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Duplex

Mortgage Fraud

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Not enough money to get that new condo, simple get a ‘novelty’ (nudge, nudge, wink, wink) pay check.

Novelty paychecks

Mortgage fraud seems to be getting serious in the States as incomes fall behind house prices, this site has a link to press coverage of mortgage fraud around the globe. Strange how the banks have being unable to stamp out this type of fraud?

What happens when regulators get serious?

Mortgage Fraud Blog

:blink:

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I have been pushing for this practice to be stopped now for several years here in the UK.

In 2004 1/3rd of all new mortgages had no income verified checks made against them. These "Self Cert" mortgages were created for the self employed who may find it hard to prove their income.

In the UK house prices exceded affordable levels (3.5 times average pay) years ago.. some areas show the average house being 9 times the average income.

However the serious fraud squad see no problem, the Financial Services department see no problem and no investigation is going to be carried out.

Eventually these people are going to fail.. too much debt in a time of falling houseprices and rising interest rates should be all the punishment required.

But as the UK Economy is now being described as one that has been reliant of rapidly rising house prices and consumer debt it can be seen that the house prices would have stopped climbing without the fraud.

So the UK Economy.. essentially it has been based on massive fraud for about three years now..

about £200 billion has been pushed into the economy through this fraud...

in three years.

Ouch..

http://www.mortgagefraud.org/display/ShowP...53&postId=60248

my thread.. if anyone is intersted..

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Guest horace

Sadly, when ever there is money involved there will always be fraud.

Regretfully a fact of lfe.

horace. ;)

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  • 301 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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