Lie To Buy Mortgages

[chichi]

Gosh! People have been encouraged to lie on mortgage application forms because the were being told it wouldn't be checked up on.

So who's guilty? The person filling in the form? PLUS maybe the person who told them to?

But how do you prove they told you to?

And all this has pushed up prices. SO it'll serve people right when it all falls down.

http://news.bbc.co.uk/2/hi/programmes/file_on_4/7010415.stm

Half of all sub-prime mortgages in the UK are self-certification mortgages, where borrowers state their income and lenders do not necessarily check.

Edited September 25, 2007 by chichi

[OzzMosiz]

No shi* sherlock! Members of HPC (Realist, Apom) were shouting about this over a year ago.

Apom even reported it I believe and was ignored.

[DoctorJ]

Where's Eric?

Red, size 16 font attack imminent

[Charliemouse]

No shi* sherlock! Members of HPC (Realist, Apom) were shouting about this over a year ago.

Apom even reported it I believe and was ignored.

More and more people are logging into this forum and they should be made aware of the extent of the problem. I started a similar thread this morning (which will probably sink like a stone) but its worth repeating.

[OzzMosiz]

More and more people are logging into this forum and they should be made aware of the extent of the problem. I started a similar thread this morning (which will probably sink like a stone) but its worth repeating.

The 'no shi* sherlock' wasn't aimed at the OP. It was an admission that this problem had been spoken to the authorities in the past. Why has this just been brought up by them now??

Edited September 25, 2007 by OzzMosiz

[sikejsudjek]

I might have a dig through my emails and see if I can report the internet broker that advised me to lie to buy.

Fortunately I told the broker to get stuffed and got a cheaper mortgage elsewhere which is now paid off. Its a disgrace that no one knows how many lie to buy mortgages are out there.

Maybe the FSA think its ok because there isn't a sub prime in the UK. It would be nice if they actually did their job for once and cracked down on lie to buy.

[eric pebble]

Where's Eric?

Red, size 16 font attack imminent

The BBC Money Programme found all this out in 2003 -- and yes -- it's been going on for years and years ---

As all of you know - I am CONVINCED that this Lie-to-Buying Scandal is THE KEY behind HPI. It explains 80% of the reasons why property "prices" in the UK are TOTALLY ABSURD.

Below - was 2003!!

--------------------------------

Mortgage customers 'urged to lie'

Housebuyers are being encouraged to break the law in order to obtain huge mortgages, the BBC has discovered.

http://news.bbc.co.uk/1/hi/business/3222053.stm

The Money Programme uncovers massive mortgage fraud

BBC TWO's The Money Programme has revealed a huge mortgage fraud with brokers from some of Britain's biggest estate agents and financial advice groups advising customers to break the law and lie about their incomes to get massively bigger mortgages.

And it shows how the illicit cash raised by this method has been pouring into the housing market, boosting prices and leaving many people risking financial ruin.

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

Edited September 25, 2007 by eric pebble

[crash2006]

FSA have bankers on their payroll.

[Mike1045]

I lied to buy some years ago when I was ignorant and believed all the BS my ‘Friend’ of the family told me!

I got wise to his scam to get money out of me, and sold up, made a nice little profit too. Now renting and don’t care if I have to for ever!

Would love for him to get found out:angry:, anyone know who to report him to?

Its all a big game sorry pyramid scheme!

[Bloo Loo]

Yes, and in the 1980's, if you wanted your income to appear higher, you had to persuade your boss to inflate your income when he replied to the Bank query- they actually checked then

Edited September 25, 2007 by Bloo Loo