Bloo Loo Posted January 4, 2012 Share Posted January 4, 2012 2003. Unbelievable isn't it. It was all there for all to see even back then. The whole world is mad. and that was when the BBC even noticed it going on. from about 2000, there were many many items about people being priced out....so someone at the beeb took a look, and there it all was...LIAR loans distorting the whole market. Quote Link to comment Share on other sites More sharing options...
Self Employed Youth Posted January 4, 2012 Share Posted January 4, 2012 It needs to be shown to all politicians. These criminals have names and addresses, they are not just 'Dan in the financing department'... Our prisons couldnt handle the hundreds of thousands of self sert mortgage borrowers, however, they can handle a couple of thousand fraudster mortgage brokers. Cameron is too scared to release the IPP's past their tariff. Due to the tabloid backlash. And his aim is to reduce the prison population. Quote Link to comment Share on other sites More sharing options...
Bosh Posted January 4, 2012 Share Posted January 4, 2012 (edited) Wow!!! Not on here too much these days. Getting on with life but this thread reminds me that we put up a good fight back in the day. I called on a favour from a friend at the BBC to get this doco.. Uploaded to u-tube for ERIC..... I even tried to get a team together to make programmes of our own to support the HPC cause... Did meet some great posters at our meeting at BAFTA... We had everything from Equipment to Editors to studios, writers, voice over pros etc... Just lacked some direction really... Found out that we have lots of Media types on HPC and all were fighting the good fight..... If you have time and can watch this programme you will realise just how ******ing greedy & stupid people are... The stupidity really came about when although broadcast in 03... Nothing was ever done about this and I always did agree with Eric that liar loans were the major reason (not only) but major reason we face what we face today.... It`s all linked.. Happy New Year to all the Crashers still fighting the good fight... Bosh Edited January 4, 2012 by Bosh Quote Link to comment Share on other sites More sharing options...
Lord D'arcy Pew Posted January 4, 2012 Share Posted January 4, 2012 (edited) This was the second biggest fraud in British History. The Biggest fraud is the one currently underway to cover up the earlier one. Edited January 4, 2012 by Lord D'arcy Pew Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 5, 2012 Author Share Posted January 5, 2012 Wow!!! Not on here too much these days. Getting on with life but this thread reminds me that we put up a good fight back in the day. ,,,////....///... If you have time and can watch this programme you will realise just how ******ing greedy & stupid people are... The stupidity really came about when although broadcast in 03... Nothing was ever done about this and I always did agree with Eric that liar loans were the major reason (not only) but major reason we face what we face today.... It`s all linked.. Happy New Year to all the Crashers still fighting the good fight... Bosh Hey Bosh ---- Cheers mate --- Good to see you here again..... Quote Link to comment Share on other sites More sharing options...
Debbie568 Posted January 5, 2012 Share Posted January 5, 2012 Interesting clip. I wonder how much those self cert mortgages are coming home to roost now. According to BBC's Working Lunch, 13th July, 2010, also preserved on Youtube ( ), according to the FSA, half of all new mortgages written in the three years prior were provided without proof of income. This wasn't just self cert mortgages. There were also fast track mortgages, where people had big deposits and the bank just did a credit check. While self cert mortgages are no longer around, fast track mortgages seem to be still around. I thought they were going to be banned too? If you're self employed and have a long history with the bank, the bank don't even bother to ask you about your income. After all, they can see it, coming through the account every month. They especially like it when they see it coming in from a third party. The fact that profit and revenue aren't the same thing seems to totally pass them by. I wonder how many FTBs and BTLers have self cert or fast track mortgages? Given that it is a criminal offence to lie about your income on loan applications, if people had borrowed 6 or 7 times their income, then I could understand if they now resort to overdrafts/personal loans/pay day lenders even to keep repayments on the mortgage up. Just so they can hide the fraud. Presumably, as long as they can keep making payments on their mortgage, this fraud won't come to light. The flip side is that the banks appear to have been complicit in the crime, so is their forbearance due to politics, or because they also have an interest in keeping the extent of their borrowers now in trouble due to self certifying too high an income a secret? Quote Link to comment Share on other sites More sharing options...
Debbie568 Posted January 5, 2012 Share Posted January 5, 2012 Oh dear! And this from http://www.self-cert-mortgage-centre.co.uk/ Important News For Self Cert Mortgage Hunters... ×The Financial Services Authority (FSA) has indicated that lenders will be required to specifically verify income and assess affordability of all new mortgages. In advance of any formal announcement by the FSA, lenders have ceased to offer Self Certified loans. The Good News: Don't Despair! If you are self employed our panel of preferred mortgage brokers are finding alternative solutions for people in similar situations every day................ This is like only being able to buy eggs if you call them "those light coloured oval shaped things" instead of eggs. Quote Link to comment Share on other sites More sharing options...
