It appears that rip-off mortgage lenders ( thieves really) Kensington, have been fined by the Financial Services Authority for unfair treatment of homeowners foolish enough to be duped into taking out a mortgage with them.
April 12, 2010 From capstonewatch – the blog about the dishonest, immoral and almost certainly criminal mortgage administration company overseeing Lehman Bros sub-prime mortgages.
Capstone routinely evict homeowners for the flimsiest reasons, and generally behave with pathological nastiness to all the mortgage holders in their usurious, Shylock like grip.
Sub-Prime lender Kensington has been found by the Financial Services Authority to be acting unfairly (possibly criminally) towards its mortgage victims which it habitually fleeces of every last penny they own by means of weasil ‘contracts’ cunningly contrived to steal homeowners money and then throw them out on the street – homeless and dis-possessed thanks to the thieves masquerading as banks.
You know, that lot; Lloyds, Lehman Bros, HSBC, Santander, Barclays, Royal Bank of Scotland, and all the seething web of subsidiary financial businesses owned by this cosy little cartel of wickedly manipulative, greedy, immoral , money obsessed financial control freaks holding every man, woman and child in the country to ransom until they are all squeezed dry of every ill-gotten penny the banks can deprive them of.
Bastards and thieves; all of them. Their behaviour is destructive and completely unforgivable.
Capstone is a notorious mortgage administrator, a subsidiary of Lehmans Bros, very busy repossessing as many homeowners as possible who were conned into Lehman Bros sub-prime mortgages in the UK. There’s big money to be made out of repossessing homeowners because financial speculators such as ‘Hedge Funds’ snatch up as many re-possessed houses as they can lay their hands on for much, much less than they are really worth.
This means the properties can be immediately sold off at an immense profit – all at the expense of the hapless homeowner who has been forced out of his home, often to be completely homeless and have his entire life wrecked by these heartless, nasty, greedy grubby little gang of thieves.
This is what capstonewatch – the blog said.
“As part of the press release it is normal for Margaret Cole (Enforcement) of the Financial Services Authority to give a little speech.
“I’m obviously being unrealistic to expect that they mean any of it when it comes to the outrageous consumer abuses perpetrated by the appalling CAPSTONE MORTGAGE SERVICES, but where there’s life there’s hope.
“Here’s what she had to say this time:
‘This case should serve as a strong reminder to firms dealing with retail customers, especially customers in a vulnerable position such as those with mortgage arrears, that the FSA will take robust action where it sees that customers are not treated fairly. Retail firms which fail in their obligations to customers should expect not only a substantial fine but also that they will have to pay back customers who have been disadvantaged.’
“Seems pretty clear to me…..
12 April 2010
The Financial Services Authority (FSA) has today announced it has fined Kensington Mortgage Company Limited (Kensington) £1.225 million for poor treatment of some customers facing mortgage arrears.
The firm has agreed to redress customers who were in arrears and charged specific unfair and/or excessive charges. It is estimated that the redress will cost the firm up to £1.066 million.
The FSA has identified a number of serious failings by Kensington which occurred between 1 January 2007 and 31 October 2008 in relation to its mortgage arrears handling processes and in its dealings with customers in arrears.
Failing to ensure mortgage servicing staff acting on its behalf had adequate understanding of treating mortgage arrears customers fairly;
Concentrating on the repayment of mortgage arrears over a short period of time rather than agreeing an arrangement to pay the arrears based on the customer’s individual circumstances;
Applying three charges to customers’ accounts that were unfair and/or excessive. These were:
– A fee for a returned direct debit which was charged regardless of how many times the direct debit had already been returned unpaid;
– An excessive fee for cancelled direct debits which did not reflect administrative costs;
– An early repayment charge on mortgage balances which included arrears fees and charges within that balance.
The firm also failed to take reasonable care to organise and control its affairs responsibly and effectively, and to ensure adequate risk management systems. Its management information focused on the performance of the firm’s mortgage book and the profitability of the business, rather than on treating customers fairly.
Kensington qualified for a 30% discount under the FSA’s settlement discount scheme. Without the discount the fine would have been £1.75 million. The FSA has also taken into account that Kensington has made significant improvements to its arrears and repossession processes since the early part of 2008.
Margaret Cole, director of enforcement and financial crime, said:
“This case should serve as a strong reminder to firms dealing with retail customers, especially customers in a vulnerable position such as those with mortgage arrears, that the FSA will take robust action where it sees that customers are not treated fairly. Retail firms which fail in their obligations to customers should expect not only a substantial fine but also that they will have to pay back customers who have been disadvantaged.”
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