Thursday, Apr 16, 2009
Tip of the iceberg!
BBC News: Mortgage broker banned and fined
'Serious and blatant'
Posted by paranoia blue @ 02:03 PM (673 views) Add Comment
5 Comments
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1. paul said...
Yet again we see the FSA going after the minnows on the sea bed while letting the sharks pass unhindered.
What about Northern Rock and Bradford & Bingley's self certified mortgages?
2. will said...
False applications and declarations of income, sounds like fraud to me. Why only a ban, and not prison? 30 brokers banned so far !
Surely there are more liar brokers out there. Of course, with the FSA to keep check on them, no chance.
3. p. doff said...
I reported a well known local bent broker to a certain lender after catching him out for the umpteenth time. Result? nil, not a sausage, b@gger all. I was even quizzed as to whether I had a personal axe to grind. Everybody wanted to look the other way while the going was good and mortgages were flying off the shelves. After all, the lender couldn't be deemed culpable just dealing with packaged mortgages could they, and hey, targets are everything dontchaknow. Is this the attitude that contributed to knighthoods for some bank bosses and Gordon's praise of banks in his mansionhouse speech?
4. Frank Bell said...
post 2, will
I suppose there could be a few liar borrowers out there too, it's not just one-sided.
I had a self-cert mortgage because my income came from 3 different sources, 2 part-time jobs and a small business and the declaration of income was true as could be proved, but lender didn't want it. Self-certs were only brought in by certain banks to boost their lending, just as bad as investing in credit default swaps.
post 3,
I reported two brokers in my immediate area for falsifying payslips and other documents, nothing happened to them either
5. inbreda said...
@3 +@4
tell it to the cops and keep a record. Then go to the papers.