Sunday, January 20, 2008

This is so wrong

Northern Rock buys up its own repossesions

Bank claims customers house, which is then put on auction. Bank bids at auction, thus inflates sale price. This sounds like "shill bidding", and is fraudulent. (e.g. e-bay fraud) "shill" - a person who poses as a customer in order to decoy others into participating, as at an auction, confidence game, etc.

Posted by a womble @ 11:00 AM (536 views)
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One thought on “This is so wrong

  • not only is it completely wrong, its also a way to corner the market and price out ordinary folk.

    it makes you wonder if they deliberately forced higher prices to create a bigger bust creating a larger transfer of wealth.

    strange how the business model used couldn’t be seen early enough, but they can setup a company to benefit from it ?

    its the normal, run of the mill mr average thats going to get hit, not the banks or wealthy.

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