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Ok Lads And Lasses I Need Some Help

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alright all, i tried that email thingy that somebody posted whereby you can email your MP councillor, euromp etc. Anyway i emailed before the election about house prices and didnt get a response...it was the election mind so i let it go...anyway i sent a slightly acidic one a few days ago about "massive mortgage fraud" undertaken with support from the mortgage lenders. He has sent a letter back asking for details. Now i was just going to direct him to the money programme of a few months ago, but i think a more reasoned response with some facts will be better. So considerinfg that I am a bit of a numpty some assistance will be handy please.....many thanks.

his letterhead..its Ian mcCartney by the way...says "socialist M.P. Makerfield" which is nice and quaint but maybe he is someone who can look deeper into this...maybe

anyway cheers all..Scotty

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i wouldnt bank on it. hes a politician.

are you telling me that he is not aware that fbs are priced out of 95% of uk towns.

i think he is well aware of this. its been on the news a lot of times and he has probably talked about it during his service. hes probably chose to ignore it - this is what politicians do.

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maybe i need to be more specific...

what are the figures for self cert mortgages and what have they been in the past?

are the multiple based on basic wage or any "possible" overtime as well (i know my mates basic is 22K but he gor a mortgage for 155 in sheffield on his basic and overtime of about 33K, even tho that is still just under X5!!)

any other info gladly received!!

Scott

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alright all, i tried that email thingy that somebody posted whereby you can email your MP councillor, euromp etc. Anyway i emailed before the election about house prices and didnt get a response...it was the election mind so i let it go...anyway i sent a slightly acidic one a few days ago about "massive mortgage fraud" undertaken with support from the mortgage lenders. He has sent a letter back asking for details. Now i was just going to direct him to the money programme of a few months ago, but i think a more reasoned response with some facts will be better. So considerinfg that I am a bit of a numpty some assistance will be handy please.....many thanks.

his letterhead..its Ian mcCartney by the way...says "socialist M.P. Makerfield" which is nice and quaint but maybe he is someone who can look deeper into this...maybe

anyway cheers all..Scotty

I think the HPC member username eric pebble is one very concerned about this.

Try a pm to eric for help.

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alright all, i tried that email thingy that somebody posted whereby you can email your MP councillor, euromp etc. Anyway i emailed before the election about house prices and didnt get a response...it was the election mind so i let it go...anyway i sent a slightly acidic one a few days ago about "massive mortgage fraud" undertaken with support from the mortgage lenders. He has sent a letter back asking for details. Now i was just going to direct him to the money programme of a few months ago, but i think a more reasoned response with some facts will be better. So considerinfg that I am a bit of a numpty some assistance will be handy please.....many thanks.

his letterhead..its Ian mcCartney by the way...says "socialist M.P. Makerfield" which is nice and quaint but maybe he is someone who can look deeper into this...maybe

anyway cheers all..Scotty

On the plus side, he has no registered member's interests which is a nice change. My local MP owns a pub and land on which (after some toxic waste signs were taken down and a bit of topsoil added) have had new "executive" flats built on.

You might get some an impartial ear from him. Not saying that an MP wouldn't be impartial if they owned BTL properties or had overpaid by £450,000 for a house and would no doubt hope it doesn't tumble further eh, Tone?

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cheers mush, when i work out how to do it i will...he he

fred, you are prolly right but i am gonna reply anyway. and i want to not come across like some kind of ill informed muppet.

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fred, you are prolly right but i am gonna reply anyway.

dont waste your time.

he will be 100% aware of the current housing problems.

same problem as anybody in power. they have to appeal to the largest grouop - home owners.

you might get a thank you kindly A&M letter, but thats all you will get.

i wouldnt waste a stamp.

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maybe i need to be more specific...

what are the figures for self cert mortgages and what have they been in the past?

are the multiple based on basic wage or any "possible" overtime as well (i know my mates basic is 22K but he gor a mortgage for 155 in sheffield on his basic and overtime of about 33K, even tho that is still just under X5!!)

any other info gladly received!!

Scott

http://news.bbc.co.uk/1/hi/business/3750603.stm

Is the BBC Article.

now

http://www.alansteel.com/archives/articles_quotes.aspx?id=67

Points that 1/5th of all moies lent toward mortgages had never had any income verified..

now we are approaching £900,000,000,000 in mortgage lending

So that is just under £200,000,000,000 of money out there that could potentially fraudulent.

Now not all of it is going to be fraud.

The percentage would be frightening.. and even 1% would be in the Billions..

I think we all know that it is out there.

But it is fraud and not investigated fraud at that.. so the actual numbers are not availalbe.

now recently 2 in 8 lenders (would need to check) suggested this sort of fraud.. (fsa)

The others just didn't check..

so that is 25% that would advise it..

so.. £50,000,000,000???

perhaps..

