eric pebble Posted August 1, 2008 Share Posted August 1, 2008 (edited) Mortgage sharks and home loan hustlers You don't say?!?!? Liar Loans coming home to roost.......... http://www.independent.co.uk/money/invest-...ers-878005.html Edited August 1, 2008 by eric pebble Quote Link to comment Share on other sites More sharing options...
hankdd Posted August 1, 2008 Share Posted August 1, 2008 Disturbingly, investigators now suspect the involvement of organised crime. High concentrations of dodgy brokers have been found in the same localities – normally in London and the South-east. It disturbs me that this only just disturbing them.... very disturbing. Quote Link to comment Share on other sites More sharing options...
ReadingRabbit Posted August 1, 2008 Share Posted August 1, 2008 Mortgage sharks and home loan hustlersYou don't say?!?!? Liar Loans coming home to roost.......... http://www.independent.co.uk/money/invest-...ers-878005.html I always enjoy reading your posts mate - eye openers. Do you own a house or rent or had any bad experiences with mortgage brokers in the past? would be good to know the background which has caused you take up this noble cause against liar loans. Cheers Quote Link to comment Share on other sites More sharing options...
Guest barebear Posted August 1, 2008 Share Posted August 1, 2008 Mortgage sharks and home loan hustlersYou don't say?!?!? Liar Loans coming home to roost.......... http://www.independent.co.uk/money/invest-...ers-878005.html The same as what happened in the last crash. They will just say mistakes were made, be good for a while and wait for the next boom. Trouble is the way these brokers get paid,the last time the majority of their commisions came from endowment policies and there were wild speculations at the time as to how much you would get back at the end of the term.We know the rest. Now they have ASU policies and just get a cut on the total borrowed, its always in their interests to promote self certs,it carries a higher commision rate ! Its the old mafia trick always go through a third party to commit your crimes,thats why the bosses rarely ever get done. Quote Link to comment Share on other sites More sharing options...
Guest barebear Posted August 1, 2008 Share Posted August 1, 2008 Should just make mortgage brokers illegal so you have to be dealt with directly by the lender. Then change their silly credit scoring so if you get turned down by one it doesnt affect you. That way the lender is entirely accountable. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted August 1, 2008 Author Share Posted August 1, 2008 (edited) I always enjoy reading your posts mate - eye openers. Do you own a house or rent or had any bad experiences with mortgage brokers in the past? would be good to know the background which has caused you take up this noble cause against liar loans. Cheers Well RR --- No - I am mortgage free -- but I HATE the way this whole property "craze" has been played -- It is FUELED by really NASTY Lenders who play every trick in the book and absolutely SCREW youngsters........... It MASSIVELY p1sses me off.................. I want us to just GROW UP - and go back to the REAL world of making money on skill and ingenuity - and not on USURY and pricing people out of the very roofs over their heads........ It STINKS ---- The system is ROTTEN TO THE CORE. Edited August 1, 2008 by eric pebble Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted August 1, 2008 Share Posted August 1, 2008 Well RR --- No - I am mortgage free -- but I HATE the way this whole property "craze" has been played -- It is FUELED by really NASTY Lenders who play every trick in the book and absolutely SCREW youngsters........... It MASSIVELY p1sses me off..................I want us to just GROW UP - and go back to the REAL world of making money on skill and ingenuity - and not on USURY and pricing people out of the very roofs over their heads........ It STINKS ---- The system is ROTTEN TO THE CORE. ill second that. its ruined british life. Quote Link to comment Share on other sites More sharing options...
eric pebble Posted August 1, 2008 Author Share Posted August 1, 2008 ill second that. its ruined british life. Yup -- We have become a nation of people trying to scam each other with £299,000 basement flats................ And that's about it. Nothing else. We are sick. Quote Link to comment Share on other sites More sharing options...
dryrot Posted August 1, 2008 Share Posted August 1, 2008 Hi liked the quote: "I didn't take Wideboy up on his offer, as I can't see how anyone can enjoy home ownership if it comes with a crushingly expensive mortgage." er... from a major paper! Merits a charge of heresy, I think! Quote Link to comment Share on other sites More sharing options...
Guest barebear Posted August 1, 2008 Share Posted August 1, 2008 Yup -- We have become a nation of people trying to scam each other with £299,000 basement flats................ And that's about it. Nothing else.We are sick. I agree with Eric. Furthermore 299,000 for an ex council flat just because it happens to be near canary wharf. Quote Link to comment Share on other sites More sharing options...
silver surfer Posted August 1, 2008 Share Posted August 1, 2008 I always enjoy reading your posts mate - eye openers. Do you own a house or rent or had any bad experiences with mortgage brokers in the past? would be good to know the background which has caused you take up this noble cause against liar loans. Cheers Eric's mission is to fill our screens with cheerful, primary colours. Quote Link to comment Share on other sites More sharing options...
Slumpmonkey Returns Posted August 1, 2008 Share Posted August 1, 2008 I hope the FSA has passed all the details of these "wideboy" brokers onto the police as I am sure they are aware that mortgage fraud is a serious, imprisonable, criminal offence Quote Link to comment Share on other sites More sharing options...
eric pebble Posted August 1, 2008 Author Share Posted August 1, 2008 I hope the FSA has passed all the details of these "wideboy" brokers onto the police as I am sure they are aware that mortgage fraud is a serious, imprisonable, criminal offence Nope -- they will have given the brokers a £10 fine - a pat on the back - an award for "salesmanship" - and let them carry on....... Quote Link to comment Share on other sites More sharing options...
eric pebble Posted August 2, 2008 Author Share Posted August 2, 2008 The same as what happened in the last crash.They will just say mistakes were made, be good for a while and wait for the next boom. Trouble is the way these brokers get paid,the last time the majority of their commisions came from endowment policies and there were wild speculations at the time as to how much you would get back at the end of the term.We know the rest. Now they have ASU policies and just get a cut on the total borrowed, its always in their interests to promote self certs,it carries a higher commision rate ! Its the old mafia trick always go through a third party to commit your crimes,thats why the bosses rarely ever get done. Yup --- Will they learn though? WILL things change this time? Mmmm..................... no!! Quote Link to comment Share on other sites More sharing options...
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