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The World's Greatest Ever Pyramid Selling Scam - Pure And Simple


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From the New York Times --- stating the obvious.

It is all so easy to sum up!!! Lenders in the US and the UK and all over the world have been lending like crazy - and just inflating house prices. It's really that simple. But what no one has been willing to say out loud is -- the lending is based on people lying about how much they're earning to BE ABLE to borrow those ridiculous amounts. And the Lenders have been feasting...... The World's Greatest Ever Pyramid Selling Scam - pure and simple.

In a Credit Crisis, Large Mortgages Grow Costly

http://www.nytimes.com/2007/08/12/business...amp;_r=1&hp

Edited by eric pebble
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From the New York Times --- stating the obvious.

It is all so easy to sum up!!! Lenders in the US and the UK and all over the world have been lending like crazy - and just inflating house prices. It's really that simple. But what no one has been willing to say out loud is -- the lending is based on people lying about how much they're earning to BE ABLE to borrow those ridiculous amounts. And the Lenders have been feasting...... The World's Greatest Ever Pyramid Selling Scam - pure and simple.

In a Credit Crisis, Large Mortgages Grow Costly

http://www.nytimes.com/2007/08/12/business...amp;_r=1&hp

Because they are chopping recycling and then passing the mbs back and forth between them, its like this 1st batch of mbs chopped up mixed bit of equities bit of this in order for them to sell it on they rely on house prices to go up then it get passed on next batch gets done the same way they sell it on however this time its mixed with batch 1 after its sold on now the holders of batch 1 & 2 do a chop her chop there mix it up blend it now part of that get sold to investor the other part get sold to the bank, same thing as 1 & 2 now this batch gets mix up with the new batch by the bank chop chop send so on by the 5th time they have lost track whos got what. Each time they sell it on they rely on house prices to go up making it seem if it a good investment.

So in reality they are using the BTL and other that are buying home to prop it up while making loadsa money, marked to model now get their internal marketing dept to do there stuff to keep it going.

Why do you think the guy sold up in foxtons because he was fueling it and knew what was going on, foxtons was sold pretty fast.

Three days later, when the buyer said he would take the loan, the mortgage banker had bad news: the new rate was 13 percent

coming to a mortgage center near you.

And people think its going to be over bush GB other leaders, they have been all on tv playing it down how more serious do people thing it is.

Edited by crash2006
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coming to a mortgage center near you.

And people think its going to be over bush GB other leaders, they have been all on tv playing it down how more serious do people thing it is.

And meanwhile in Ireland -- Guess What!!!! The VI's are squealing like pigs!!!!!!!! SO FUNNY!!!!!!!!!!!!!!

"TV show cleared in house price crash row"

A high-profile RTÉ television programme exploring a possible crash in the property market was today cleared of charges it was reckless and dishonest.

The Broadcasting Complaints Commission (BCC) rejected accusations by a construction boss that Future Shock: Property Crash, broadcast in April, was biased.

http://www.eveningecho.ie/news/bstory.asp?...amp;n=228030994

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Morning Eric.

When an investment banker set out to buy a $1.5 million home on Long Island last month, his mortgage broker quoted an interest rate of 8 percent. Three days later, when the buyer said he would take the loan, the mortgage banker had bad news: the new rate was 13 percent.

“I have been in the business 20 years and I have never seen” such a big swing in interest rates, said the broker, Bob Moulton, president of the Americana Mortgage Group in Manhasset, N.Y.

A big swing indeed.

F

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Morning Eric.

A big swing indeed.

F

Mornin Furby -- who is that GORGEOUS chick on your page? ??!! A big swing indeed!! Lovely!!

Look at this --- nice dry ironic delivery...

"In the effort to turn everyone, no matter how broke or brain dead, into grist for the mortgage mill, more and more wacky loan products and derivative investment instruments were employed."

Mortgage Fraud Addicts of the Empire State

http://www.bloggernews.net/19291

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Builders, developers and estate agents were incensed, with many turning on RTÉ to complain about the contents of the show.

But the State broadcaster stressed that it was never stated in the programme that a hard landing was inevitable – just that it was a possibility.

WTF! how can a TV show be the basis of a court case? So a journalist writing about a possible crash may be taken to court by VI scum when the market turns. shocker! :o

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WTF! how can a TV show be the basis of a court case? So a journalist writing about a possible crash may be taken to court by VI scum when the market turns. shocker! :o

It's not that differnent to that fat [email protected] who does Location x3 complaining about HPC!!!

