Giving Up On The Fsa

[apom]

I wanted to have the Self Certified Mortgaga fraud stopped...

got me no where..

Its all too late.. the Economy is fixing itself... Granted by going crunch...

This is my last reply to them...

Congratulations...

You, the government and the police have pushed this backwards and forwards for two years...

Now we are entering a recession...

I won't bore you with figures... but imagine all of that nice mortgage lending... in 2004 over 1/5 of all outstanding mortgage debt was income none verified... and this was as the average house price was 8 times salary in a lot of areas

This fraud has been into the hundreds of billions...

And you have ignored it.

Now the economy is failing under the terrific pressure of debt...

You stood by and allowed this to happen.

If you feel this was not your responsibility... please explain why.

This is the largest fraud that will ever happen. It has destroyed the country financially.

If you accept your roll in this then I will expect notice of the full resignation of your organization.

Your conduct in this has been nothing but appalling.

In this case, if it could be shown that you allowed this to happen and you profited from it by owning your own homes then you could be shown to have committed a crime so huge against this country that you should be hung for treason.

Now, any action you take is too late.

For what you have done here, damn you.

If I am ever again as disgusted by the actions of any group or organisation in this life I will be staggered.

I sign this letter as disgusted.

But I expect no further action. It is too late now.

[New Darker Law]

You tried Apom.

When (if!) the penny drops with the general public it will be interesting to see if there's another round of mis-selling compensation. That would really stick in my throat! :angry:

NDL

[Guest horace]

>> apom

When you take on the world bank on the world winning.

Ancient Chinese proverb.

horace.

[sign_of_the_times]

>> apom

When you take on the world bank on the world winning.

Ancient Chinese proverb.

horace.

always rely on horace to talk cobblers

(ancient hpc proverb)

Edited September 25, 2005 by sign_of_the_times

[Smell the Fear]

always rely on horace to talk cobblers

(ancient hpc proverb)

MongerofDoom - I suggest you step in here and tell Apom why he is so wrong. Please keep it to a maximum of 3000 words.

[apom]

MongerofDoom - I suggest you step in here and tell Apom why he is so wrong. Please keep it to a maximum of 3000 words.

My reply to the serious fraud office is taking longer..

Their attitude aw athat it wasn't a serious enough fraud... (.. hmmnnnn....)

and that it might not be in the countries best interest to investigate it..

Mewed to the hilt on your rubbish designer flat are you copper?

still.. It is all a mute point... and when the smoke clears and the recage that is going to be som many peoples lives is revealed.. I will know that I did all that I could.. to protect them.. and to try and save the economy..

I personally believe that this would have all come to an end several years ago had this fraud not taken of to the extent it did.. The Economy would have survived.. and a lot fewer people would not have been ruined.

we have been let down by the banks and dodgy lending practices.. certainly.. But for the authorities to have stood back an allowed the largest financial crime to have gone unstooped for so long.

That should never be forgotten.

[Smell the Fear]

My reply to the serious fraud office is taking longer..

Their attitude aw athat it wasn't a serious enough fraud... (.. hmmnnnn....)

and that it might not be in the countries best interest to investigate it..

Mewed to the hilt on your rubbish designer flat are you copper?

still.. It is all a mute point... and when the smoke clears and the recage that is going to be som many peoples lives is revealed.. I will know that I did all that I could.. to protect them.. and to try and save the economy..

I personally believe that this would have all come to an end several years ago had this fraud not taken of to the extent it did.. The Economy would have survived.. and a lot fewer people would not have been ruined.

we have been let down by the banks and dodgy lending practices.. certainly.. But for the authorities to have stood back an allowed the largest financial crime to have gone unstooped for so long.

That should never be forgotten.

Apom - you are right, at least you tried. You can sleep soundly at night in that knowledge.

MongerofDoom can explain why you've got it all wrong. Apparently people have a right to be exploited, and it would infringe their civil liberties to stop them being exploited.

[apom]

...

My dream of a home is no longer a dream..

Well done Brown.. nice that a roof over my head became so difficult to achieve..

in tow years I will have one.. they are dropping faster then I could pay of a mortgage.. so I feel as if I am doing more to own my own home then some arrogant current owners

[OnlyMe]

apom,

Good luck, but the FSA don't give a rat's **** until 10,000's + have been ripped off, the money has gone and the problems are awash all over the press.

