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eric pebble

Some Didn't Know They Were Getting A Loan

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'Some didn't know they were getting a loan'

"Now working for a bank in Corona, a small town in the parched brown hills east of Orange County, Ms Loiacono says she did her best to bring some sense to the lending frenzy.

She would try to turn down loan applications that looked too risky but the pressure from mortgage brokers and bank bosses was overwhelming.

They started offering incentives to the wavering underwriters. Promises of trips to resorts on the California coast were common. "They offered cars and watches and purses," she says, "the list goes on"."

Read all here -- http://news.bbc.co.uk/1/hi/business/8245828.stm

AND DON'T THINK THIS WAS NOT A UK problem. IT WAS - AND IS.

AND --- YOU THE TAXPAYER ARE PAYING FOR ALL THIS FOR YEARS AND YEARS AND YEARS. AND YOUR CHILDREN AND THEIR CHILDREN WILL BE PAYING FOR YEARS AND YEARS TOO. DO YOU THINK THAT'S FAIR?

Edited by eric pebble

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They started offering incentives to the wavering underwriters. Promises of trips to resorts on the California coast were common. "They offered cars and watches and purses," she says, "the list goes on"."

So more a Flyer loan than a Liar Loan. :lol:

I am fairly sure I remember some banks handing out huge numbers of Airmiles to mortgage applicants. :ph34r:

Edited by mikelivingstone

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I am fairly sure I remember some banks handing out huge numbers of Airmiles to mortgage applicants. :ph34r:

The airmiles will come in handy when the house is repo'd and the bailiffs come!

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Is that why they haven't been paying the loan back?

what? cashbacks too low?

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what? cashbacks too low?

If you got cashback and you didn't know you had a loan why would you pay the loan back? I'd just go and spend the money on tat. Do you think these people would question why they have free money, if they can't read/write it would be like winning the lottery and you get a house.

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If you got cashback and you didn't know you had a loan why would you pay the loan back? I'd just go and spend the money on tat. Do you think these people would question why they have free money, if they can't read/write it would be like winning the lottery and you get a house.

Id be suspicious receiving a cash back.

Id rather have a credit limit on me cards. means I can go and spend. and you know what having the ability to spend means!

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Id be suspicious receiving a cash back.

We aren't talking about you though are we.

We are talking about people who don't have many financial skills and suddenly they receive what appears to be free money. How many fully understood where the money came from?

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We aren't talking about you though are we.

We are talking about people who don't have many financial skills and suddenly they receive what appears to be free money. How many fully understood where the money came from?

cant be free money....theyd know instantly that wealth=debt. better get rid and borrow.

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We aren't talking about you though are we.

We are talking about people who don't have many financial skills and suddenly they receive what appears to be free money. How many fully understood where the money came from?

And where it ended up, like bank bonus', commissions, investment casino players and into the pockets of developers and house sellers, oh and the treasury via tax. Infact our entire economy relied on it.

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:rolleyes: Sigh.......... :rolleyes:

HBOS, Northern CrockO'Shit, Bradford & Bingley, etc etc. - THEY WERE ALL AT IT....

[Read/view all the links in my signature below].

AND NOW - YOU - THE TAXPAYER - ARE BAILING THEM ALL OUT.

THINK ABOUT IT. :angry:

I watched most of these programmes the first time around and remember thinking it was nothing new. Back in the eighties it was routine for an employer to give you a letter saying you were being paid "x", when in fact you were being paid "y", x obviously being greater than y. Those chickens came home to roost then as well.

P.S. My current mortgage was taken out at 2x my salary and I still think my tiny little house was overpriced by a factor of about 8.

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I watched most of these programmes the first time around and remember thinking it was nothing new. Back in the eighties it was routine for an employer to give you a letter saying you were being paid "x", when in fact you were being paid "y", x obviously being greater than y. Those chickens came home to roost then as well.

P.S. My current mortgage was taken out at 2x my salary and I still think my tiny little house was overpriced by a factor of about 8.

Yes Moley - but it had become STANDARD to lie and cheat - and pretend you earn 100 X rather than 1 Y --- You NEVER EVER have all this discussed and analysed and taken apart on mainstream media -- IT IS TABOO to talk about the biggest elephant in the room!!! It is absurd!!