Look at this:

"loan officers at a Brooklyn (N.Y.) branch of Ameriquest "coerced Overton into signing a loan. Unbeknownst to Ms. Overton, Ameriquest created fake tax returns, employment records, and a 401(k)—to make it appear that the loan was affordable." According to other court filings, at least 40 other borrowers allege Ameriquest doctored loan documents or increased borrowers' income"

It would appear that the poisons are oozing out...... http://www.businessweek.com/magazine/conte...week+exclusives

Question is -- when are we going to see this in the UK!? "It's not a problem in the UK": OH YES!!??? REALLY??????! -

"Mortgage customers 'urged to lie'"

http://news.bbc.co.uk/1/hi/business/3222053.stm - watch the video - click on "Watch & Listen" - top right....

The Money Programme uncovers massive mortgage fraud

http://www.bbc.co.uk/pressoffice/pressrele..._mortgage.shtml

:unsure::P

Edited by eric pebble
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Mornin Furby -- who is that GORGEOUS chick on your page? ??!! A big swing indeed!! Lovely!!

Look at this --- nice dry ironic delivery...

"In the effort to turn everyone, no matter how broke or brain dead, into grist for the mortgage mill, more and more wacky loan products and derivative investment instruments were employed."

Mortgage Fraud Addicts of the Empire State

http://www.bloggernews.net/19291

Good link Eric - especially liked the Grist for the mortgage mill quote!!

Note to those just out of a coma: subprime borrowers typically have poor or insufficient credit histories. Lenders cover subprime risk with high interest rates and servicing fees, and by uploading subprime loans to the secondary market as mortgage backed securities (MBS). During the bubble daze, nonprime mortgages (the mortgage lending tier which includes subprime and its more upscale cuz Alt-A) were massive money makers for lenders and investment marketeers– with some investment firms supplying lines of credit to the same lenders whose MBS they marketed. In the effort to turn everyone, no matter how broke or brain dead, into grist for the mortgage mill, more and more wacky loan products and derivative investment instruments were employed. ARMs, which start out with low interest rates, were promoted as an affordable mortgage product. Borrowers were encouraged to gamble that housing values would continue to soar, allowing them to refinance at better rates or flip before their ARMs exploded. For awhile, the gamble paid off. Then it didn’t. The fallout is being felt on Main Street and Wall Street.

In answer to your question - Ewa Sonnet.

F

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If my pension fund had bought into some of this junk because it has been rated AAA due to fraudulent docs etc, then i'd quite simply want the money back, else i'd want to see someone in prison for fraud or theft.

There simply aren't enought prisons to jail the fraudsters, this is on a huge scale.

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has it really been based on people lying about their earnings? In my experience I had to provide 6 months bank statements when applying for a mortgage...now I could have lied about my earnings but it would have been pretty obvious if I had.

Are there any stats on the % of people who lied? If not, how do you get that conclusion? I am sure some would, but what % would be needed to generate HPI?

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There simply aren't enought prisons to jail the fraudsters, this is on a huge scale.

not to mention the highly public fraud commited by certain members of the political establishment... cough... Mandelson...cough

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has it really been based on people lying about their earnings? In my experience I had to provide 6 months bank statements when applying for a mortgage...now I could have lied about my earnings but it would have been pretty obvious if I had.

Are there any stats on the % of people who lied? If not, how do you get that conclusion? I am sure some would, but what % would be needed to generate HPI?

do a quick google for 'duplicate bank statement' and it looks like you can get hold of fake bank statements, as well as utility bills, wage slips, P60s, etc, without too many problems. You can even get complete packages of wage slips, statements and utility bills:

http://www.outthetopdrawer.co.uk/bank_statements.htm

http://www.replicadoc.co.uk/

and I like the disclaimer on this one:

http://www.replace-your-documents.com/

PLEASE NOTE

ALL OF OUR PRODUCTS ARE DESIGNED TO BE USED FOR THEATRICAL EDUCATIONAL OR NOVELTY PURPOSES.

THE CUSTOMER WILL BE RESPONSIBLE FOR ADHERING TO ALL RELEVANT LAWS AND LEGISLATION.

TLM

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has it really been based on people lying about their earnings? In my experience I had to provide 6 months bank statements when applying for a mortgage...now I could have lied about my earnings but it would have been pretty obvious if I had.

Are there any stats on the % of people who lied? If not, how do you get that conclusion? I am sure some would, but what % would be needed to generate HPI?

OK Starsign: - So; READ these 2 links [below] carefully and thoroughly --- this is just a good well-investigated example; but keep in mind --- the investigative journalist went to TEN - that's 10 - Estate Agents in Ealing, West London: IN NINE - [that's 9!!] of them - HE WAS TOLD BY THE SO-CALLED "MORTGAGE ADVISOR" [ :lol: ]TO LIE ABOUT HIS INCOME ON EVERY OCCASION!!!- actually - to NEARLY DOUBLE HIS INCOME on the Mortgage Application Form - So that he could "afford" to buy!!!!

"Mortgage customers 'urged to lie'" ---

CLICK HERE - - http://news.bbc.co.uk/1/hi/business/3222053.stm - - watch the video - click on "Watch & Listen" - top right.... SO CLICK AND LISTEN HERE STARSIGN!!! And watch.

