Tuesday, Aug 10, 2010
So what's it like in the rest of the UK?
Yorkshire Post: £100m bill as Yorkshire hit by mortgage fraud surge
MORTGAGE lenders in Yorkshire were hit by a fourfold increase in fraud in the first half of this year, with losses hitting almost £100m, figures compiled by financial experts reveal today.
Posted by mr g @ 11:20 PM (684 views) Add Comment
3 Comments
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1. enuii said...
Liar loans, liar loans, liar loans, liar loans, liar loans, liar lo-oans.
'Several of the cases involved professionals including solicitors and mortgage brokers who colluded with their clients to inflate the value of properties to get more cash from banks.'
Well there's a surprise.
Graham Wragg, who manages South Yorkshire Police's economic crime unit, said 'the work of dishonest professionals was often ignored when mortgage fraud cases were brought.'
Nothing to sea here, move along son.
He added: "It does go back to the property boom when people were falsely inflating their income to get mortgages. Now the market has slipped and some are struggling to make repayments.'
Oopsa-daisy - well I never - fancy that.
"Banks and building societies are starting to discover that they have been duped in the past, and people who shouldn't have ever been lent huge sums of money have slipped through the net."
Honest Yorkshire bank manager from very honest bank in Yorkshire (a good solid British county and home of Yorkshire Tea and fine Cricket) said; 'We have strong proceedures in place and will have to investigate why the seemed to have failed in these cases which are not typical of our loan book which is only made up of 40% interest only loans.'
Well that OK then, move along no nasty surprises here then.
2. Ftbinthewaiting said...
"They knew that if they didn't lend, the applicant would go away and get it from someone else. But I have seen awful cases where massive loans have been secured against a garden shed."
... no wonder property prices are inflated!
"The important point is that it won't be the banks who lose out because of these frauds, it will be ordinary honest people who have not broken the law. Their charges will go up."
... just for a change, honest joe bloggs picks up the tab.
3. mrflibble said...
Hopefully they will learn from their mistakes and adjust policy so they don't get screwed over again...