Sunday, May 25, 2008
Fraudster
Daily Mail: Blair took out £300,000 mortgage on house that was 'worth just £150,000'
Tony Blair took out a mortgage of almost £300,000 on his constituency house – double its estimated value – to help fund his growing property empire.
The Blairs remortgaged with the Cheltenham & Gloucester building society to borrow £297,000 against the value of the house.
The property was estimated to be worth about £150,000.
After years of booming prices, the house’s value is now estimated at closer to £250,000 – still £50,000 less than the total mortgage.
At the time of the remortgage, Mr Blair was negotiating the £3.6million purchase of his Connaught Square mansion.
Financial experts were puzzled at how he managed to secure financing on his Prime Ministerial salary.
Posted by little professor @ 09:59 AM (1070 views) Add Comment
23 Comments
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1. Nickolarge said...
Perhaps his wifes salary had some part to play. It does in most families and a QC's pay is not peanuts.
2. geed said...
He's a politician. Therefore a dishonest, underhanded, egocentric pr!ck. A legal Criminal.
3. Will said...
And they wonder why the people don't vote anymore - they're all the same.
4. japanese uncle said...
Is Lloyds TSB somehow related to JP Morgan?
5. Happy Mondays said...
He's a politician. Therefore a dishonest, underhanded, egocentric pr!ck. A legal Criminal.
Don't hold back geed!
6. icarus said...
He did it because he thought it was "the right thing to do". He joined JP Morgan rather than, e.g., Bear Stearns because he thought it was "the right bank to be with". The power of JP Morgan within the Fed, and therefore within government generally, had nothing to do with it. A totally unconnected observation: Harold Wilson retired skint after not sending troops to Vietnam.
7. Braveheart said...
On the up side, I can't think of anybody I'm happier to see riding the property rollercoaster downhill over the next few years.
8. Jimmy_joe said...
Cherie: ‘For a middle-aged couple whose total capital couldn’t even buy one flat in Bristol, let alone two...'
Surely with her earning £250k and him on £170k (or something like that) they should have had more than a few hundred thousand in liquid assets?
9. str 2007 said...
This is an insight into what is going on behind the seens.
I've commented previously that it should be made clear exactly what speculative interest is held in property by those in power and those commenting as professionals and experts.
Was the housing market allowed to grow as an uncontrolled bubble because of the greedy intentions of a few - very probably.
This in my mind should be a criminal offence - it greatly affects the lives of everyone.
10. str 2007 said...
sorry - behind the scenes.
11. paul said...
I think the term is "self-interest" when it comes to policy insiders benefitting from planned legislative strategies and economic "initiatives".
Either way its still state corruption.
12. japanese uncle said...
I can almost hear the following dialogue.
'Sir what made you determined to be the Prime Minister of this nation?'
'Don't ask the obvious. That's the shortest cut to the rich property portfolio, and that in a rather stylish way. The only downside was that you sometimes need to do a teary performance to dupe the nation into totally unnecessary wars. Sometimes I am stared by the families of the dead soldiers with horribly grudging eyes.
'Don't feel any remorse for that, sir?'
'I tend to convince myself that they were sacrificed to a greater cause.'
'And what is that?'
'Don't ask the obvious. Making money for my boss and for myself, naturally! I have absolutely do doubt at all about that.'
'To be perfectly honest, your philosophy of life is beyond me.'
'Don't blame me. We are all vulnerable beings, aren't we? In the depth of soul, I am no different from you. Believe me. Hahaha'
13. uncle tom said...
Claiming mortgage payments for a mortgage that was more than he paid for the property?
Sounds like fraud to me...
14. it_is_going_with_a_bang said...
UT
Thats because in anyone else's eyes it is.
The rule regarding interest expenses should be changed. So that when the property is sold ALL profit is returned to the taxpayer.
More corruption.
15. Kagiso said...
It is going to be very interesing to see what happens to the Blairs.
Detached house in depressed northern ex-pit village.
Two inner-city flats in Bristol.
A substantial house in grotty, smelly, noisy Paddington.
And a ridiculously overpriced prestige house in prime stockbroker belt.
All bought at the top of the boom.
The first two are immediate and obvious crash victims.
In a city driven financial crash, the second two are also likely to lose half their value.
And with the Democrats in power in the US and the Tories back in over here, TB has no obvious constituency to sell speeches to, and there is no obvious reason why JP Morgan et al should employ him, he will be yesterdays man far from the levers of power (are Obama or Cameron going to be asking TB for advice?)
This could be very interesting.
16. hpwatcher said...
Once a crook, always a crook.
What else did you expect?
17. jack c said...
Surely the publication of this information is a breach of the Data Protection Act? anyone know the rules on this ie does the freedom of info act override DPA.
18. This comment has been removed as it was found to be in breach of our Blog Policies.
19. Newlabourweary said...
It now must be time for a full audit to be done on Tony Blair's financial arrangements. Quite apart from the dodgy mortgages questions must be asked about where the money has come from to pay for the lavish lifestyle of this man.
20. little professor said...
8. uncle tom said...
Claiming mortgage payments for a mortgage that was more than he paid for the property?
UT - he only claimed mortgage payments for the original £90,000 mortgage. Where he got the money to pay the £300,00 mortgage from is anyone's guess.
21. Oisanzanoni said...
As I say in my book........................
22. enuii said...
Hello, I'm the PM and I would really appreciate it if you could remortgage my constituency house.
Not a problem Sir, the cheque is in the post - nudge, nudge, wink, wink, say no-more.
23. Mytimeisnigh said...
Blair was the clever one, he rode the wave of success and got out when the time was right. Now we're all here to pick up the pieces or to do well out of the mess cause we've saved hard cause we didn't buy into what these chumps were spouting.