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eric pebble

Citywire Money Article From August 2008:

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Citywire Money article from August 2008:


Fraudulent or falsified mortgage applications have always slipped through the net, of course, but they have become a particular menace over the past decade.

This was due to a number of reasons, including the fact that spiralling house prices left some people ever more desperate to get on the housing ladder. Hence the temptation to lie about matters such as income, personal circumstances, job etc etc.

Just as importantly, lenders had discovered the great swizz of securitisation - originating masses of loans, packaging them up and selling them on again in a matter of weeks. The miraculous process meant lenders had little interest in ensuring that a borrower could pay back their loan, and so lending criteria suffered.



AND...... It's taken until April 2013 for Crosby to be finally nailed....... Ten whole years too late. :rolleyes::rolleyes::rolleyes:

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It was never a problem.

The Official retort for a NuLab minister about excess debt was this: "of course there isnt too much debt...in order for people to have been given these loans, we MUST be rich enough to even consider giving them...this therefore means that the more debt we have, the RICHER we all are"

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  • 239 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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