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Yes Moley - but it had become STANDARD to lie and cheat - and pretend you earn 100 X rather than 1 Y --- You NEVER EVER have all this discussed and analysed and taken apart on mainstream media -- IT IS TABOO to talk about the biggest elephant in the room!!! It is absurd!!

I totally agree. My point was that these liar loans were available in the 80s, with the collusion of employers and accountants. They came about mainly as a response to the huge bubble caused by the Chancellor (Lamont? Lawson?) removing the morgage interest tax relief for people who were not married buying a house together, and then giving everyone six months to compete for the available housing stock, pushing prices through the roof. We never seem to learn.

By the way, at the time I was living in rented accommodation in London at the time, protected tenancy, unfurnished, nice area, two bedrooms, huge garden (with gardener) all for £90 per month. If I hadn't had to move for work, I'd still be there.

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I watched most of these programmes the first time around and remember thinking it was nothing new. Back in the eighties it was routine for an employer to give you a letter saying you were being paid "x", when in fact you were being paid "y", x obviously being greater than y. Those chickens came home to roost then as well.

P.S. My current mortgage was taken out at 2x my salary and I still think my tiny little house was overpriced by a factor of about 8.

LOADS of chickens are yet to come home to roost yet imho....

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I totally agree. My point was that these liar loans were available in the 80s, with the collusion of employers and accountants. They came about mainly as a response to the huge bubble caused by the Chancellor (Lamont? Lawson?) removing the morgage interest tax relief for people who were not married buying a house together, and then giving everyone six months to compete for the available housing stock, pushing prices through the roof. We never seem to learn.

By the way, at the time I was living in rented accommodation in London at the time, protected tenancy, unfurnished, nice area, two bedrooms, huge garden (with gardener) all for £90 per month. If I hadn't had to move for work, I'd still be there.

I would contend that it was much rarer for people to lie in the 80's. But, because nothing was done to stop and punish those who commited such crimes in the 90's, it became apparent to those who wanted to lie and cheat their way to more "money" that they could easily get away with it. Subsequently, more and more, it became completely "normal" to lie about your income, so much so that all the brokers and banksters wrote it into their plan. This was superturboed into the worldwide scam of all scams -- CDO's & SIVs etc. In effect, it became a license to print [funny]money. And the rest is history.

It is very noticeable how, in the mainstream media, you never hear commentators/news programmes adding the words "the result of property valuation fraud" added to the two words "Credit Crunch" - which are mouthed off billions of times - as if their is no actual cause.

Edited by intheclear

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I would contend that it was much rarer for people to lie in the 80's. But, because nothing was done to stop and punish those who commited such crimes in the 90's, it became apparent to those who wanted to lie and cheat their way to more "money" that they could easily get away with it. Subsequently, more and more, it became completely "normal" to lie about your income, so much so that all the brokers and banksters wrote it into their plan. This was superturboed into the worldwide scam of all scams -- CDO's & SIVs etc. In effect, it became a license to print [funny]money. And the rest is history.

It is very noticeable how, in the mainstream media, you never hear commentators/news programmes adding the words "the result of property valuation fraud" added to the two words "Credit Crunch" - which are mouthed off billions of times - as if their is no actual cause.

In a nutshell. <_<

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I would contend that it was much rarer for people to lie in the 80's. But, because nothing was done to stop and punish those who commited such crimes in the 90's, it became apparent to those who wanted to lie and cheat their way to more "money" that they could easily get away with it. Subsequently, more and more, it became completely "normal" to lie about your income, so much so that all the brokers and banksters wrote it into their plan. This was superturboed into the worldwide scam of all scams -- CDO's & SIVs etc. In effect, it became a license to print [funny]money. And the rest is history.

It is very noticeable how, in the mainstream media, you never hear commentators/news programmes adding the words "the result of property valuation fraud" added to the two words "Credit Crunch" - which are mouthed off billions of times - as if their is no actual cause.

It is also very noticeable how people actually boast about the size of their mortgages and how they lied to obtain them. There seems to be no appreciation that this is actually fraud.

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