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eric pebble

- -" Fsa Admits To Being In Dark

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"The Financial Services Authority has admitted that financial fraud in the UK may be a bigger problem than it first surmised."

"Robinson adds: “We need to have a clearer picture of the scale of fraud and of its main risks, as well as better data-sharing on fraud, that should be led by trade associations.”

The regulator has admitted the only way to shed light on the problems is for firms to help tackle the problems."

WHAT A FARCE!! :lol::lol: :angry: :rolleyes:

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

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yes. oh the horror of it all etc.

You may mock but reflect on what fraud could do to liquidity in the mortgage market. If it turns out that sub prime mortgage debt has been sold off as good quality debt, self cert mortgages and mortgages at 5 times income could dissapear over night.

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"The Financial Services Authority has admitted that financial fraud in the UK may be a bigger problem than it first surmised."

"Robinson adds: “We need to have a clearer picture of the scale of fraud and of its main risks, as well as better data-sharing on fraud, that should be led by trade associations.”

The regulator has admitted the only way to shed light on the problems is for firms to help tackle the problems."

WHAT A FARCE!! :lol::lol: :angry: :rolleyes:

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

I wonder if the banks and building societies have any idea?

How do markets react to this kind of hidden info' ?

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"The Financial Services Authority has admitted that financial fraud in the UK may be a bigger problem than it first surmised."

"Robinson adds: “We need to have a clearer picture of the scale of fraud and of its main risks, as well as better data-sharing on fraud, that should be led by trade associations.”

The regulator has admitted the only way to shed light on the problems is for firms to help tackle the problems."

WHAT A FARCE!! :lol::lol: :angry: :rolleyes:

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

Foreigners love investing here because we are now seen to them as a bunch of virgins running around with no pants on. With Gordy now in charge who knows what might happen, oooh Betty someone has just stolen whats left of the gold reserves.

Edited by Jimmy2Times

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You may mock but reflect on what fraud could do to liquidity in the mortgage market. If it turns out that sub prime mortgage debt has been sold off as good quality debt, self cert mortgages and mortgages at 5 times income could dissapear over night.

The BOE and the FSA will have some explaining to do over allowing institutions to virtually self-regulate their lending criteria.I know much is re-insured,but in the event of a full scale crash one wonders if the insurance would be safe.

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The BOE and the FSA will have some explaining to do over allowing institutions to virtually self-regulate their lending criteria.I know much is re-insured,but in the event of a full scale crash one wonders if the insurance would be safe.

It is inceonceivable that widescale fraud could occur without supposed regulators and overseers knowing about it.

The fact that it has occured merely indicates that for the duration there was complicit approval of lender activity as no effectgive action was taken to prevent it.

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It is inceonceivable that widescale fraud could occur without supposed regulators and overseers knowing about it.

The fact that it has occured merely indicates that for the duration there was complicit approval of lender activity as no effectgive action was taken to prevent it.

They are still recruiting Mortgages Underwriters for the “non-conforming” mortgage market:

http://www.moneymarketing.com/cgi-site/job...il&id=22087

Salary: £30,001 - £40,000

Our client is a mortgage lender owned by one of the leading global finance organisation. They specialise is in the “non-conforming” mortgage market, providing mortgages for those borrowers with a history of arrears, bankruptcy or county court judgements, or whose income or employment history does not fit the criteria of mainstream mortgage lenders.

As for FSA rules, isn't that what the "Compliance" staff do in banks and mortgage houses?

We were being told there was no such thing as "sub prime" in the UK. It looks like full steam into the iceberg ahead

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Guest grumpy-old-man
"The Financial Services Authority has admitted that financial fraud in the UK may be a bigger problem than it first surmised."

"Robinson adds: "We need to have a clearer picture of the scale of fraud and of its main risks, as well as better data-sharing on fraud, that should be led by trade associations."

The regulator has admitted the only way to shed light on the problems is for firms to help tackle the problems."

WHAT A FARCE!! :lol::lol: :angry: :rolleyes:

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

what you have been stating for the last few years Eric is coming to fruition.

