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eric pebble

Guardian: Ilford - Mortgage Fraud Capital Of Britain..

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Guardian: Welcome to unsung Ilford, the mortgage fraud capital of Britain

So far this year, the City watchdog has banned 12 mortgage brokers and one mortgage "introducer" across the UK for involvement in submitting false mortgage applications. Only this week, it "struck off" Sadia Nasir and fined her £129,000. Oddly, many of these hail from one small corner of east London.

When Guardian Money looked closely at these cases, we found that no less than four of the individuals were based in Ilford.

http://www.guardian.co.uk/money/2008/jul/1...s.scamsandfraud

NOTE: JUST 12 PEOPLE!!!!!! Incredible. Unf*ckingbelievable......

Edited by eric pebble

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Doesn't surprise me. I know people who have been going to dodgy brokers in Ilford since 1995. Maybe I should have gone along with them.

:blink:

So where have the FSA been for the last 8+ years?

Cashing in....?

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The FSA are pathetic. Allways chasing the tiddlers - when are they going to go after the guys like Inside Tack et al. They'll never go after them because they're big, rich and too smart for the dumbasses at the FSA.

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Ilford, eh?

'Maybe it's just an isolated incident or two in an isolated area.' says FSA enforcer. :huh:

As the economic situation worsens, I think the blame game is getting well under way. Though all complicit, the lower down the food chain the more likely they are to get sacrificed.

When the proverbial hits the fan, the sheeple will be looking to blame someone - anyone but themselves.

The big boys will as ever get away with it.

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Guest sillybear2

All the major lenders ran a "don't ask, don't tell" policy when it came to self-cert, what the hell do they expect? If people were being honest hardly anyone would require these products, and wouldn't have to pay a interest rate premium for the privledge.

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this is good news for me, I am based in Ilford. In a previous thread on sub-prime britain map, Ilford was shown as being one of the areas with the lowest subprime....so I was a bit despondent that we wouldnt have big drops here.

BUT NOW I AM HAPPY HAPPY HAPPY..!!!!!! if the majority of mortgage fraud is around this area, that means we should hopefully have more repossessions than first thought...I'm going to own my own home oneday!

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Suspect Ilford is only the capital, because that's where a decent jorno did thier reseach and handed it over to the FSA.

I would love to know the cost of the FSA compared against one decent jorno, tax payers pay for the system to be policed..IT CLEARLY HASN'T! Hence this will have been repeated all over the country, but I agree that those "Investment Clubs" should be looked into seriously by the FSA and heads should roll, otherwise what is the point in paying for the FSA?

Just give that jorno a phat budget and ask him to go hunt em down...omg I just invented just another quango, can my misses be MD? I promise she'll deliver far more value for money than the FSA ever did, but she needs expenses as as the kitchen is in dire need of revamp.

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Suspect it is rife all over east London. I used to live in east Ham and on some streets it seemed like every other shop was doing cheap flights, phone cards and mortgages.

And then there was that leaked document that was posted on this site of introducers who had been banned by one particular company - about 5 of them were based on Barking Road!

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Ilford probably has the largest amount of updwardly mobile asians in the UK. Their are tons of asian run accountants / solicitor firms and independent estate agents run by asian people in Ilford. Because the community is fairly tight and inter related its been easier to commit mortage fraud in this area.

By having so many family related businesses that are involved in getting a mortage (accountants, conveyancing and mortage broking) it's been far easier for them do fraud in the Ilford area than most other people.

All you need is an accountant willing to create documents showing you earned x amount. It's not that hard...

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I live fairly close to llford, but far enough away! One neighbour works for the FSA, the others are mortgage brokers. I would love to get some inside info but I fear it would damage our cordial relationships.

No signs of either of them freaking out in all this yet though!

TFH

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Ilford probably has the largest amount of updwardly mobile asians in the UK. Their are tons of asian run accountants / solicitor firms and independent estate agents run by asian people in Ilford. Because the community is fairly tight and inter related its been easier to commit mortage fraud in this area.

By having so many family related businesses that are involved in getting a mortage (accountants, conveyancing and mortage broking) it's been far easier for them do fraud in the Ilford area than most other people.

All you need is an accountant willing to create documents showing you earned x amount. It's not that hard...

I lived in Ilford for about 3 months (in 2002 during my contract days with BT) and I agree with you that it was very easy to get fraudualent mortgages as I knew several people who inflated their salaries to get one.. Sadly I also remember it for more wrong reason - I used to walk from home to work and there used to be this chap who used to pass drugs to a school girl early in the morning :o .

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Ilford probably has the largest amount of updwardly mobile asians in the UK. Their are tons of asian run accountants / solicitor firms and independent estate agents run by asian people in Ilford. Because the community is fairly tight and inter related its been easier to commit mortage fraud in this area.

By having so many family related businesses that are involved in getting a mortage (accountants, conveyancing and mortage broking) it's been far easier for them do fraud in the Ilford area than most other people.

All you need is an accountant willing to create documents showing you earned x amount. It's not that hard...

I think you hit the nail on the head here. Asians in my experience are obsesssed with money, they will fiddle anything in their furtherance of getting cash and therefore status. I dont know why this is a surprise for anyone. The insurance industry hot stops for staged motor accidents are .. wait for it... Luton, Bradford and Illford all big asian strongholds. To be more precise though the main scamsetrs, fraudsters are pakistani muslims /bangladeshi muslims. Saying that though the Indians give them a good run for their money but there is a proper Indian middle class.

EBF

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So where have the FSA been for the last 8+ years?

Cashing in....?

Record loans means record tax receipts. Whilst the cash is rolling in everyone will turn a blind eye, never mind the consequences someone else can sort that out when the sh*t hits the fan, hey with luck we won't be in charge then.

Unfortunately no one had a economic model which would predict when this stupidity would collapse under it's own weight because now they've found out they are the one's in charge and the sh*t is hitting the fan and is splattering all over.

Cue FSA now looking shocked and horrified over what's happening.

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  • 399 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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