COMMENT OF THE DAY
IS CAPSTONE MORTGAGE COMPANY AN HONEST, MORAL, DECENT MORTGAGE LENDER ?
OR COULD CAPSTONE BE FRAUDULENT THIEVES JUST LIKE A LOT OF THE REST OF THE ‘SUB-PRIME’ MORTGHAGE LENDING INDUSTRY ?
IS AMANY ATTIA , CAPSTONE EXECUTIVE, A MONEY GRUBBING, NASTY, HEARTLESS PARASITE WHO RUINS PEOPLE’S LIVE’S ?
Sometimes it’s hard to see what’s really going on in a company like Capstone, especially when you are being harassed about mortgage payments and the mind-blowing frustrations that are heaped on by unscrupulous companies who have “Call Centre’s” that are as helpful as some social disease.
I find many times that things are not what they initially seem to be. The following information might be food for thought!
One source says, “Allegedly thousands of Capstone Mortgages have been liquidated, 28000 in less than 3 years about 25% of the entire loan book.
Me thinks that this stinks of rotting fish!
Why would any company wish to disseminate their mortgage book if there wasn’t some underlying reason? Have you heard of “Forclosuregate” in America, Google it and read all about the fraud therein. Karl Denninger, author of “Market Ticker” has some really mind-blowing information to read.
What started me thinking was this statement by Martin Frazer in some of Capstone’s PR spiel: “and in contrast to properties being repossessed it’s good for our clients, good for the people who own the loans and good for borrowers as it helps them to stay in their homes.”
Notice “people who own the loans”. You mean that Capstone don’t own the loans? Can Capstone reposses properties that they don’t own? Do they have the “Title” to the property? Seek advice from your solisitor if you are in this position! Forclosuregate isnt about people not paying their mortgages its about fraudulant applications to courts to evict people! The paperwork has to be correct to reposses!
Call me suspicious, but remember , These “Ascending Stars”, especially Capstone’s current chief executive, Amany Attia, was a driving force in setting up the original UK Lehman-backed mortgage businesses which went under the names Southern Pacific Home Loans, Preferred Mortgages and others.
The now collapsed USA Lehman Brothers failed to a great degree because of their “Off Balance Sheet” investments, not worth what they said they were. Similarly, Goldman Sachs, another Bankster Company, allegedly sold worthless, sub-prime mortgages, (for sub-prime read “Capstone Mortgages”) as triple “A” investments (AAA=without risk) to investment companies. This wasn’t a problem until the housing market collapsed and repossessions were the order of the day. Guess what? The mortgages were a pile of used dog food!
Why is the above relevant? Well, Goldman Sachs won both ways! They got paid massive amounts of money for supposedly “top dollar triple A investments” but when it all went wrong they also made massive profits because they “bet against these self same investments to FAIL!!” (I believe the process is called “shorting”). Why did they bet against the same product that they were selling?
BECAUSE THEY NEW WHAT WAS IN THE “MBS’s (mortgage backed securities) and they new they would explode!
Now, to the crux of my point, Amany Attia has some 20 years’ experience in the securitisation industry. She spent six and a half years at Citi and then moved to Lehmans where she worked in its mortgage and ABS groups until 2001. Then in 2001 she came to London to head Lehmans’ mortgage and securitisation business in Europe.
I am not saying that Amany is involved here but likely she new about this scam, by association, and I don’t know if there is anythin funny going on here, but back to the 1st parragraph, why would Capstone want to illiminate 25% of their mortgage book? Have Capstone Mortgages been securitised on block? Is there some massive financial benefit to be had should their mortgage book be reduced to “0”?
Perhaps the whole concept is to load on the charges, keep the scam going for months and then reposses, reaping large profits where there is some equity available on the property. If this is the case the Office of Fair Trading needs to know!
Who knows? Perhaps some investicative journalisim might not go amiss.
Ok, who am I? I am a Capstone Mortgage holder and yes we haven’t paid them or our 1st Mortgage, with Santander, for in excess of 12 months. The reasons, although traumatic to my family and me, are irrelevant. What hacks me off is this. Both mortgages have not been paid for the same period of time, however Santander (original loan £138,000) is in arrears by £8,000 but Capstone Mortgages (original loan £35,000) is in arrears by £ 10,750. Wow doesn’t that suck?
I write this piece simply because of a phone call Wednesday, from some “Rude Bully” who thought he could threaten me with repossession. My second mortgage with Capstone is 100% “under water” (will not be paid) because of the valuation of my property should it go to repossession and auction (because of its current condition). Capstone and this rude adviser are aware of my property circumstances because we had a personal visit from an independent adviser working for them.
I told him outright to reposses us, and then when he tries to take us to court, for their outstanding sum, including exorbitant charges, I/we would declare bankruptcy and they would forfeiture the full amount!
I suggested that he attempted, with his head, something anatomically impossible!
Guess what? A beneficial, to us, arrangement was made. LOL.
You can see all comments on this post here:
You can reply to this comment via email as well, just click the reply button in your email client.
Tags: Banks, CAPSTONE, Capstone Mortgage Company, CAPSTONE MORTGAGES, Credit Crunch, Debt, Economy, Extortion, financial crisis, Financial Service Authority, Fraud, Government, High Street Banks, Loans, money, Mortgages, News, Office of Fair Trading, Politics, Poverty, recession, repossession