Bosh Posted January 5, 2012 Share Posted January 5, 2012 Hey Bosh ---- Cheers mate --- Good to see you here again..... Hi Eric.... I`m still about but read more than I post... I chip in if and when I feel I have anything useful to say. Busy at work too... Not much time for arguing the finer detail with folks over the course of a few days.. Still lots of useful stuff to be found on here though... All the best Quote Link to comment Share on other sites More sharing options...
Hectors House Posted January 5, 2012 Share Posted January 5, 2012 Certainly remember this, shame is got lost in the ever expanding housing bubble. Has anyone got the link for the US liar loans film that the BBC made about 3 years ago? Also bearing in mind that particular edition of the money programme is 9 years old, it would be interesting to see something that shows the current state of play, think that would be really shocking. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 5, 2012 Author Share Posted January 5, 2012 Certainly remember this, shame is got lost in the ever expanding housing bubble. Has anyone got the link for the US liar loans film that the BBC made about 3 years ago? Also bearing in mind that particular edition of the money programme is 9 years old, it would be interesting to see something that shows the current state of play, think that would be really shocking. Yup. That 2003/4 programme should be REPEATED - but in a documentary that portrays it as THE WRITING ON THE WALL - - which was IGNORED --- and - Hey Presto -- We're living with the DIRE consequences now.... :angry: :angry: Jeezzz it makes my blood BOIL how this has all unravelled.... :angry: Quote Link to comment Share on other sites More sharing options...
james.cole Posted January 6, 2012 Share Posted January 6, 2012 Brilliant video. Can't think why I am just catching this post of yours now, but better late than never. Of course something had to be driving the insane price increases, and it was to a large degree liar loans. My simple question is though "How do these 30K per year blokes ever manage to make their mortgage payments once they got the liars loan?" A pay package quite simply can only be divided so many ways and to keep up a 230K mortgage with interest must have bee a feat. Why didn't prices collapse due to people being unable to keep paying their mortgages. Quote Link to comment Share on other sites More sharing options...
jones87 Posted January 6, 2012 Share Posted January 6, 2012 Brilliant video. Can't think why I am just catching this post of yours now, but better late than never. Of course something had to be driving the insane price increases, and it was to a large degree liar loans. My simple question is though "How do these 30K per year blokes ever manage to make their mortgage payments once they got the liars loan?" A pay package quite simply can only be divided so many ways and to keep up a 230K mortgage with interest must have bee a feat. Why didn't prices collapse due to people being unable to keep paying their mortgages. It was a buy now or be left out frenzy, anyways, you could just cheaply withdraw equity after 1 year Prices were going up every month and it was good for the economy! Quote Link to comment Share on other sites More sharing options...
ska_mna Posted January 6, 2012 Share Posted January 6, 2012 Brilliant video. Can't think why I am just catching this post of yours now, but better late than never. Of course something had to be driving the insane price increases, and it was to a large degree liar loans. My simple question is though "How do these 30K per year blokes ever manage to make their mortgage payments once they got the liars loan?" A pay package quite simply can only be divided so many ways and to keep up a 230K mortgage with interest must have bee a feat. Why didn't prices collapse due to people being unable to keep paying their mortgages. - Artificially low interest rates - MEW ...Amongst others. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 6, 2012 Author Share Posted January 6, 2012 It was a buy now or be left out frenzy, anyways, you could just cheaply withdraw equity after 1 year Prices were going up every month and it was good for the economy! Correct. There are hundreds of thousands/millions of people out there right now just STRUGGLING like hell EVERY MONTH to pay their mortgages LIAR LOANS and all their other bills..... Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 6, 2012 Author Share Posted January 6, 2012 (edited) [double post] Edited January 6, 2012 by eric pebble Quote Link to comment Share on other sites More sharing options...
olliegog Posted January 6, 2012 Share Posted January 6, 2012 just browsing MSE (as you do) and found this nugget - they want compo and admit they lied on their application! http://forums.moneysavingexpert.com/showthread.php?t=3714251 would the PPI have paid out on the real income or the exaggerated self cert? Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 6, 2012 Author Share Posted January 6, 2012 just browsing MSE (as you do) and found this nugget - they want compo and admit they lied on their application! http://forums.moneysavingexpert.com/showthread.php?t=3714251 would the PPI have paid out on the real income or the exaggerated self cert? Jeeeeess -- You couldn't make it up... Quote Link to comment Share on other sites More sharing options...
eric pebble Posted January 9, 2012 Author Share Posted January 9, 2012 2003. Unbelievable isn't it. It was all there for all to see even back then. The whole world is mad. Yup ----- INCREDIBLE. A Mammoth has been in the Room for a decade. Still, many people haven't admitted it's there. Quote Link to comment Share on other sites More sharing options...
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