spml insolvency imminent?

finnigan

So I'm obviously not the brightest light bulb glowing as I have a mortgage with spml. I read this today and cannot make head or tail of it .

Would any of you be able to tell me please if spml do under how it would affect me? I'm looking at remortgaging now as I'm within 6 months of my fixed rate ending, would it be wise to get an agreement with another bank asap? Or should I hold on and see what happens with regards to being pushed to another lender?

Any thoughts would be very much appreciated!

Thrugelmir

finnigan wrote: »

So I'm obviously not the brightest light bulb glowing as I have a mortgage with spml. I read this today and cannot make head or tail of it .

Would any of you be able to tell me please if spml do under how it would affect me? I'm looking at remortgaging now as I'm within 6 months of my fixed rate ending, would it be wise to get an agreement with another bank asap? Or should I hold on and see what happens with regards to being pushed to another lender?

Any thoughts would be very much appreciated!

Suggest you shop around. As the outcome is unclear. Though the current mortgage terms will be adhered to until the end of the fixed term.

beaujolais-nouveau

finnigan wrote: »

Any thoughts would be very much appreciated!

When my fixed rate ended, about 8 months, my repayments dropped by about 50 quid a month but I expect the LIBOR rate to rise dramatically in 2010, and if it does things might be very difficult. No one is offering self-certificated mortgages now.

More information, that I don't understand either, on the LeagleBeagles forum (see post on 12th November 2009, 20:57:PM)

http://www.legalbeagles.info/forums/showthread.php?t=11464&page=3

SPML bought all the mortgage assets from Matlock Bank Ltd/ta London Mortgage Company(LMC) on 2nd May 2006. On the 31st May 2006, SPML sold all the LMC mortgage assets to Southern Pacific Funding 5(an UNlimited company). The entire shares of SPF5, is held by Lehman Bros Holding Inc(USA). Anybody with an LMC mortgage has been paying into this 'private fund', through Capstone, and ultimately to a bankrupt company.

beaujolais-nouveau

Also being discussed on the Consumer Action Group. Something is up,

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/170607-spml-london-mortgage-company-169.html

See post on 29th December 2009, 10:38

CH have now given notice to LMC that they have 28 days before they will be struck off. It will be gone, like SPPL. Notice went to PWC who are the adminstrators of the parent Mable Commercial Funding Ltd. This can be confirmed by contacting Kevin Hughes at CH.

After speaking with CIB, there is NO legal way, either LMC or SPPL have the authority to do court repos; as there are NO officers in these 2 'companies'. Its fraudulent activity under the Fraud Act 2006.

beaujolais-nouveau

finnigan wrote: »

Any thoughts would be very much appreciated!

There seems to be a SPML/Capstone Facebook page but I don't have a Facebook account and am not going to open one. Would anyone else with Facebook be kind enough to have a look and report back? Please.

One thing to watch out for, it seems, is - if our securitised mortgages get assigned to some other organisation - double-dipping from our bank accounts (by the former and new owners of the securitised mortgage).

VIGILANT22

beaujolais-nouveau wrote: »

There seems to be a SPML/Capstone Facebook page but I don't have a Facebook account and am not going to open one. Would anyone else with Facebook be kind enough to have a look and report back? Please.

One thing to watch out for, it seems, is - if our securitised mortgages get assigned to some other organisation - double-dipping from our bank accounts (by the former and new owners of the securitised mortgage).

Any donkeys???.............:D

catkin1508

This was posted on the facebook page of SPML/Capstone on the 25th Feb.....

its not very good when they are being investigated by the serios fraud squad & fsa is it!!!

not sure what it means but it dont sound very good!! Anyone else hear anymore news on this???

VIGILANT22

catkin1508;31915435]This was posted on the facebook page of SPML/Capstone on the 25th Feb.....its not very good when they are being investigated by the serios fraud squad & fsa is it!!!

not sure what it means but it dont sound very good!! Anyone else hear anymore news on this???[/QUOTE]

What is it you're worried about?...You posted yesterday you have a mortgage with Capstone.....so why don't you contact them and see if they offer you a reduction???

Wutang_2

catkin1508 wrote: »

This was posted on the facebook page of SPML/Capstone on the 25th Feb.....

its not very good when they are being investigated by the serios fraud squad & fsa is it!!!

not sure what it means but it dont sound very good!! Anyone else hear anymore news on this???

Its only their old employees talking - and its no worry for you anyway!

If anyone takes a look, she is fit too (sorry).

bouncingbetty

I appreciate your extensive response.

You have used many words but said very little and did not answer my straight forward question.

bouncingbetty

I would recommend that everyone takes a moment or two to visit that site. It is worth it for the comical value if nothing else.

You would think it was just subprime or for that matter only Capstone that engage in securitisation.

Santander Said to Plan Bonds Backed by U.K. Mortgages

Aug. 16 (Bloomberg) -- Banco Santander SA’s U.K. unit plans to issue mortgage bonds backed by prime residential home loans in the country, according to two people with knowledge of the deal.

Banco Santander is managing the transaction, through Fosse Master Issuer Plc Series 2010-4, along with Barclays Capital and JPMorgan Chase & Co., said the people, who declined to be identified because the issue isn’t completed.
Only notes with a top AAA rating will be sold and the deal will comprise portions in pounds and euros, the people said. The bonds are scheduled to be issued in the first week of September.
Banco Santander’s last mortgage-bond issue through the Fosse trust was a 4 billion-pound ($6.3 billion) deal on July 20, according to data compiled by Bloomberg.

Spain’s biggest lender is rated Aa2 by Moody’s Investors Service, the third-highest investment-grade ranking, and an equivalent AA by Standard & Poor’s.