Jump to content
House Price Crash Forum
eric pebble

“liar Loans� Drive Hundreds Of Thousands Into Debt

Recommended Posts

Britain: “Liar loans†drive hundreds of thousands into debt

A report in 2008 from the UK Citizens Advice Bureau (CAB) has revealed that hundreds of thousands of people are being driven into debt, end up in court and face the loss of their homes because of irresponsible lending practices, bad advice and downright fraud. For people who have longed to buy their own home their dream has turned into a nightmare.

".....many aspiring homeowners have been mis-sold unsuitable and costly home loans that are doomed to fail from the start. Many sub-prime lenders are flouting the rules on responsible lending by granting loans when it’s clear the borrower will not be able to afford to repay it from the very outset, then getting tough immediately things go wrong. Far from providing housing security and a valuable asset, home ownership has proved a fast track to debt and homelessness for many vulnerable borrowers on low incomes.â€

Read the whole thing here:

http://keith-perspective.blogspot.com/2009...undreds-of.html

None of this surprises me at all. :rolleyes:

Share this post


Link to post
Share on other sites
Britain: “Liar loans†drive hundreds of thousands into debt

A report in 2008 from the UK Citizens Advice Bureau (CAB) has revealed that hundreds of thousands of people are being driven into debt, end up in court and face the loss of their homes because of irresponsible lending practices, bad advice and downright fraud. For people who have longed to buy their own home their dream has turned into a nightmare.

".....many aspiring homeowners have been mis-sold unsuitable and costly home loans that are doomed to fail from the start. Many sub-prime lenders are flouting the rules on responsible lending by granting loans when it’s clear the borrower will not be able to afford to repay it from the very outset, then getting tough immediately things go wrong. Far from providing housing security and a valuable asset, home ownership has proved a fast track to debt and homelessness for many vulnerable borrowers on low incomes.â€

Read the whole thing here:

http://keith-perspective.blogspot.com/2009...undreds-of.html

None of this surprises me at all. :rolleyes:

Eric, you SHOULD be surprised as in 2007, we were told, by our bankers and government, that there is NO SUBPRIME IN THE UK.

which means there wasnt any and the article is rubbish. :ph34r:

Share this post


Link to post
Share on other sites

Isn't the Citizens Advice Bureau a government-sponsored quango-charity spouting Labour propaganda? I wouldn't trust them any more than Shelter.

I guess more help for these poor victims translates to higher profits for the MPs with their second and third homes on expenses?

Share this post


Link to post
Share on other sites

A guy who used to work at our place got into the liar loan business about 4 years ago.

He was offering people some "fantastic" deals :lol:

The Police often call the office now asking for him. So do other certain 'agencies'. Strange that.

Share this post


Link to post
Share on other sites
A guy who used to work at our place got into the liar loan business about 4 years ago.

He was offering people some "fantastic" deals :lol:

The Police often call the office now asking for him. So do other certain 'agencies'. Strange that.

As usual - horse bolted - barn door swinging in the wind...... :rolleyes:

Share this post


Link to post
Share on other sites
Guest happy?
Isn't the Citizens Advice Bureau a government-sponsored quango-charity spouting Labour propaganda? I wouldn't trust them any more than Shelter.

I guess more help for these poor victims translates to higher profits for the MPs with their second and third homes on expenses?

No it's a group of concerned citizens who try and do right by others less fortunate than themselves. They do this out of a sense of charity (which is not to be confused with sitting in baths of baked beans to raise money for the hungry in the developing world - which is an act of stupidity).

Charity is an idea which has a long tradition in this country - it's up there with self-help, and bandying together for mutual support (e.g. friendly socities, mutual building societies), and shows a sense of civic purpose and independence from the state and independence of thought and action- something you're clearly lacking.

Share this post


Link to post
Share on other sites

Its what keeps him going...respect to him for banging the drum for so long and hard...but the colours do my head in hence i skip a lot of his posts..

Share this post


Link to post
Share on other sites
Eric, do you never tire of this story?

Is there really another story as big or as relevant as the utter corruption of the financial and political system? It makes all else seem pretty irrelevant - for they have now learned to defy financial gravity and can enslave the masses not by chains but by their own needs.

Share this post


Link to post
Share on other sites
Yes, he has warned many, that is true.

I just wonder what keeps him going?

the market has risen.

either: cash buyers are spending more than they should

or: the richer paid are buying and the poorer are not ( the Average new mortgage was £139K)

or: LIAR LOANS are back with us.

