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"apprentice" Contestant Chris Farrell To Be Convicted Of Fraud Related To His Time As An Estate Agent...

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http://www.bbc.co.uk/news/uk-england-devon-12060100

Farrell, who admitted four charges of fraud, would either alter P60 forms or payslips to show his clients in a more favourable light to a mortgage lender or create fake documents, magistrates were told.

Mr Gittins added: "The clients had no knowledge of what he did."

I wonder how widespread this is/was. I'd always assumed it was the buyers who were doing the lying. I wonder whether the mortgages can/will be withdrawn once the banks find out that they were approved based on fraudulent documents.

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http://www.bbc.co.uk...-devon-12060100

I wonder how widespread this is/was. I'd always assumed it was the buyers who were doing the lying. I wonder whether the mortgages can/will be withdrawn once the banks find out that they were approved based on fraudulent documents.

I am 99.9% sure they could be. Mortgage T&C's can be pretty lenghty and detailed !! The Banks don't forget to put get out clauses in them. They are not totally stupid.

However if the mortgage was being paid don't think they would want to withdraw it. It's an asset innit !!

Now let's say some of these come into difficulty and go into arrears. I am sure a little detail like this would move along repossesion proceedings nicely.

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See here: http://www.bbc.co.uk/news/uk-england-devon-12060100

They were all at it! Grrrrr. I hope he gets life.

Never did like him. Always thought he was untrustworthy, slimey. And if never did understand why noone liked his octopus housewife advert!

Then again he did have am uphill struggle for him to make me like him, what with him being an ea/broker and ex army.

So what will happen to those who's mortgage applications he forged?

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Great news - hopefully this is the first of many, and the story should get good "gossip" wings with the "celebrity" connection. Little victories like this, and the superb David Jason line from the ITV drama the other night ("Forget about all this property b0!!ocks), are slowly turning public opinion. UK's attitude to property is being turned for the better...

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Interestingly I wonder how he got found out, is this the start of a wave of these cases. Though good news, should not the question be why was it that his employer's systems allowed this to happen in the first place. This could start to get interesting as the mortgage industry starts to look at it mortgage book and begins to wonder how accurately they have calculated the levels of defaults that they'll be likely to suffer. :lol:

Edited by Blod

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But helping poor hard-working families get on the property ladder is not really fraud is it?

How many hundreds or thousands of mortgages have been given as a result of fraud. Perhaps they should start cross referencing HMRC records with those now claiming SMI etc.

Going off-topic: can you still claim SMI if your mortgage application was fraudulent? I certainly hope not!

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Interestingly I wonder how he got found out, is this the start of a wave of these cases. Though good news, should not the question be why was it that his employer's systems allowed this to happen in the first place. Could start to get interesting as the mortgage industry starts to look at it mortgage book and begins to wonder how accurately they have calculated the levels of defaults that they'll be likely to suffer. :lol:

I'm just guessing this - but could a mortgage lender recognise that some or many of its delinquencies are from fraudulent mortgage applications, in which case it could sue the mortgage-intermediary for the losses, thus bringing the problem to light?

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I'm surprised he jeopardised his job rather than just bettering himself in more intelligent ways.

This guy was stupid and deserves a fraud conviction but what about MPs? If this guy is guilty of fraud most of the MPs' expenses should be classed in the same way.

Britain has random justice....or perhaps not so random? :angry:

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Interestingly I wonder how he got found out, is this the start of a wave of these cases. Though good news, should not the question be why was it that his employer's systems allowed this to happen in the first place. This could start to get interesting as the mortgage industry starts to look at it mortgage book and begins to wonder how accurately they have calculated the levels of defaults that they'll be likely to suffer. :lol:

Banks (now giving out the lie that they are being more responsible) feel that having lured the punters in to over-borrow

- that they should check again, randomly & more thoroughly thru previous applications and make sure punters have a repayment vehicle on I/O loans

Banks are more likely trying to work out the sums they are going to need (secretly as they no longer have to scammingly announce it) in near future from BOE to stop them going under again as thousands of liar-loaners default/ get repo'd

Edited by erranta

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But helping poor hard-working families get on the property ladder is not really fraud is it?

How many hundreds or thousands of mortgages have been given as a result of fraud. Perhaps they should start cross referencing HMRC records with those now claiming SMI etc.

