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Arrests Confirmed By Police In Thamesmead Mortgage Fraud

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

The Metropolitan Police has confirmed it has so far made several arrests in its investigation into suspected large-scale mortgage fraud on 84 new-build properties in the Thamesmead area of south-east London.

Alliance & Leicester and Platform are among several lenders helping with the police investigation.

A spokesman for the Metropolitan Police says: “The investigation has established that between May and November 2006 a company bought 84 off-plan new build flats in Thamesmead.

“The company then re-sold the flats at greatly inflated prices using mortgage brokers and chartered accountants to fraudulently provide inaccurate mortgage applications for the genuine buyers.

“In most cases the buyers would not otherwise have qualified for a mortgage.”

The fraud came to light due to reports from banks and building societies when either the properties came to be sold or repossessed and the true property value was realised by the lender.

The full loss to the lenders cannot be ascertained but the benefit to the conspirators is estimated in the region of £3 to 4m.

So far 11 arrests have been made and the investigation is ongoing.

A spokesman for Alliance & Leicester, says: “Alliance & Leicester provided mortgages on some properties in the Hill House development a year ago.

“A small number of these properties have been repossessed, and there is one further case of repossession currently being taken forward.

“We are not able to go into more detail due to allegations that fraud has taken place, and as an investigation is currently underway."

A spokeswoman for Platform confirmed the lender is helping with the investigation but could not reveal any further information.

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So far 11 arrests have been made and the investigation is ongoing.

Pity the prison's are all full!

I would suggest putting bars on the new build flats and chucking the miscreants in them. But I fear it would be too cruel!

Also the new build's would need a bit of sprucing up to become as acceptable as a prison cell ;)

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this isn't new though is it? This was discussed on here quite some months ago with a link to an article by someone who had bought there and was in negative equity even when London was doing its 30% rise thing after the last City bonus round.

here's the thread http://www.housepricecrash.co.uk/forum/ind...ic=44678&hl

and

http://www.housepricecrash.co.uk/forum/ind...c=45573&hl=

As usual, HPC well ahead of the rest!

Edited by TeddyBear

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Pity the prison's are all full!

I would suggest putting bars on the new build flats and chucking the miscreants in them. But I fear it would be too cruel!

Also the new build's would need a bit of sprucing up to become as acceptable as a prison cell ;)

I've got a theory that the government have stopped building social housing in order to trick gullible people into buying up shitty new flats. Then, when it all inevitably goes Tango Uniform, the government can buy them all up for a pittance.

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Bad boys!

Whatcha want? Watcha want?

Whatcha gonna do?

When da boys from the Met come for you?

Tell me

Whatcha gonna do, whatcha gonna dooo

Yeaheah

:lol:

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The fraud came to light due to reports from banks and building societies when either the properties came to be sold or repossessed and the true property value was realised by the lender.

Of cause no one would have cared if the price of these properties had continued to go up. Everyone would have been a winner, apart from an entire generation of priced-out would-be buyers. But who cares about them when we're making ourselves rich?

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Bad boys!

Whatcha want? Watcha want?

Whatcha gonna do?

When da boys from the Met come for you?

Tell me

Whatcha gonna do, whatcha gonna dooo

Yeaheah

:lol:

Hmm nice spell in an open prison. Board and lodging all in. They might even get day release to commit other frauds err sorry "chartered accountancy.."

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that's the sound of the beast

No, its the sound my ex make because she thought it sounded good.

Its also the sound she send on MSN a lot as text.

It sucks. Bigtime sucks.

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Guest DissipatedYouthIsValuable
I've got a theory that the government have stopped building social housing in order to trick gullible people into buying up shitty new flats. Then, when it all inevitably goes Tango Uniform, the government can buy them all up for a pittance.

I've thought that for a while too.

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Pity the prison's are all full!

I would suggest putting bars on the new build flats and chucking the miscreants in them. But I fear it would be too cruel!

Also the new build's would need a bit of sprucing up to become as acceptable as a prison cell ;)

Funny you should say that, I spend a fair amount of time at prisons and the resemblance between the new ones and the new blocks of flats is remarkable.

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Mortage Broka , you no say the banks me-ago blame,

A licky boom boom down.

Met Police mon said he saw me selling subprime down the lane,

A licky boom boom down.

Mortage broka, you no say the banks me-ago blame,

A licky boom boom down.

Met Police mon said he saw me selling subprime down the lane,

A licky boom boom down.

:lol:

Edited by Crashman Begins

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