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punter

Southern Pacific Mortgage Limited

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Northern Rock plc process mortgage applications on behalf of Southern Pacific Mortgage Limited. Mortgages are advanced and administered by Southern Pacific Mortgage Limited.

The Borrower will enter into a legal agreement with Southern Pacific Mortgage Limited

(...)

SPPL (Southern Pacific Personal Loans) is the loans arm of Southern Pacific Mortgage Limited (SPML), one of the UK's fastest growing specialist mortgage lenders who provide mortgage finance to meet the circumstances of a wide variety of customers, ranging from Prime to Non Conforming, Buy To Let, Right To Buy, Self Certification, Flexible Mortgages and Bridging Finance.

SPPL is a different kind of lender who believes that past credit problems should not stop people from obtaining finance on fair terms. It is their belief that such people, whose financial circumstances have improved, should have the opportunity to put these problems behind them.

SPPL deservedly enjoys the best reputation in the market for service excellence. They comply with all relevant legal and regulatory requirements, including the Mortgage Code, a copy of which is available on request. They are also full members of the Council of Mortgage Lenders. In September 2002, SPPL became a wholly owned subsidiary of Lehman Brothers - one of the world's leading investment banks.

SPML is one of the many high-level providers dedicated to searching from over 250 loan plans available in today’s market

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oops.

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oops.

There are 2 companies here, spml that we can call sub prime mortgage lender

and sppl, which probably does second charge loans, again sub prime, all owned by Lehman Brothers ready to be packaged up and sent round the world.

I think that this most likely means NR hives off its sub prime and seconds business to this company, so the Chief exec is probably right when he said they are not in the sub prime mortgage, they just send it off to other people.

Does that sound about right?

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I hadn't seen this when I posted.

So as per my post, SPPL is a seconds company, but that is now closed.

SPML is still going though.

Kensington closed their seconds book as well last week I think.

Does this present a buying oppertunity for NR then? If all thier sub prime has gone into this Lehman outfit and all thier current woes are just down to cash flow :unsure:

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