Wednesday, Jun 16, 2010
"Some lenders willing to give money to a monkey or a mushroom," says judge
Yorkshire Post: Mortgage cheats got millions from 'lax' banks
Two mortgage fraudsters who stole millions of pounds at the height of the property boom were jailed yesterday amid criticism of banks which "poured money into the pockets of borrowers".
Posted by mr g @ 05:20 PM (663 views) Add Comment
5 Comments
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1. little professor said...
Wonder why the lenders are not also being prosecuted for colluding in liar loans. They must have known these two were well dodgy, but had no incentive to verify their income or other details - the broker gets his commission, the bank gets a bailout, while the taxpayer ends up on the hook.
broken all
2. holyroller said...
I applied for a mortgage with one account (RBS) and the woman on the other end of the phone told me if I phoned back with different details they could give me more money. The details they told me to change were the amount of kids I had and my out goings.
I didn't phone back, because who would have been found liable? me or the bank?
3. paul said...
Not sure they got the right people there.
It's all so predictable to the long timers here. In fact if I went back into the archives I could probably find the posts from four years ago when people said that lenders would one day be found criminally irresponsible.
Interesting and ironic that the banks have been seen as completely innocent in the whole charade.
4. tenyearstogetmymoneyback said...
The BBC uncovered this sort of thing back in 1994
news.bbc.co.uk/1/hi/business/3478635.stm
A reporter had a very similar experience to holyroller.
Trying to get a ten times salary mortgage from Halifax it was suggested that he applied for a self certification
one from their Birmingham Midshires subsidury.
As for the two that have been caught.
Their wives should be chased for every penny of tax due on their £100000 "salaries"
It would be interesting to hear the final outcome. If they end up £100000 up then their scam
(including the time in prison) will have been far more profitable than most peoples jobs
5. maihem said...
"Some lenders willing to give money to a monkey or a mushroom,"
Well Rooney and Beckham /are/ pro footballers so they should be good for it.