PPI has been yet another a very lucrative scam. Best words to descrbe the FSA are toothless, gutless and clueless.

http://business.timesonline.co.uk/article/...1794595,00.html

FSA threatens to clamp down on PPI mis-selling

By Patrick Hosking, Investment Editor

THE Financial Services Authority, the chief City watchdog, threatened the insurance industry with a regulatory clampdown unless it stopped misselling payment protection insurance (PPI) yesterday.

[Guest magnoliawalls]

Best words to descrbe the FSA are toothless, gutless and clueless.

http://business.timesonline.co.uk/article/...1794595,00.html

FSA threatens to clamp down on PPI mis-selling

By Patrick Hosking, Investment Editor

THE Financial Services Authority, the chief City watchdog, threatened the insurance industry with a regulatory clampdown unless it stopped misselling payment protection insurance (PPI) yesterday.

from the link above

" The FSA announced the departure of Anna Bradley, its consumer director, yesterday. Ms Bradley, a former director of the National Consumer Council, joined three years ago. Other senior FSA departures include Carol Sergeant, risk chief, Gay Huey-Evans, markets director, and Andrew Proctor, enforcement head, who all moved to the private sector."

I wonder if they were offered lucrative positions in the financial sector.

[Nelly]

Self certs are good for the self employed so I disagree.

I dont declare half of what I earn, which I used to feel quite moraly 'bad' about.

But the more aware I have become about the absolute ******** and waste the the government spend tax on... I really dont give a sh!t any more. Blaires trout just got caught dodging tax ffs why should'nt I?

[apom]

serts were created for the self employed.

That is fine..

But when 1/3rd of all mortgages given out in 2004 and more in 2005.. Thats outstripping the self certified mortgage normal requirements..

Why can't you buy a house.. when prices are 6-9 times average salary...? who are you competing against...? why didn't prices stop climbing...? why is affordability of mortgages only a factor after the loan has been given out.. and not when the loan is getting agread..?

PAYE... Some prat who earns X... Claims to earn X times 3 and then takes out a loan..

That is my problem..

Some seld employed builder.. looking at his yearly accounts.. He knows the confusing mess is hard to prove.. but he knows how much he earns.. so he self certs..

Not really a problem to me.. thats why they exist..

It is a market.. you look to compete in a market with someone willing to borrow 7 or 8 times their salary with no consideration on how they are going to pay the damn loan..

and someone who is willing to do this on interest only..

so how can you compete..?

I was asking the authorities to remove the serious fraud from the equation..

Not serious fraud..???

Well you borrow £180,000 based on a huge lie.. you see how serious the fraud is.

Oh... and if you do do this.. and brag.. the FSA will investigate on a one by one basis..

here is their rat line..020 70669200

as they call it.. for whistleblowing..

[Once in a lifetime]

Irresponsible lending was / is / will always be - the biggest culprit in the housing bubble.

I remember in 1988 trying to get a foot on the housing ladder, being told by an estate agent

to lie about my income on a mortgage application form.

If I remember rightly interest rate were 8-9% at the time, and that would have been a struggle

for me with the mortgage being offered. Reassuringly the estate agent said that the Banks were

very unlikely to rise them! :angry:

[Guest horace]

>>> apom

How many self certers do you know who have delierately and knowingly submitted fraudulant

applications?

horace

[Once in a lifetime]

>>> apom

How many self certers do you know who have delierately and knowingly submitted fraudulant

applications?

horace

Recently, I know of two. Both self-employed.

[Zzzzzzzzzzzzzzzzzzzzzzzzzz]

Good on you for trying apom!

[Maynard]

Irresponsible lending was / is / will always be - the biggest culprit in the housing bubble.

I remember in 1988 trying to get a foot on the housing ladder, being told by an estate agent

to lie about my income on a mortgage application form.

If I remember rightly interest rate were 8-9% at the time, and that would have been a struggle

for me with the mortgage being offered. Reassuringly the estate agent said that the Banks were

very unlikely to rise them! :angry:

Do the lenders not do financial checks on you, proof of income etc?

[apom]

Do the lenders not do financial checks on you, proof of income etc?

nope.. Income non verified..

no checks at all..

anywhere..

just what you say you earn..

those loans made up 1/5 th of all outstanding mortgage loan money.. that was in 2004

[Once in a lifetime]

Do the lenders not do financial checks on you, proof of income etc?

Ditto: what apom just said.

Banks take no risks, the person filling out the form is

the one committing fraud.

that's why when people do default they cite changes

in personal circumstances. ( i.e. don’t earn that money anymore)

Edited September 26, 2005 by burnt before

[Nelly]

I cant see why people would lie, you have to give a big deposit like 10% so if you lie and cant make payments you get repoed, they get the house back + your 10 %.

