Wednesday, Mar 11, 2009
Morning Line: the mortgage fraud at the heart of the housing boom
Citywire: Morning Line: the mortgage fraud at the heart of the housing boom
"One of the key lies underpinning the UK house price boom was that it was really all about a fundamental shortage of housing stock in a country with a rapidly rising population....." Sure, and I'm Charlie the cabbage.
But there was also another key factor in the housing boom, one much less remarked upon thus far, but one that is now belatedly starting to grab some headlines....and that factor is fraud."
People forced to break the law in order to 'climb the ladder'. Yes, I'm sure they had guns held against their heads.
Posted by gaztops @ 11:50 AM (428 views) Add Comment
1 Comment
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1. crunchy said...
All this propping up house prices will collapse once the banks have sucked out enough trapped money that's locked up in it through repo's.
Look, it does not make sense to finance the top of a bubble. Banks need much more money to do it, buyers need investment motive to
buy strings of house's like they did in the past and we don't have a strong employment base anymore. Have I mentioned that pesky
problem of further fraud.
I don't buy it for a second. What I am seeing here is an attempt at a long drawn out soft landing that will not work.
Imagine our Gordon as pilot telling passengers we are heading for a crash as now we have two of our engines out and the passengers
calmly strapping up and adjusting there seats. I don't think so. This crash will build in momentum just like a cion does when thrown from a
great height.