Monday, August 4, 2008

One to watch on BBC @ 6.30pm tonight

Mortgage brokers fixing immigrant loans: BBC

A BBC report is set to expose a network of mortgage brokers willing to help illegal immigrants get home loans when it is broadcast tonight. The broadcaster’s investigation began after it was approached by three former trainee mortgage advisers employed by the London Professional Academy (LPA) based at an office block in Barking. The LPA trainees were sent to various companies including - CMS Mortgages - which operated from LPA's headquarters during 2007. While at CMS Mortgages the former trainees allege that they were instructed to falsify the passport details of foreign nationals, told to put down ‘British’ in the nationality box ......

Posted by jack c @ 05:14 PM (1473 views)
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11 thoughts on “One to watch on BBC @ 6.30pm tonight

  • good old BBC.
    lets find a scapegoat for hpc, i know blame it on Illegal Immigrants.
    i am sure these dodgy practices by morgage brokers are widespread and across the board, and no doubt include many brits who have lied to get a morgage.

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  • it_is_going_with_a_bang says:

    My opinion is whoever is doing it should be exposed. Altho it should be made clear that this is only one form of mortgage fraud and is not just immigrants. Provided the program makes that clear then I see no problem.
    Should be interesting to see how they report it in the ‘larger context’.

    Nobody should jumo to the conclusion that just because the word ‘immigrant’ is used in a sentence that somehow it is wrong. Wait and see – then by all means judge it.

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  • Wow, how did the Daily Mail miss this one?

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  • Crazy.. why not a documentary about the practices of unsrupulous landlords.. i mean all british, whether you are christian, jewish, muslim, hindu or sikh, etc, etc. And another about the life styles of traders.. they could call it.. “Snow White & the Seven Dwarfs”.

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  • sold out, clearly mortgage brokers are being made the collective scapegoat for the current debacle; assisted, of course, by those naughty, horrid illegal immigrants. Clever tactic – blame the middle men rather than the real culprits, i.e., central bankers and their extended policy of debt expansion through easy credit. You can rely on the BBC.

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  • i missed the program,as i was having my tea.Was it any good?
    it is going with a bang
    i agree but why do these documentries have to have a sub plot,which will probably divert the attention away from the core issues?

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  • sold out & harold.

    It appears that everyone except the guv’mint and actual house prices are gonna get blamed for the HPC. They / we all have our part to play in the grand scheme of things.

    1. Credit crunch – undoubtebly having an effect if not the trigger for our crash (it would have been triggered sooner or later)
    2. Mortgage brokers – Like they already weren’t in the do-doo already over the “self-certification” massive fraud!
    3. Estate agents – They know how to talk the market up but most appeared not to have anticipated the complete collapse of sales and the fact tha we really need only about 10% of them!
    4. The money lenders – The dealers in the narcotic property market – Supplying both the desperate and the plain greedy!
    5. The public – Greedy and wanton, relying on a crazy market to make them rich (er). Remember people if you’re not working hard for you’re money , you’re probably cheating/stealing from someone – That’s nooneo’s theory of responsiblity!
    6. The Guv’mint – Er they should have a duty to keep us outta the doo-doo. It’s their job to prevent anything from hitting any fan!

    A simple list, but really only the instigators of the mess. Remember ‘no more brooon & bust’ – well the guv’mint coulda-shoula-woulda put the bleedin brakes on but when they got into office they realised their was only one way to pay for the Blairite/Brownite agenda (you know being Thatcher’s long-lost sons, relying on the free market to provide and the masses to oblige) was to again milk the property market / affluent population for every chuffin penny, through taxation and stealth.

    Interest rates aren’t a vehicle for economic miracles, they are the means to effectively control MONEY SUPPLY. To avoid economic disastor these need to be kept as HIGH as is needed to allow money flow and economies to grow. Not as LOW as can be got away with to cream as much taxation as possible from us suckers as is needed to fill another hospital with overweight and needy benefit claiments who really don’t want to contribute (which is exactly what we get when people stop or don’t have to TRY).

    It’s the guv’mnt who is really at fault here because THEY alone shouldn’t be a VESTED INTEREST. And that’s where the problem lies. The b’stards have milked the market and all the bloody cow udders are now empty. They have taken billions of hard earned pounds to spend on their vision (the 2 wars , what a legacy mssrs bliar & broon) and missused our country and they couldn’t give a sheet about you or your home, just whether they are gonna have a job come the next general election (their salvation). I am reminded daily about the chuffin credit crunch and although I know it’s making a real difference it is still getting to me, day by day why no-one in the media is saying the real reason why property prices are crashing in the uk. Broon had the ability (independent MPC I ask you!) to control HPI by putting interest rates up, and up again if needed and it WOULD’VE slowed it right down. But instead they fed their frenzy of tax & spend thinking “the public will love us when they see how much nannying we can afford with all they’re poonds” and not caring that they were creating the biggest property bubble in british history. Instead brooon still thinks he’s a great man and can ‘get ol’ blighty outta the sh!te with a flick of his wrist. He’s deluded and we are all temporarily fooked.

    What no-one is telling you or me is the real reason that property prices are crashing and why we have effectively been priced out of the property market:

    PROPERTY PRICES ARE TOO HIGH !

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  • Yes it’s strange how the BBC while the economy was going well were extolling the benefits of immigration, now the economy is going belly up their determined to demonize it, how cynical can this government get.

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  • Here is a bit more info on this topic

    news.bbc.co.uk/1/hi/business/7539816.stm

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  • little professor says:

    In one example a West African, non-skilled worker, earning £18,000 became a self-employed executive earning £74,000. These accounts, according to the trainees’ testimony, were certified by an accountant who knew it was untrue.

    Trainee A told BBC London: “We sent the accountant a fax saying we needed an investment income of £50,000. So then the accountant put on his letterhead that my client has an investment income of £50,000 and was able to support the mortgage.

    “They certify it that this is the amount she had and she can support the mortgage.”

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