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Mortgage Fraud Convictions

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Came across this story on the bbc that seems to relate to 2007 madness. Link

Apparently checking income was not the done thing then. Self cert is one thing, pretending you earn 300K a year is another. What were the bank thinking (ok, I know the answer....commission commission commission)

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If they sold these properties surely the mortgages were paid back to the bank. It is a bit of a stretch to say any profit (if the interest and capital has been paid) made on the back of rising prices is a crime.

I can think of far worse cases where "errors" or "misdeclarations" often go totally unpunished, like parliamentary expenses for example.

Edited by vin rouge

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If they sold these properties surely the mortgages were paid back to the bank. It is a bit of a stretch to say any profit (if the interest and capital has been paid) made on the back of rising prices is a crime.

This is money laundering, you take criminally optained money, then try to move it somewhere else.

There must be tens of thousands of people who have flipped properties with liar loans, and are now sitting on a laundered profit.

One day they may get a knock on the door.rolleyes.gif

Both laundered the proceeds of these sales by transferring the money to McNeil in the knowledge that the money which they transferred was criminal property.

edit for spelling.

Edited by Lord D'arcy Pew

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