Monday, Oct 08, 2007
Mortgage Mayhem 2
BBC Panorama: Sub-prime Suspect
a simple and audacious property fraud which works by selling overpriced apartments to unsuspecting buyers, many of whom get out sub-prime mortgages to cover the cost. The seller takes the money and disappears. The reason we all need to be worried about bad sub-prime debt like Emmanuel's is that it can contaminate the rest of the economy. That is because in the City of London, debt is traded just like any other commodity.
Posted by confused76 @ 11:01 PM (1154 views) Add Comment
12 Comments
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1. planning4acrash said...
This is rediculous, "the seller takes the money and walks away" damn right they do, what IDIOT borrows too much money and calls themselves a victim! If the person was under 18, they are a victim, if they are mentally ill they are a victim (plenty examples of sub-prime tricks to people like that tho, I heard a story of a mentally ill woman who phoned up a credit company saying that she was the second coming and wanted 5k, she gave it away to charity and her son had to pick up the pieces), but these guys? Just pure greed and stupidity.
2. planning4acrash said...
This is rediculous, "the seller takes the money and walks away" damn right they do, what IDIOT borrows too much money and calls themselves a victim! If the person was under 18, they are a victim, if they are mentally ill they are a victim (plenty examples of sub-prime tricks to people like that tho, I heard a story of a mentally ill woman who phoned up a credit company saying that she was the second coming and wanted 5k, she gave it away to charity and her son had to pick up the pieces), but these guys? Just pure greed and stupidity.
3. Quiet Guy said...
@planning4acrash
You have a point but what about the VI spin reporting in the mainstream news that's being going on for years? Not so long ago, the popular view was that if you didn't buy in, you were a loser. If you define being mentally ill as getting carried away with property prices then a fair proporon of this country was (is?) mentally ill. I supect that whoever sold Emmanuel his mortgage understood perfectly that he was selling a pup to one of the sheeple.
4. down wave said...
I watched Panoram. They interviewed people that have a chronic emotion an psychologal level of health of minus 5 = chronic apathy & complacency and minus 4 = chronic grovelling appeasment and chronic sympathy. The very nice sweet talking people that that sold them their loans and the property are at minus 3 = chronic covert and clandestine hostility; This is the same level as most politicians and the media.
All minus 3's have and are engineering by introverting the peole of the UK and most other countries into the levels lowest levels of emotion health of minus 5 and minus 4. There only a very few people on this planet that are Noble, Ethical and Heroic, the highest level at plus 5.
We are doomed, hence a great depression is unavoidable. For more information about this and how to save yourself go to nakedspirit(dot)co(dot)uk. I will post again info when I have typed it up.
5. down wave said...
Is this the level of estate agent, bankers, politician, media personnel and so on? Fron the book
Naked Spirit.>>>>
Negative - 3. Covert Manipulation, Concealed Hostility, Clandestine Malevolency
This is probably the most populated chronic emotional level in these times.
Problem: difficult to immediately assess that they are in this category; only time reveals this to individuals higher on the scale as their game strategy unfolds.
Those in chronic grief and apathy ( - 3 and - 4), never comprehend their strategies.
Always present a cheerful facade, often with a nervous laugh and constant smile.
Appear calm, pleasant and resourceful.
Seem to be sympathetically or morally concerned in politely asking probing personal questions about you, your work, your relationships, your sex life, your politics or your religion.
Their anger remains invisible, yet they are petrified of anyone in anger.
Jealous and extremely dangerous.
Cruel cowards.
Manipulative, they engage in gossip readily but have no qualm in covertly twisting facts around, to knife into the back whenever, wherever and to whomever they can.
When confronted, they change the subject to move away from the point and are always rewriting history or changing the truth about past events to suit their current position. They will do and say anything to avoid exposure.
Through their appearance, word, propaganda or advertising they present themselves, their services or products as being so nice, so charming, so condescending and so helpful.
For objectives that they are too lazy or fearful to undertake themselves, they covertly manipulate and subjugate individuals at chronic -4, -5 and -2 to do their bidding and dirty work.
Their targets are any individual, families, groups, companies or nations that they consider high on the scale (e.g.+3s; +4s etc.), attempting to bring them down to chronic appeasement, grief and apathy (- 4 and - 5 levels). They would like everyone on the planet at this level so that they can feel power.
They have little time for children unless they can use them as an introduction or a weapon for manipulation towards their strategy of introverting others down
to -3 and minus 4.
Their unstated aim is to cause ruin, discredit achievements and split up relationships.
At this they can be very successful and gloat when their victims go down into the lower chronic levels of - 4 and -5.
Males at this level subconsciously know their fearful limitations. They can be slothful, but have a need to control and suppress women down to the -4 and -5 levels so that they can feel secure in their sexuality, (as also happens in males at -1 and -2).
Males at this level occupying influential or powerful offices can instigate acts of terrorism and war.
You cannot trust anyone at this level with your health, your money, your reputation, your safety, your husband, your wife, your children, your business, your company, your country, or this planet.
Only when people read and know the all Scales Of Emotional Health, will they be able to save themselves from the INEVITABLE CONSEQUENCES OF THEIR IGNORANCE.
6. Bug16 said...
I was amazed to hear the BBC quote "1 million mortgages in the UK are sub-prime".
7. down wave said...
Sorry about my spelling, I am screen dyslexic and read large block of text at a glance.
8. inbreda said...
I thought it was an excellent program. It is amazing to see at last the mainstream media not just mentioning the Crash word, but actually wheeling out credible analysts that are stating that it is inevitable.
In terms of changing sentiment - and lets face it, sentiment is all that has been holding up house prices for a while - Panorama went along way to restoring reality.
9. C'mon Correction said...
I was disappointed that Panorma made no link to the government at all? These mortgage companies wouldn't have huge sums of money to easily lend to people if it wasn't for Gordon Brown hose piping money at them for the last 10 ten years, and fiddling with inflation figures etc in order for the bubble to keep increasing.
All the problems lie with the government for engineering this and not being prudent and reining in spending when it had the chance. The misery to come for many will be New Labours fault - no one elses.
10. nacho99 said...
Does anyone know when/if the program will be repeated?
I missed it and would love to see it.
11. nacho99 said...
ahh, found it:
http://news.bbc.co.uk/1/hi/programmes/panorama/default.stm
12. tyrellcorporation said...
Incredible story of that guy and it's a situation that's been repeated over the whole of the UK. The FSA have either been asleep-at-the-wheel or complicit. Either way this will be a personal disaster for a lot of people and a national disaster as it'll impact on the economy for the next decade.