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eric pebble

Telegraph: Mortgage Fraud: How Lenders Have Been Caught Out

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Mortgage fraud: how lenders have been caught out

Mortgage fraud will cost Britain's lenders at least £1bn, according to accountants BDO Stoy Hayward. We look at the ways the fraudsters have caught out lenders, costing Chelsea Building Society £41m and Bradford & Bingley £271m in writedowns.

And all the rest..... SIGH..... :rolleyes::rolleyes: 10 years after the horse has bolted, they find the remains of the stable door swinging in the wind...

http://www.telegraph.co.uk/finance/newsbys...caught-out.html

Edited by eric pebble

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Mortgage fraud: how lenders have been caught out

Mortgage fraud will cost Britain's lenders at least ?1bn, according to accountants BDO Stoy Hayward. We look at the ways the fraudsters have caught out lenders, costing Chelsea Building Society ?41m and Bradford & Bingley ?271m in writedowns.

And all the rest..... SIGH..... :rolleyes::rolleyes: 10 years after the horse has bolted, they find the remains of the stable door swinging in the wind...

http://www.telegraph.co.uk/finance/newsbys...caught-out.html

Think of it as foreign aid to Nigeria

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And all the rest..... SIGH..... :rolleyes::rolleyes: 10 years after the horse has bolted, they find the remains of the stable door swinging in the wind...

:lol: A bit late now, init?

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If only someone had bothered doing some research.

At least the people employed wheren't negative, I'm sure it was a happy place to work without people constantly bringing up reality.

All thieves working together.

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:lol::lol::lol: Sorry did someone say £1 billion in mortgage fraud. :lol::lol::lol:

More like £200 billion.

Never in history have so many taken so much been taken from so few, with so little being put down or any prove it could be repaid.

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As we all know Eric this is only the start, they will admit a little at a time to try and keep face but this bubble has been the biggest con ever covering a large part of the world and we have more revelations to come out of the cuboard yet.

And then they and idiot borrowers (eg. those who "didn't know" an IO mortgage did not pay debt off) will be clamouring to be bailed out by the prudent.

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Mortgage fraud: how lenders have been caught out

Mortgage fraud will cost Britain's lenders at least �1bn, according to accountants BDO Stoy Hayward. We look at the ways the fraudsters have caught out lenders, costing Chelsea Building Society �41m and Bradford & Bingley �271m in writedowns.

And all the rest..... SIGH..... :rolleyes::rolleyes: 10 years after the horse has bolted, they find the remains of the stable door swinging in the wind...

http://www.telegraph.co.uk/finance/newsbys...caught-out.html

This is the best quote:-

The frauds appear to have involved professionals colluding to inflate the value of buy-to-let properties. :lol::lol::lol:

How long did it take them to work that out.

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The frauds appear to have involved professionals colluding to inflate the value of buy-to-let properties.

But surely they didn't have to collude? Property always rises in price...massively....every year. Every fool knows that :blink:

It was just the natural way of things. Wasn't it? :(

Edited by Fergie

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This is the best quote:-

The frauds appear to have involved professionals colluding to inflate the value of buy-to-let properties. :lol::lol::lol:

How long did it take them to work that out.

Professionals colluding to inflate - and MAINTAIN - artificially high property values is PARAMOUNT - NO MATTER HOW.....

HENCE - 24/7 tv,newspaper articles etc etc. PUMPING UP THE HOUSING MARKET - ALWAYS portraying the "INCREASE IN HOUSE PRICES" as "NORMAL" and a "GOOD THING"............

THIS IS ALL WELL ORGANIZED AND CO-ORDINATED - USING THE BEST METHODS AND SKILLS OF MASSIVE PR COMPANIES......

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:lol::lol::lol: Sorry did someone say £1 billion in mortgage fraud. :lol::lol::lol:

More like £200 billion.

Never in history have so many taken so much been taken from so few, with so little being put down or any prove it could be repaid.

Spot on.

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So in fact property prices were never going up at all. All the land registry was recording was increasing overstated fraudulent valuations.

Probably it is still happening but now it is the banks and building societies selling to one another to prop up their sorry books.

Hence the recent suspicious HPI stats

Oooh, go on, you know this is a perfect time to buy. FYB.

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Guest sillybear2
Remember they wanted to be defrauded. They were packaging up the debt and selling it on. More debt, bigger commission!

Yup, the loan originators and securitization people even started replying to emails from deposed Nigerian generals towards the end.

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So in fact property prices were never going up at all. All the land registry was recording was increasing overstated fraudulent valuations.

Probably it is still happening but now it is the banks and building societies selling to one another to prop up their sorry books.

Hence the recent suspicious HPI stats

Oooh, go on, you know this is a perfect time to buy. FYB.

Almost certainly THIS IS the case.....

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