Share this post


Link to post
Share on other sites

...yes ...and a lot of brokers would have won brokers of the month awards over the years and bags of commission to achieve this destruction and human misery ...where are the FSA ....? ..why are they not investigating each case ...there is at least one culprit in each case including the borrower in many cases ...is the FSA just an impotent salary dispenser with funds syphoned off from the public purse..?....no guts.....just hot air.. <_<

Share this post


Link to post
Share on other sites
No it's a group of concerned citizens who try and do right by others less fortunate than themselves. ...

Charity is an idea which has a long tradition in this country - it's up there with self-help, and bandying together for mutual support (e.g. friendly socities, mutual building societies), and shows a sense of civic purpose and independence from the state and independence of thought and action- something you're clearly lacking.

......and provides a 'nice little [90K] earner' for some -

Link

Share this post


Link to post
Share on other sites
If the borrowers had indeed taken out ‘liar loans’, then who were the liars?

Good to see at least one person intelligent enough to actually understand who really is to blame ;)

Share this post


Link to post
Share on other sites
Good to see at least one person intelligent enough to actually understand who really is to blame ;)

Non monsieur Frog, its not limited to the borrowers.

LENDERS GUARANTEED NOT to check. why?

blind eyes being turned. that makes them LIARS too.

and lets add in developers...INSTANT EQUITY....that means FALSE valuations...that means LIAR Surveyors and Liar builders.

and the MBS generated to CDOs now with AAA ratings.....LIAR Bankers....AGAIN.

No, Its not just borrowers.

Share this post


Link to post
Share on other sites
Is there really another story as big or as relevant as the utter corruption of the financial and political system? It makes all else seem pretty irrelevant - for they have now learned to defy financial gravity and can enslave the masses not by chains but by their own needs.

Spot on. In a nutshell.

Share this post


Link to post
Share on other sites
....

No, Its not just borrowers.

Of course not. Greedy stupid and imbecilic people have existed since the dawn of time.

However, I sought not to explain why simply who.

There is a very old saying.. "you can lead a horse to water, but you cannot make it drink"

People wiser and older than me understand this. I think it means that if you offer morons the chance to lose their money they will take it.

I believe the Americans use the phrase.. "never give a sucker an even break".

The banks opened a door marked "free money this way" and the people walked through it. Now they are up sh1t creek. I have paid to administer CPR to the idiot banks, I see no reason to pay for anything else thank you.

Share this post


Link to post
Share on other sites
Of course not. Greedy stupid and imbecilic people have existed since the dawn of time.

However, I sought not to explain why simply who.

There is a very old saying.. "you can lead a horse to water, but you cannot make it drink"

People wiser and older than me understand this. I think it means that if you offer morons the chance to lose their money they will take it.

I believe the Americans use the phrase.. "never give a sucker an even break".

The banks opened a door marked "free money this way" and the people walked through it. Now they are up sh1t creek. I have paid to administer CPR to the idiot banks, I see no reason to pay for anything else thank you.

the horse will drink if yo make it thirsty. you persuade the horse over years that if he doesnt drink NOW, he will NEVER again be able to.

the horse thinks the water looks a bit " dodgy" so is reluctant...the horseman persuades the horse by PROVING the water is safe, that even if its a bit dodgy, it can vomit it back up and try another part of the pool.

non, the LIAR LOANS were part of the system, they were promoted and encouraged and fueled by FEAR on the borrowers and GREED on the lenders.

Course BTL was different....that was sold as an opportunity......no income required at all.

Share this post


Link to post
Share on other sites
Of course not. Greedy stupid and imbecilic people have existed since the dawn of time.

However, I sought not to explain why simply who.

There is a very old saying.. "you can lead a horse to water, but you cannot make it drink"

People wiser and older than me understand this. I think it means that if you offer morons the chance to lose their money they will take it.

I believe the Americans use the phrase.. "never give a sucker an even break".

The banks opened a door marked "free money this way" and the people walked through it. Now they are up sh1t creek. I have paid to administer CPR to the idiot banks, I see no reason to pay for anything else thank you.

That is the thing...they didn't have any money so they had nothing to lose... The abolition of the 20% cash, earned, saved for deposit, together with equity withdrawal from existing property to put down as a deposit on a new property...years ago the ONLY time equity could be withdrawn was to do home improvements on the property in question and for no other reason....that change in policy was the start of the beginning IMO.

Share this post


Link to post
Share on other sites
That is the thing...they didn't have any money so they had nothing to lose... The abolition of the 20% cash, earned, saved for deposit, together with equity withdrawal from existing property to put down as a deposit on a new property...years ago the ONLY time equity could be withdrawn was to do home improvements on the property in question and for no other reason....that change in policy was the start of the beginning IMO.

I agree

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   287 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.