Most people have no idea about the scale of this corruption do they? :o

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Perhaps the poster who tried to get the police to look at mortgage fraud and got told it wasn tin the interests of the country, could forward it ot the fsa?

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"The Financial Services Authority has admitted that financial fraud in the UK may be a bigger problem than it first surmised."

"Robinson adds: “We need to have a clearer picture of the scale of fraud and of its main risks, as well as better data-sharing on fraud, that should be led by trade associations.”

The regulator has admitted the only way to shed light on the problems is for firms to help tackle the problems."

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

yeah, right, lets all be fukced again by the 'VI Club' who were major partners in the fraud & turned a blind eye in the first place.

When is the FSA investigating the trade association cartels in the property market, and where is any credible force representing the consumers rights, with enough clout & money to take them on ?

Edited by Saving For a Space Ship

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Isn't it an offence to encourage people to commit an offence (fraud)?

Would it be a stretch to grab VI and water board them? Maybe stress positions? Seriously they threaten the national economy somewhat akin to what Bin-Laden's aim on 911

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The FSA aren't in the dark they are complicit. :unsure:

People that work for the FSA are just retired banksters, corp lawyers and assorted family members. They are just the PR office of the banks and corps. When was the last time you heard FSA getting involved in court cases to weed out the true scum???

By its very definition its self-regulated and not independent. Trust them like you'd trust a loan shark.

THE FSA website:

"The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime." :lol:

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"The Financial Services Authority has admitted that financial fraud in the UK may be a bigger problem than it first surmised."

"Robinson adds: “We need to have a clearer picture of the scale of fraud and of its main risks, as well as better data-sharing on fraud, that should be led by trade associations.”

The regulator has admitted the only way to shed light on the problems is for firms to help tackle the problems."

WHAT A FARCE!! :lol::lol: :angry: :rolleyes:

http://www.mortgagestrategy.co.uk/cgi-bin/...;h=24&f=254

......the problem is many FSA appointments have been political and as a result professional knowledge could be weak on the ground......look at GB....he admits he 'does not do figures'......is it a case of blind mans bluff ?....or the blind leading the blind.....?.....whatever .....it shows there is a lack of expertise in an area, which is meant to regulate some pretty 'smart people'....... :unsure:

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Isn't it an offence to encourage people to commit an offence (fraud)?

Would it be a stretch to grab VI and water board them? Maybe stress positions? Seriously they threaten the national economy somewhat akin to what Bin-Laden's aim on 911

In 96 and 98 and last year I was advised by mortage consultants to lie about my income, property I own etc etc.

I did not take their advice but many others would have.

I am convinced the mortage industry are aware and have encouraged such fraud. A bit late to be discovering it now.

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I am convinced the mortage industry are aware and have encouraged such fraud. A bit late to be discovering it now.

It may be too late to catch the fraudsters but the market could take a beating in the long term

If it turns out that sub prime mortgage debt has been sold off as good quality debt, self cert mortgages and mortgages at 5 times income could dissappear over night.
Edited by DoctorJ

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In 96 and 98 and last year I was advised by mortage consultants to lie about my income, property I own etc etc.

I did not take their advice but many others would have.

I am convinced the mortage industry are aware and have encouraged such fraud. A bit late to be discovering it now.

As I have maintained on this site for years -- Mortgage Fraud is ENDEMIC: It is the KEY KEY explanation for Insane House Prices in the last decade.

Think of this: How can ANYONE except Pixie/Trixie who's been given £100k+ by Mum and Dad POSSIBLY afford the "average" house price of £200k? We all know that it is technically impossible to buy your first property now unless

a - you've won the lottery;

b - Mummy and Daddy and/or Granny have shelled out £000,000's - often of MEW'd "money" - i.e. The Moneylender has managed to snake his way in yet again.......

Seriously - this whole thing about it being "5-6%" of the mortgage market is total pants --- only a few months ago they were saying it's "only 1%" of the market...... Laugh?!! I nearly Sh*t!! It's more like 60-70% AT LEAST!!

Look at the guff they're churning out now!! It's pathetic! - http://news.bbc.co.uk/1/hi/business/6268754.stm

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