Opinion courtesy of a long standing scourge of the scum
SPPL were flushed down the pan a long time ago, but of course, they went crazy on their repossession blitz whilst they could hold out on their ‘beneficial equitable’ ruse. They’ve been busy grabbing cash by liquidating people’s homes. Of course, the SPV’s have been receiving the cash, but I think that it has become untenable for them to continue the pretence that they are not the legal owners (as they always have been), not because of the consumers who are losing their homes, but because the Lehman’s creditors were probably beginning to claim the cash/legal title as belonging to them!
The SPV (read investment banks), don’t want their RMBS investors getting the cash (i.e. through the Trustee (who is always another investment bank type entity) . Hence, the RMBS investors (also read as other investment bank as Trustee), want to ensure their claim on the cash (raised from liquidating consumers homes). It’s a clash of the titans now – between the investment bank i.e, the IB behind the SPV and the IB behind the Trustee. Nothing to do with honouring the rule of law, just a grab for the cash. It’s so full of shite this BS. Ordinary joe bloggs gets robbed which ever way you look at it.
This development of having their legal title “perfected” (rather than transferred) has more to do with PwC and the insolvency/bankruptcy issues than with anything to do with the rule of law and consumers. As I’ve always said, the SPV’s legal title was “attached” immediately that SPPL signed the mortgage sale agreement – but the SPV never “pefected” its legal title, as it is required to do by law, by registering at the LR. The current load of registrations at the LR is merely the “perfection” of their legal title rather than the “transfer” of their legal title. You see, if the SPV did not have a legal title attached when they gave the Trustee a Form 395 mortgage at Companies House, then the Trustee’s mortgage (which is registered at CH) would be fraud! So, if they want to pretend that the SPV only had an equitable title when they created a LEGAL charge at Companies House, then that legal charge is a fraud and unlawful. So you see, how they have it both ways. The SPV has always had the legal title – they just didn’t comply with s.27 and committeed a criminal offence under s.123 when they “did not intend” to register – and the reason for their pretence that they were not the legal owner was to shaft the consumer and to avoid the regulator and avoid taxes such as withholding tax, income tax and corporate tax.
As for the regulator – well the FSA are so discredited now – everyone knows they are ineffective which is why they are being disbanded. So what if the SPV becomes authorised. The FSA will authorise anyone that has an abundance of wealth and power. FSA are just the lacky of the banks – the FSA will do what they’re told to do by the banks. Anything else the FSA do (such as a little slap on the wrist for GMAC, Kensington etc., is just for PR purposes to try to make the consusmer believe they are a “credible deterrent”.