Goodwin bought an entire European bank without completing due diligence.

I think it's safe to say it was the business model.

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Interestingly I wonder how he got found out, is this the start of a wave of these cases. Though good news, should not the question be why was it that his employer's systems allowed this to happen in the first place. This could start to get interesting as the mortgage industry starts to look at it mortgage book and begins to wonder how accurately they have calculated the levels of defaults that they'll be likely to suffer. :lol:

The lender spotted a forged signature, and Farrell's employer sacked him - presume because of the same. They're not all evil! I imagine the good guys have a hard time getting ahead in that industry.

It's been sent to Crown court and he has previous - so maybe jail time.

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I'm just guessing this - but could a mortgage lender recognise that some or many of its delinquencies are from fraudulent mortgage applications, in which case it could sue the mortgage-intermediary for the losses, thus bringing the problem to light?

I do feel sometimes that this is the white elephant in the room when discussion turns to IR, repossessions, and defaults and their possible effect on the direction of the housing market, in so much as many, many of these "liar loans" were MEWing and then feed back into the economy. The public have been quietly doing their own "printing" as it were. When VIs are arguing for lack lending is it that even they know that without that "extra" money flowing in then the SHTF, the public simply don't have the funds to keep the market up. These things don't happen fast, but like the VIs rolling the market up hill with the fuel of this extra funding are we now seeing the point where the momentum slips and the reverse begins. Cause if that was the case then there aren't many measures that could prevent the inevitable happening as in the rest of the world, all our politicians would have done is delayed this.

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Interestingly I wonder how he got found out,

Halifax spotted a forged signature.

I cannot believe that I forgot to share the following with my fellow HPC'rs:

My company had a Xmas do the other week and we shared the "do" with the Nationwide. Anyways, I was outside having a ciggi and this chap was there too and he asked me what I thought of the party and then he couldn't resist saying "well we've got another Xmas do in January" followed by "we're not a bailed out bank so money is not in short supply". "Glad to hear that" I said! Then he started going on about his previous place of work up until 2008 "dude, I worked for this company and we had the biggest partys you could imagine...it was great whilst i lasted. I was head of the Mortgage division but at Nationwide I'm just an advisor". He then started telling me how they gave out mortgages to just about anyone who had a pulse but was unsure about how many dead people got a mortgage! "Mate, 4x, 5x, 6x, 7x, 8x, 9x, you name it and your salary was never an issue because many just lied...as long as you had an OK credit history we could give you a mortgage"..."f*cking brokers were the worst of them hahahahah"...I'm glad he found this all amusing?

My reply: "did you work for the Halifax?"

His reply: "hahahahaha YES!" followed by more laughter???

God knows how I forgot this anecdotal?? But he was useful in that I was due in court with the ex a few days after that and one of things she had said in her statement was that I accused her of lying to get a mortgage (it made no difference in the end as the Judge told her to shut the fvck up and awarded me access to my son) . Anyway, I quickly ran the figures past him and he said "dude, that's like 10 x her salary, yeah she would have lied to get that amount and as long as she passed the the credit check then we would have given her that amount"...at that point he was not finding the conversation that funny.

Of course guys, the above quotes are from memory.

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Great news - hopefully this is the first of many, and the story should get good "gossip" wings with the "celebrity" connection. Little victories like this, and the superb David Jason line from the ITV drama the other night ("Forget about all this property b0!!ocks), are slowly turning public opinion. UK's attitude to property is being turned for the better...

David Jason said "Boll0x"?

He's certainly gone downhill from being Captain Fantastic, protecting the World from the evil Mrs.Black!

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Sadly this might hit some other industries. Linky

i was told by a collegue that fake pay slips/P60s/bank statements are rife in the rental world too! He told me that his missus has to check the validity of these documents at the rental agents she works at...........they only do that WHEN the rental agreement goes tits up!

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It would be nice if he did time for this, I wonder if his "celebrity" will save him from the stripy hole.

Not sure what will happen to his stripy hole if it doesn't.

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The lender spotted a forged signature, and Farrell's employer sacked him - presume because of the same. They're not all evil! I imagine the good guys have a hard time getting ahead in that industry.

It's been sent to Crown court and he has previous - so maybe jail time.

Though, not particularly relavent previous. It does make a difference

tim

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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