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Mr Yogi

Plod Finally On Trail Of Mortgage Fraudsters?

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http://business.timesonline.co.uk/tol/busi...icle6360852.ece

Mike Bowron, Commissioner of City of London Police, said that law enforcement agencies could no longer ignore so-called “white-collar crime”.
"For example, with the downturn in the property market, we are seeing a lot of mortgage fraud, which has been perpetrated by deliberate overvaluing of new developments. Those frauds require conspiracies of bent lawyers, estate agents and developers all working together.

“These are crooks who are not motivated by a heroin habit, or social deprivation and it gives me — as a cop — great satisfaction to catch them.

Edited by Mr Yogi

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I hope we see some vicious prosecutions of lawyers, surveyors, developers and finance brokers.

A few heads on spikes will scare the rest of them witless and knock confidence even further.

A message to all surveyors - "If you overvalue, your going to jail"

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I suspect Mr Bowron's comments are indicative of a general change in attitide and evaporation of respect for the professional classes.

First bankers

Then MPs

Now it is the turn of lawyers, surveyors, and estate agents to be exposed as liars and cheats.

The police, being drawn mainly from modest working class backgrounds with all the attendent chips on shoulders, will join in with alacrity.

Could be fun....

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And on the topic of locking up fradsters: what about our delightful MPs?

Hazel Blears for a start. She claimed second-home expenses for a SECOND HOME. She then sold that SECOND HOME for a profit, but failed to pay capital gains tax. It is ILLEGAL to not pay capital gains tax on the sale of a second home. So Hazel Blears has broken the law. Blears should be in prison.

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erm...i thought MPs were exempt from paying GCT on 2nd homes? So nothing illegal. Immoral maybe, but not illegal.

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I suspect Mr Bowron's comments are indicative of a general change in attitide and evaporation of respect for the professional classes.

First bankers

Then MPs

Now it is the turn of lawyers, surveyors, and estate agents to be exposed as liars and cheats.

The police, being drawn mainly from modest working class backgrounds with all the attendent chips on shoulders, will join in with alacrity.

Could be fun....

+1. There does seem to be a whiff of blood in the air against anyone perceived to have had it too easy.

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erm...i thought MPs were exempt from paying GCT on 2nd homes? So nothing illegal. Immoral maybe, but not illegal.

This isn't the case - they were required to pay it by law, but flipped their second home to call it their primary home in order to avoid the tax.

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This isn't the case - they were required to pay it by law, but flipped their second home to call it their primary home in order to avoid the tax.

Indeed telling the expenses office one thing and the hmrc another can only be a sign of LYING to one of them.

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Anyone with two homes can designate which is the primary and which is the secondary (subject to certain conditions). Pub Landlords who move from a pub to their home, and then on to a new pub regularly have to think about switching their designations.

There is nothing illegal about this providing the conditions are met.

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And on the topic of locking up fradsters: what about our delightful MPs?

Hazel Blears for a start. She claimed second-home expenses for a SECOND HOME. She then sold that SECOND HOME for a profit, but failed to pay capital gains tax. It is ILLEGAL to not pay capital gains tax on the sale of a second home. So Hazel Blears has broken the law. Blears should be in prison.

Even if Blears hadn`t broken the law, your last sentence still stands.

No wonder she was always grinning, MP`s salary + Expensenses + Profit from 2nd home + No capital gains tax paid.

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What's so weird is, the Fraud Squad of any police force only needs to go to all local moneylenders offices - demand all mortgage application forms - and then just go through them bit by bit.... then do a bit of checking.... and they'll find enough fraud there to fill the oceans........ Incredibly simple really.

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Anyone with two homes can designate which is the primary and which is the secondary (subject to certain conditions). Pub Landlords who move from a pub to their home, and then on to a new pub regularly have to think about switching their designations.

There is nothing illegal about this providing the conditions are met.

A pub is a poor example. The landlord may have living accommodation on the premises but it would be calculated pro rata on floor space and CGT would be payable on the business part of the property.

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erm...i thought MPs were exempt from paying GCT on 2nd homes? So nothing illegal. Immoral maybe, but not illegal.

the admission was writting the cheque and waving it on every news channel/programe that would give her the time, for £13.5k.

if she was exempt to CGT then why pay it back without a fight

£13.5k is alot of money to anyone

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Indeed telling the expenses office one thing and the hmrc another can only be a sign of LYING to one of them.

Unfortunately for the hang-em flog-em squad, the rules are that anyone with more than one home can designate any one of them as their main residence for expenses purposes and tax purposes; there is no legal requirement for consistency between the designations. Blear's payment therefore is a voluntary donation to the exchequer rather than a payment of tax due.

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The idea that a surveyor has access to some "holy book" of "correct" values is rubbish.

People need to learn to stand on their own two feet and use their own brains.

They should ask themselves "do I think that this house is worth this amount"?

If more people had done this, instead of signing up for well overpriced new-builds based on some bloke saying that they are "worth" £XXXXXX, they wouldn't have lost so much money on them, would they?

And you can't make it a criminal offence to give a "wrong" value when there is no single "right" value.

The value of a thing is what someone will pay for it, surely?

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The idea that a surveyor has access to some "holy book" of "correct" values is rubbish.

People need to learn to stand on their own two feet and use their own brains.

They should ask themselves "do I think that this house is worth this amount"?

If more people had done this, instead of signing up for well overpriced new-builds based on some bloke saying that they are "worth" £XXXXXX, they wouldn't have lost so much money on them, would they?

And you can't make it a criminal offence to give a "wrong" value when there is no single "right" value.

The value of a thing is what someone will pay for it, surely?

Estate agents are seen as the experts, the professionals; financial advisors, surveyors and lawyers even moreso. They are a 'profession', have 'governing' bodies and seemingly never ending access to the media to present their views as fact (particularly the former two)... as a public we like that. Not just some bloke then, in the eye's of the public, nor in the eyes of their professional, governing, regulatory bodies.

This stand off will continue until, EAs, Surveyors, financial advisors, lawyers and lenders (and the feckless government) decide there's a benefit to them, personally, in lower house prices.

If someone wants to sell their house and the EAs (all of them) tell them they have to be realistic and that prices are down 20% since last valuation, that is confirmed by a surveyor and they couldn't geet a loan for anything more... THEN THAT WOULD BE THE PRICE OF THE HOUSE!

"People can use their own brains" to stay out, for as long as possible, but then sentiment (or conditions) personally or in the general population will turn...

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