway they have asked for my bank statement for the 2 months that they dispute so will copoy them minus most details.

I have also worked out on the statement of arrears that it appears that their bank actually failed to call for the DD's on several occasions but they have charged me £25 each one as a failed DD. My bank statements can prove that they were not called and I intend to query this and ask for a refund.

There are also lots of odd pennies and amounts here and there, its a complete mess!

Sent a letter and coies of statements and also pointed out they charging failed dd fees when in fact they hadn't called the dd's!


Sent my copies of bank statements etc back to them and stated that they had been charging me unpaid dd fees when in fact they had not called the dd's.

Have not had any reply to this so far.

Today I got a mortgage statement.

They have added 2 payments of £350.24 to the mortgage balance and the balance as of 23/11/08 shows a credit of 25p.

Over the page on" Summary of your total borrowing" it states arrears of £750.44 and also includes a £50 arrears management fee!

Also the difference between Amount charged and Amount paid is £75.92.

The outstanding amount of the mortgage includes the 2 failed dd's that have been added.

Can anybody work this out?