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Claims That 80% Of Hbos Mortgages Had No Proof Of Income

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Since HBOS is mostly owned by the Government and since the Government

hasn't got the money to lend, I can't see why borrowers should be under

obligation to prove anything.

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Liar Loan heaven

http://www.moneymarketing.co.uk/cgi-bin/it...h=341&f=342

Former HBOS mortgage chief Michael Bolton has claimed that up to 80 per cent of mortgages lent by the group before the credit crunch were accep- ted without proof of income.

Morons, the lot of them.

How on earth was this ever viewed as being acceptable.... and more importantly why is it that the rest of us are being expected to bail these people (the banks and the mortgage holders).

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Halifax would not comment directly on the issue but a spokesman says: "Our underwriting approach is carried out in a responsible manner. We have one of the best underwriting approaches within the mortgage market."

No change at the banks then, even when slush-funded by the taxpayer. More spin, ******** and lies.

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Michael Bolton must have spat out his coffee back in 07' when people were spouting the UK had no subprime.

It started in America, tsk, tsk.

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What would constitute proof? I have an HBOS mortgage, put down over 30% deposit, have a very good credit score and they sent a valuer to approve the valuation. In this case I would not really have been expected to provide bank statements or payslips and I dont think it was wreckless of them to advance the funds based on the above factors. That is not to say that they only need to check 20%, but it depends on the size of deposit etc.

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I have no doubht in my mind, and have agreed with Eric Pebbles for my time here that it was all a big fraud.

There are a quite a lot of you who owe the smart ones apologies, that is if you can get your heads out of your collective ar$es for long enough.

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There are a quite a lot of you who owe the smart ones apologies, that is if you can get your heads out of your collective ar$es for long enough.

Does a collective @rse have a multitide of anuses or just the one ?

Just checking.

Edited by PotNoodle

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Did they ever happen to mention that to their shareholders? :unsure:

LOL

the shareholders never ask questions when the price is climbing

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For simplicities sake, I take it as one huge sphincter.

Not something you want to be shouting into a mobile in a crowded place.

My cloaca and beak are widely separated

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You can see why Andy Hornby [former Chief at HBOS] is such a hot commodity in the city. If you can fool "the people" for so long, you're going to make a ton of money on the way up. Just make sure you cash out, before the illusion evaporates.

I see Mr Hornby has been rapidly snapped up and now the Chief at Alliance Boots, recently taken private by private equity group KKR. The seeds are already sown for the next cycle of wealth transfer.

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What would constitute proof? I have an HBOS mortgage, put down over 30% deposit, have a very good credit score and they sent a valuer to approve the valuation. In this case I would not really have been expected to provide bank statements or payslips and I dont think it was wreckless of them to advance the funds based on the above factors. That is not to say that they only need to check 20%, but it depends on the size of deposit etc.

lets say i have 3 million

i buy a house for 10 million

should anyone check whether my income is such that i can afford the repayments on the 7 million loan

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Halifax would not comment directly on the issue but a spokesman says: "Our underwriting approach is carried out in a responsible manner. We have one of the best underwriting approaches within the mortgage market."

No change at the banks then, even when slush-funded by the taxpayer. More spin, ******** and lies.

can you remember when posters argued with us & said we won't have the NINJA equivalent in the UK. :lol::lol:

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lets say i have 3 million

i buy a house for 10 million

should anyone check whether my income is such that i can afford the repayments on the 7 million loan

Yes, because jobs to supoprt that level of borrowing are hard to come by, and the houses much less liquid. But for average houses, this is much less important.

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lets say i have 3 million

i buy a house for 10 million

should anyone check whether my income is such that i can afford the repayments on the 7 million loan

Yes, because you've won three million on the Lottery, are a part-time DJ in the King's Head, and do a lot of dope.

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Yes, because jobs to supoprt that level of borrowing are hard to come by, and the houses much less liquid. But for average houses, this is much less important.

that sort of logic will get you a job with the FSA

if someone buys a 100k house with 70k borrowing and their income is 10k, it is very unlikely that they can service the loan or repay it - irrespective of the fact that there are more buyers for the 100k house as opposed to the 10m one

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Michael Bolton must have spat out his coffee back in 07' when people were spouting the UK had no subprime.

It started in America, tsk, tsk.

I'll be honest with you, I love his music. I do. I'm a Michael Bolton fan. For my money, I don't know if it gets any better than when he sings "When a Man Loves a Woman".

;)

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I'll be honest with you, I love his music. I do. I'm a Michael Bolton fan. For my money, I don't know if it gets any better than when he sings "When a Man Loves a Woman".

;)

How am i supposed to live without proof of income?

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