I just wrote that completely forgeting how f*cking stupid people are in this country, repos are up 37% this year arnt they.

[apom]

I cant see why people would lie, you have to give a big deposit like 10% so if you lie and cant make payments you get repoed, they get the house back + your 10 %.

I just wrote that completely forgeting how f*cking stupid people are in this country, repos are up 37% this year arnt they.

and 100,000 are over three months behind..

Its getting worse..

Two years ago it was the peak.. a lot of low interest loans were taken out at fixed rates of 3.5% two years ago that are now getting re-financed at 4.9%

200,000 of those last month.. at an average of 97,000 (more then 3.5 times the national average salary I must point out... suspect?)

this is an extra cost on average of £1300 a year..

or over £250,000,000 overall a year..

That is just the increase in interest.. no extra money is borrowed..

soon with negative equity being taken into the equation.. fixed rates won't be achievable..

Overstretched? I'm not...

[sp1]

we have been let down by the BANKS (rich globalist) and dodgy lending practices.. certainly.. But for the authorities to have stood back an allowed the largest financial crime to have gone unstooped for so long.

That should never be forgotten.

Thats cos its not your (the peoples') country its not the people world...its THIERs'. Money is power and they have structured the system to pacify us and we turn a blind eye to thier control and service of thier interest not the people.

sp1

In the grand sclae of things when has a mojour decicion or social economic trend ever gone against them??

WHy cant we stop off shoring?

why cant employers coff up for pensions?

cos were all soo distracted with stuff (sorry news and information educated society).

[Guest KingCharles1st]

I wanted to have the Self Certified Mortgaga fraud stopped...

got me no where..

Its all too late.. the Economy is fixing itself... Granted by going crunch...

This is my last reply to them...

Congratulations...

You, the government and the police have pushed this backwards and forwards for two years...

Now we are entering a recession...

I won't bore you with figures... but imagine all of that nice mortgage lending... in 2004 over 1/5 of all outstanding mortgage debt was income none verified... and this was as the average house price was 8 times salary in a lot of areas

This fraud has been into the hundreds of billions...

And you have ignored it.

Now the economy is failing under the terrific pressure of debt...

You stood by and allowed this to happen.

If you feel this was not your responsibility... please explain why.

This is the largest fraud that will ever happen. It has destroyed the country financially.

If you accept your roll in this then I will expect notice of the full resignation of your organization.

Your conduct in this has been nothing but appalling.

In this case, if it could be shown that you allowed this to happen and you profited from it by owning your own homes then you could be shown to have committed a crime so huge against this country that you should be hung for treason.

Now, any action you take is too late.

For what you have done here, damn you.

If I am ever again as disgusted by the actions of any group or organisation in this life I will be staggered.

I sign this letter as disgusted.

But I expect no further action. It is too late now.

Apom,

I would like permission to use that little lot at my next art convention- it's very good, I can imagine it spoken, revenge is a dish best deserved cold and all that...

I could always write it down verbatim, using a FTB suicide victim's blood, scrawled across a NULAbour 1997 campaign poster and submit it to the Tate Modern, for a small fee of course, go angling for a few obtuse hedge fund investors..

[WSG]

My mate went to an IFA to get a mortgage a few months ago, he grumbled about how much of a struggle it was to get a decent flat as he was "only earning 28k". IFA advised him to get a self cert and fib about his income. Thing is my mate's a civil servant...and is PAYE...easy to verify income - no way in an honest society does he need self cert ...... and the IFA - is the IFA nominated by his trade union!!!!! my mate made his excuses and left

[Guest magnoliawalls]

I cant see why people would lie, you have to give a big deposit like 10% so if you lie and cant make payments you get repoed, they get the house back + your 10 %.

I just wrote that completely forgeting how f*cking stupid people are in this country, repos are up 37% this year arnt they.

What deposit? When checking to see how big a mortgage a major high street bank would give me - I asked whether I could borrow the 5% deposit.

I was told I could as long as I did not explain what it was for. And after the initial rate ended I could mew to get it all on the mortgage payment.

So, consider the number of FTBs likely to have over extended themselves, on 100% mortgages or effectively 100% mortgages - no wonder repos are up. Many who bought at the peak will be waiting for their fixed rate period to end so they can remortgage and pay off debts. Some of them will be in for a shock