Now: - This is just ONE example. Then the guy went up North -- and the same thing happened there! The vast majority of EAs and advsisors just told him to lie about his income!!

It's all summed up well here. -

The Money Programme uncovers massive mortgage fraud --

CLICK HERE - - http://www.bbc.co.uk/pressoffice/pressrele..._mortgage.shtml -

CONCLCUSION????? DUHRRR................Let's Fink...... urgh......durgh......

EVERYONE I KNOW HAS BEEN ENCOURAGED TO FIDDLE THEIR MORTGAGE APPLICATION FIGURES. EVERYONE THEY KNOW KNOW PEOPLE WHO HAVE BEEN ENCOURAGED TO LIE. ETC ETC.

I.E. THE UK DOES HAVE AN ENORMOUS "SUB-PRIME" PROBLEM. IT IS A MYTH THE UK DOES NOT HAVE A "SUB-PRIME" PROBLEM.

IT IS ENDEMIC -

AND HAS BEEN ENDEMIC FOR YEARS HERE IN THE UK - AS WELL AS IN THE USA. IT IS THE NORM -- IT IS WIDESPREAD. AND IT HAS ALL GROSSLY INFLATED PRICES ACROSS THE UK. IT HAS SKEWED PRICES UTTERLY. WORK IT OUT!!! IT ISN'T ROCKET SCIENCE!!!. ............ [this is not a dead parrot......etc etc. ?????!!!!]

Edited by eric pebble
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there was one thread on here last week about a guy who was struggling with his mortgage. he was on the dole (or income support or whatever it is now). He said the financial advisor just told him to lie and say he had a business.

I know someone who doubled his income on the self cert form and put his wife down as 25k when she was actually on long term unpaid leave.

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I know someone who doubled his income on the self cert form and put his wife down as 25k when she was actually on long term unpaid leave.

So lets say his income is 40K and he tells the bank his income is 80K, he's now allowed to borrows 320K. At 4% on an IO mortgage would be £1067 PCM, just about managable, at 6% his mortage would now be £1600 or nearly 70% of his net pay. Oh lordy, oh Lordy. :unsure::unsure:

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So lets say his income is 40K and he tells the bank his income is 80K, he's now allowed to borrows 320K. At 4% on an IO mortgage would be £1067 PCM, just about managable, at 6% his mortage would now be £1600 or nearly 70% of his net pay. Oh lordy, oh Lordy. :unsure::unsure:

And remember 6% is the base rate (well 5.75 at the mo) he is more likely to be paying 7 or 8% once his fixed rate term has to be re-negotiated.

Basically he would be broke.

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http://www.californiahousingforecast.com/c...losure-map.html

newport%20loan.png

Here's a guy in default on his $2,200,000 loan from Countrywide. I

erased the name, but it's the same borrower/buyer all along. So we have a buyer who put $1 mil down just a couple years ago, then refinanced to take out $500K, and within one year was in default.

Holy Shit ...1mil in the air - can you smell the burning flesh ?

God, is this true or is just my imagination?

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http://www.californiahousingforecast.com/c...losure-map.html

newport%20loan.png

Holy Shit ...1mil in the air - can you smell the burning flesh ?

God, is this true or is just my imagination?

I met a guy from California exactly a year ago - friend of a friend here in the UK - he was in "Realty" - taking time out -- and he told me the sh%t was going to hit the fan big time......

Edited by eric pebble
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I met a guy from California exactly a year ago - friend of a friend here in the UK - he was in "Realty" - taking time out -- and he told me the sh%t was going to hit the fan big time......

http://www.washingtonpost.com/wp-dyn/conte...7080400109.html

Something For Nothing Home Deals

here's a home-buying deal out there that's more than too good to be true. It's too good to talk about in public.

At least the people running the deal don't want to talk about it, certainly not for publication in the newspaper.

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http://www.washingtonpost.com/wp-dyn/conte...7080400109.html

Something For Nothing Home Deals

here's a home-buying deal out there that's more than too good to be true. It's too good to talk about in public.

At least the people running the deal don't want to talk about it, certainly not for publication in the newspaper.

The US media is full of stories of dodgy loans/mortgage fraud...... it's like a cancer... http://www.washingtonpost.com/wp-dyn/conte...7071102204.html

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The US media is full of stories of dodgy loans/mortgage fraud...... it's like a cancer... http://www.washingtonpost.com/wp-dyn/conte...7071102204.html

And here in the UK - : -

Is Britain about to slide down the subprime slope?

"And already, about 125,000 households are behind with their mortgage payments - and it's starting to show. Over the first six months of 2007, banks and other lenders foreclosed 14,000 properties - a worrying 30% jump over the same period in 2006"

http://www.moneyweek.com/file/33476/is-bri...rime-slope.html

Edited by eric pebble
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