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Liar's Loans

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Self certification loans

Surprise, surprise: studies have shown “discrepancies” between what such borrowers say they earn and what they actually earn, in 95 per cent of these loans.

It seems that 95% of self cert loans have dishonest claims. How many self cert loans have lenders given in the UK I wonder?

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something related to this is also on the BBC

http://news.bbc.co.uk/1/hi/business/6954843.stm

one thing I have noticed which confirms that the BBC are covering up any negative hpi news is that the article has a link to the liar's loans blog but if you click on it there is no page....they have remove it and there is no sign of the reporter who wrote the blog.... :o

edit : the link on your post works but the link from the BBC news page doesn't......suspicious!? :ph34r:

Edited by dark$sky

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Self certification loans

It seems that 95% of self cert loans have dishonest claims. How many self cert loans have lenders given in the UK I wonder?

It blows the mind that the fool peston bothers to state such a blindingly obvious point.

For example if someone could fill out some forms, hand over some payslips and bank statements and get a mortgage rate of (say) 5%, should a rational human being not ask the question why they would instead chose to go for the "easy option" which involved saving around 3 hours in time and 50 pence in postage, and then they get a mortgage rate of (say) 6.5%?

People have said its a scandal this has been going on. Its certainly a scandal that supposedly sensible people in management have allowed it happen, and that the "independent" accounting profession have not reported it. I don't blame the sub prime borrower - they are just stupid, as evidenced by their sub prime status in the main. I don't blame the broker - he's milking it as per the rules hers been given. The scandal is that the morons meant to be managing these institutions either didn't see it, or more likely did see it and thought the con trick would work. They should be fined for either being blind or totally stupid - probably the latter.

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