Lehman,SPML & Capstone

[grimbell]

Hi

Have just read this snippet at the bottom of an article in the Times

"PWC will also seek to unload Capstone, a 400-employee business that services the array of special-purpose vehicles set up by Lehman."

Bid to unravel Lehman trades - Times Online

Does anyone know how this will affect those of us paying our mortgages through Capstone?

[Amethyst]

Re: Lehman,SPML & Capstone

Was going to link you to the OTR thread but am guessing you read it already.

I have no idea of the answer tho I would assume the business would continue as capstone only administer the mortgages. If capstone vanish then mortgages would most likely revert to SPML.

[Curlyben]

Re: Lehman,SPML & Capstone

Bear in mind that Lehman's are in administration, this means that normal day to day activities will continue with serious over sight.
No new business can be entered into.

Insolvancy UK overview

Chapter 11, Title 11, United States Code - Wikipedia, the free encyclopedia

[jax007]

Re: Lehman,SPML & Capstone

Hey Ben ... what a wicked thought .............

If your mortgage lender goes down the pan and there's no-one out there to shore it up ... your mortgage would follow right behind (scuse the pun!) in the absence of a signed agreement with anyone else

Well ... I can dream

jax

[Curlyben]

Re: Lehman,SPML & Capstone

err no.
as the banks assets would be sold off to cover any short fall.
Bang goes "your" house.

[jax007]

Re: Lehman,SPML & Capstone

I know ... I know!

Hey ho!

[grimbell]

Re: Lehman,SPML & Capstone

curly

How do you mean "bang" goes your home?

I have mort with SPML and pay to CApstone as the mort has been securitised and traded.

Do you mean it will get sold to another bank and handled by them like NR who then try to push all the mort customers into leaving?

I am already being charged 10% interest and any higher will be difficult to meet and as I have a default no chance of getting a decent deal.

I have to say I am getting really concerned by this.

Thanks

[Curlyben]

Re: Lehman,SPML & Capstone

As "your" home is an asset of the bank, I'm referring to what could happen if the banks weren't bailed out.

This is ultimate worst case and highly unlikely to happen anyway.

[Sapphire]

Re: Lehman,SPML & Capstone

Hell you are starting to worry me here guys, our mortgage is with Preferred Mortgages Ltd but all letters are headed Capstone. Where does that leave us ?

[Curlyben]

Re: Lehman,SPML & Capstone

STOP PANICKING

My comments where addressing Jax's post.

Reread post #3 for what this means to the "customers".
Basically it doesn't really mean a great deal, like with the current B&B issue, what is likely to happen in this case would be the new owner will simply try and move you to one of their own products and slowly wind down Capstone's business.

[Sapphire]

Re: Lehman,SPML & Capstone

I AM NOT PANICKING (she says whilst tearing her hair out) pmsl.

Ok clever cloggs Curly I click on the link and get stuff all about what happens in America, BUT, BUT, BUT we are not in sodding America we are in Great Britain so surely the rules are different arn't they or am I having yet another nightmare.

[Curlyben]

Re: Lehman,SPML & Capstone

Sappy the first link gives more info for the UK.
It wasn't working correctly, so I fixed it.

Overall the process is very similar.

[Sapphire]

Re: Lehman,SPML & Capstone

Ahhhh right thanks Curly, and there was me starting to think I had changed nationality.

[Sapphire]

Re: Lehman,SPML & Capstone

Got this letter today on Capstone headed paper.

Dear xxxxxxxxx

As you may be aware from recent news reports, certain companies with the Lehman Brothers group were placed into administration.

Preferred Mortgages Ltd (Preferred), forms part of the Lehman Brothers group, however, we can confirm that Preferred Mortgages Ltd (Preferred) and its specialist servicer, Capstone Mortgage Services Ltd (Capstone), are not in administration and will carry on with 'business as usual'.

The status of your mortgage is not affected in any way by the recent events concerning Lehman Brothers and you should continue to make your repayments as and when they fall due.

[grimbell]

Re: Lehman,SPML & Capstone

Hi

I had a letter yesterday saying that I was in arrears by xxx.xx. I phoned them as I know all my payments are up to date and they said no I owed.

I asked when this was from and was told that it may of been Oct, Nov or Dec last year. I said that if they were claiming that I hadn't paid then surely they should know exactly when.

I was then put on hold, when the bloke came back he said it was from Sept last year and dd had been returned unpaid.

I was then told I needed to fax through proof that I had paid quickly or pay up,I said I would not pay anything until I have checked all my records.

I am really worried now as this was the time A&L closed my account without notice and cancelled all my dd's.

Surely this is Capstones error and they cannot do this over a yerar on? I have checked through my mort statements and there have been over £500 of charges,can I use this at all?

Aren't mort accounts audited once a year which would mean that this should of been picked up earlier?

Thanks