Who knows.

but if your MP is now made aware of this fraud, he refuses to investigate it. Then he is complicit to the fraud.

and if he has a house he has profited from it..

So that is criminal.

If he is an MP and this is destabalizing the economy.

That is treason

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Why do you guys think this is fraud. There is no legal requirement for a lender to check someone's income to see if they can afford repayments. The do it only out of self interest because they want their money back. Why on earth do you think not checking is fraud? Its stupid and the banks/building societies that do it will be the ones that pay for it when people default - as well as the idiots taking loans they can not afford. I don't really see a problem.

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Yeah if people want to borrow more than they can afford or banks want to lend more than they can afford then good luck to them - they (both the people and the banks) are taking a risk. It might pay off, prices might go up then the higher gearing will have been useful and people might pay to loan back then the higher amount will have generated more interest. Of course I expect prices will go down and people won't be able to pay back... they shouldn't have taken the risk. No fraud through.

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Why do you guys think this is fraud. There is no legal requirement for a lender to check someone's income to see if they can afford repayments. The do it only out of self interest because they want their money back. Why on earth do you think not checking is fraud? Its stupid and the banks/building societies that do it will be the ones that pay for it when people default - as well as the idiots taking loans they can not afford. I don't really see a problem.

It is us honest FTB's who pay because we are outbid by those with "non-status" mortgages (ie you don't ask me no questions I tell you no lies). This is not a victimless crime.

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My sister has a part-time job as an office assistant and her husband is a self employed fitness intructor.

You would say they have very average incomes so why have they got £850k's worth of mortgage debt.!!!

This whole boom is driven by the banks handing money out to everybody. Its just not mortgages, anybody can whipp up huge amounts of credit card debt.! Like M Kings says its going to be difficult to get everbody of this medicine!!!

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Guest struthitsruth

He has sent a letter back asking for details. Now i was just going to direct him to the money programme of a few months ago, but i think a more reasoned response with some facts will be better. So considerinfg that I am a bit of a numpty some assistance will be handy please.....many thanks.

http://www.fsa.gov.uk/pubs/ceo/ceo_letter_04feb04.pdf

The FSA issued guidelines to mortgage lenders in February 2004 which included the following information :

“From Oct 31 2004, lenders will need to comply with the MCOB 11 rules on responsible lending, which will require assessment of ability to repay whatever the LTV ratio.”

so, no evidence of mortgage fraud, huh ?

The income non-verified mortgages figures from lenders and earnings figures from the government statistics office ( that should be modal average earnings, i.e. what most of us earn rather than a national average figure that is swollen by massive salaries very quickly ) would show that current house prices make purchase impossible for many buyers without resorting to lying about their income.

Perhaps you could ask your MP to assist you with collecting the data ?

B)

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Hoho! The idea of asking a Labour MP from the West of Scotland about fraud, corruption and nepotism! Even though his seat's in England you can guarantee he stinks!

For those who don't know - probably most, as it's the great unreported scandal - Scottish Labour (in the West of the country anyway) is renowned for its levels of sectarian patronage and stitch-ups. Most of you will be aware of Glasgow's sectarian divide. Suffice to say that although the city is approx. 50/50 in composition, virtually all prominent Labour politicians are of one persuasion (I won't name which, as this isn't the fault of the religion, it's the fault of the LP). In fact, Labour have only put forward one candidate for the position of Lord Provost (head of the council) who wasn't of that persuasion - in 40 years of elections. I'm sure googling would produce some interesting facts on a scandal about 7-8 years ago regarding the differing relative level of funds supplied to Coatbridge (largely populated by one persuasion) and Airdrie (largely of the other).

Anecdotal evidence of the allocation of Coucil employment being religion-dependent is commonplace in the city as well. It's even reputed that the First Minister - who bucks the trend by being of the "wrong" persuasion - suddenly started attending football matches at the Stadium preferred by the "right" persuasion during the time he was seeking the nomination as Scottish party leader.

None of this has prevented the Scottish parliament from spending thousands on "anti-sectarianism" wristbands and introducing "anti-sectarian" legislation when they should have been dealing with Scotland's shocking urban decay and lawlessness!

Yours,

Disgusted (formerly) of Glasgow

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It is us honest FTB's who pay because we are outbid by those with "non-status" mortgages (ie you don't ask me no questions I tell you no lies). This is not a victimless crime.

1. Its not a crime

2. Don't buy

It's that simple. If a house is not worth the money being asked for it, don't buy it. Eventually the credit binge will collapse, have your money saved up and you will be fine.

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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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