eric pebble Posted July 6, 2010 Share Posted July 6, 2010 Six are banned for mortgage fraud. Among those banned were Neale Morton, Syed Meah and Jonathan Smith, of Neale Morton IMS Limited, based in Gateshead. Mr Morton submitted mortgage claims for himself that used false income details, and allowed the firm to be used for mortgage fraud by its advisers and customers, the FSA said. He was fined £130,192. He failed to disclose information to the FSA during the investigation, and the two advisers - who were also banned - both produced falsified documents to the FSA. Mortgage intermediary Monika Tewari was also banned from working in financial services after submitting two applications with false income details. Amanakwaa Adu, trading as Distinct Financial Services in Leytonstone, East London, was banned for lying on mortgage application forms. He inflated his income, and claimed he was Belgian, when he was actually Ghanaian. Tony Oliver, trading as Finesse Financial in Barking, Essex, also put false information on forms and was also banned. http://news.bbc.co.uk/1/hi/business/10509324.stm The really sad thing is - they think they're making a difference. Mortgage Fraud CAUSED all the problems we have now...... The barn door is flapping in the wind.... The horse is long dead from old age. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted July 6, 2010 Share Posted July 6, 2010 Good news. Up here liar loans are still rife. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 6, 2010 Share Posted July 6, 2010 Good news. Up here liar loans are still rife. Confusedscious...he say: man with riar roan should get rife. Quote Link to comment Share on other sites More sharing options...
geoffk Posted July 6, 2010 Share Posted July 6, 2010 Good news. Up here liar loans are still rife. where is this? Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted July 6, 2010 Share Posted July 6, 2010 Why cant they just compare everyone with a self cert mortgage issued since 2000 with their tax returns for the year it was issued, and see who the broker was. My guess would be in excess of 90% fraud rates. Quote Link to comment Share on other sites More sharing options...
lurker07 Posted July 6, 2010 Share Posted July 6, 2010 Why cant they just compare everyone with a self cert mortgage issued since 2000 with their tax returns for the year it was issued, and see who the broker was. My guess would be in excess of 90% fraud rates. Because to do it properly will take years thus safeguarding their jobs. Doing it your way could be fairly automated and that wouldn't do. Quote Link to comment Share on other sites More sharing options...
Prof Posted July 6, 2010 Share Posted July 6, 2010 Six are banned for mortgage fraud. Mortgage Fraud CAUSED all the problems we have now...... The barn door is flapping in the wind.... The horse is long dead from old age. Exactly what I was thinking when I read this news. Funny (not) isn`t it ? When the party is over, and the hangover is starting to kick in, people start to blame the bartender for serving them too many drinks. Mr Pebble has been telling us (in large, bright fonts) that Liar Loans contributed more than just a small part of the house price boom. Despite Eric`s protests, and the evidence of mortgage fraud taking place, as shown in one or two TV documentaries, very little seemd to have been done to prevent it. As I`ve said before, even if the fraud was commited by a fairly small percentage of mortgage applicants, the knock-on effect affects virtually every honest applicant. Every month now, I`m reading about a few more mortgage brokers being "found out". Where were the authorities responsible for policing mortgage brokers when this was taking place ? I`ll answer that myself - probably filling their boots with BTL properties, funded by the some of the same brokers who now find themselves being fined. :angry: Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 6, 2010 Share Posted July 6, 2010 (edited) Amanakwaa Adu, trading as Distinct Financial Services in Leytonstone, East London, was banned for lying on mortgage application forms. He inflated his income, and claimed he was Belgian, when he was actually Ghanaian. Its almost like a "Carry On" farce. Edited July 6, 2010 by SirStirlingSlumlord Quote Link to comment Share on other sites More sharing options...
eric pebble Posted July 7, 2010 Author Share Posted July 7, 2010 Exactly what I was thinking when I read this news. Funny (not) isn`t it ? When the party is over, and the hangover is starting to kick in, people start to blame the bartender for serving them too many drinks. Mr Pebble has been telling us (in large, bright fonts) that Liar Loans contributed more than just a small part of the house price boom. Despite Eric`s protests, and the evidence of mortgage fraud taking place, as shown in one or two TV documentaries, very little seemd to have been done to prevent it. As I`ve said before, even if the fraud was commited by a fairly small percentage of mortgage applicants, the knock-on effect affects virtually every honest applicant. Every month now, I`m reading about a few more mortgage brokers being "found out". Where were the authorities responsible for policing mortgage brokers when this was taking place ? I`ll answer that myself - probably filling their boots with BTL properties, funded by the some of the same brokers who now find themselves being fined. :angry: Yup. Spot on Prof. & thanks. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 7, 2010 Share Posted July 7, 2010 "Amanakwaa Adu, trading as Distinct Financial Services in Leytonstone, East London, was banned for lying on mortgage application forms. He inflated his income, and claimed he was Belgian, when he was actually Ghanaian." funny, but they ban a criminal for doing a criminal act....surely thats going to stop him...or maybe Jail time would be more effective, and a confiscation of assets. look, this con man didnt care before...I bet he has another FS firm going already...maybe he's Dutch at this one. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted July 7, 2010 Author Share Posted July 7, 2010 (edited) Its almost like a "Carry On" farce. Only not so funny. These people have MADE LIFE AWFUL for the rest of society.... They have FRAUDULENTLY DRIVEN UP THE PRICE PEOPLE HAVE TO PAY to out a roof over their heads ALL OVER THE UK - and world. The consequences of their actions have been EXTREMELY LIFE-ALTERING FOR COUNTLESS MILLIONS OF PEOPLE..... :angry: :angry: Edited July 7, 2010 by eric pebble Quote Link to comment Share on other sites More sharing options...
DrMartinSanchez Posted July 7, 2010 Share Posted July 7, 2010 What about the customers who lied on their certifications in order to get a mortgage? Are they going after them? Think how nice that would be. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 7, 2010 Share Posted July 7, 2010 "Amanakwaa Adu, trading as Distinct Financial Services in Leytonstone, East London, was banned for lying on mortgage application forms. He inflated his income, and claimed he was Belgian, when he was actually Ghanaian." funny, but they ban a criminal for doing a criminal act....surely thats going to stop him...or maybe Jail time would be more effective, and a confiscation of assets. look, this con man didnt care before...I bet he has another FS firm going already...maybe he's Dutch at this one. He won't even be in the country. He will have skipped back to Ghana with the ill gotten gains, like most of then did. Will the City guys who earned fat bonuses on the back of these liar loans be forced to repay them? No of course not. The FSA are useless dumbassess. Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted July 7, 2010 Share Posted July 7, 2010 Its almost like a "Carry On" farce. Carry On Crunching. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted July 7, 2010 Share Posted July 7, 2010 where is this? sorry fror being cryptic, it's Gateshead, where those bastards were caught. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted July 7, 2010 Author Share Posted July 7, 2010 Carry On Crunching. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted July 9, 2010 Author Share Posted July 9, 2010 What about the customers who lied on their certifications in order to get a mortgage? Are they going after them? Think how nice that would be. Quote Link to comment Share on other sites More sharing options...
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