Mortgages sold in run up to the finacial crash and subequent actions

SHang10

Evening Forum, and thanks for the replies. The initial post was to provide as much detail as possible regarding the case and the background for how Mortgage companies and investment banks work together.

The main point of my complaint concerns the fact that GMAC were fined for aggressively repossessing customers which was in breach of the laws concerning dealing fairly with customers especially those with payment shortfalls

I am unable to paste links but if you google
"GMAC fined £2.8m for 'mistreating' mortgage customers and you will see the article.

These mortgages were subsequently sold to Oakwood Homeloans and Mortgage Express however the call handlers and people dealing with the mortgage paperwork were the same people as previous and they continued the same practice of forcibly repossessing through Oakwood Homeloans and Mortgage Express. When I got my original Mortgage through GMAC a friend of mine also bought his flat, we used the same agent etc. His GMAC mortgage ended up with Mortgage Express and mine Oakwood Homeloans but on more than one occasion the call handlers answered the phone saying the wrong mortgage name, ie Mortgage Express when I was calling about my Oakwood Homeloans mortgage. The actual codes for the mortgages on the paperwork were practically the same but these were supposed to be two separate companies, I know this because I have seen my friends mortgage documentation so its obvious they were using the same office. Surely it is not legal for GMAC to get fined and sell their mortgages to another company but the people handling the phone calls and paperwork are the same as before but now operating under a different name?

I'm not sure if anyone watched the case on the Victoria Derbyshire about three weeks ago on 05th July where a guy Julian Watts had been repossessed by Mortgage Express and it has been shown the company had been forging signatures on multiple legal documents as they pushed through forced repossessions on a raft of repossessions.

Again i can't paste the link but if you type into google

"Government-owned bank 'forging signatures' in repossession cases"

you will see the article and video on the BBC from the 5th of this month. It is believed there are other companies that used this practice.

This is now being looked at by the Treasury Select Committee because it has been shown many companies like Mortgage Express and other mortgage companies had been taking illegal shortcuts to force repossessions and there is a case where this has been found on a large scale in the United States. I know that Mortgage Express and Oakwood Homeloands operated out of the same Skipton address using the same people to handle their calls, paperwork and repossessions and would be interesting to see if this present case ends up involving them. Either way it is the belief that they continued the practice for which the previous company had just been fined for and this is a breach of conduct.

Concerning my case the CAB advised that they feel there is a case to answer concerning the validity of the subsequent court order because the original repossession maybe suspect due to the manor of the repossession, they point to the fact that I had my original payment plan cancelled without my knowledge and repossession proceedings were issued even though I had an agreed payment plan. This I thought was me only but its has turned out that many were forcible repossessed who had payment plans in place. They has suggested I submit a N244 to suspend the original court order whilst it can be looked into if the people were in fact the same people who had continued the practice of forcing repossessions early.

Unfortunately my sister doesn't want to continuing fighting and now said she wants to sell the property as the stress has been too much for her which is a shame. The CAB said to send the form in urgently and get a judge to look at the evidence to see if my repossession was fairly completed in line with the rules so am doing that.