Friday, August 13, 2010

How it all started

Mortgage Madness (2003)

I have said about this program dozens of times and now its on Youtube. See the information the Labour Government completely ignored. Personally I sold my Halifax shares the day after this program.

Posted by tenyearstogetmymoneyback @ 06:32 PM (1984 views)
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9 thoughts on “How it all started

  • So, tell me webmaster, what have people not been prosecuted for false statements on self-certification mortgages?

    The reason, at a guess, is that as long as people survive in the house they have – on the present nil interests rates – noone is goign to ask questions. Since if a building society wants to reposess, then the can of worms gets opened.

    Now do we wonder why people are happy to keep rates low?

    It would blow the industry apart to have a society sue a borrower and the borrower to sue agents, brokers – and probably the society

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  • The video is a nice bit of history. Like growler says, only when interests rates rise do you find out who lied.
    Perhaps one could make the case for all mortgages/loans to be re-evaluated. Perhaps to go hand-in-hand with the stress tests of banks. Surely in this digital age you can find out just how much someone is earning (e.g from total income credited to a current account) and this could be cross checked against the total value of debts of the person who owns that account. This would give a true picture of where we are and whether the situation is improving for those who lied. If the situation is not improving when interest rates are 0.5% then there is mortgage timebomb which we have yet to see.

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  • mark wadsworth says:

    Ha! I sold my Halifax shares about a week after they had been issued. Over £1,000 I got for them. Tasty.

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  • History that many Ignored! When I did self cert (1998) I needed 2 years worth of company accounts before my old fashioned bank manager would extended me a Avg 2.5 earnings limit mortgage!

    9 Years later I got a free/instant approved £75K 12 month interest free loan offered to my company through the post from “City Bank” (For a company that hadn’t traded in 3 years)

    In hind sight I should have taken said load and folded the company..That’s when I realised the house of cards was going to fall…then found HPC.

    Seems lending standards are returning to 1998…and thus house prices.

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  • tenyearstogetmymoneyback says:

    I had another thought about this while swimming tonight.

    I wonder what type of mortgage Tony and Cherie Blair (and various other MPs) used for all their property purchases ?

    Miken. My idea has always been to cross check mortgage applications with Income Tax returns and bill them with the extra if they didn’t
    pay enough 🙂 Someone I once knew who had just bought a £200K property (and owned a BTL) once boasted to me that
    they had only paid £400 tax the previous year. I pay more than that a month PAYE but would be lucky to get the size of mortgage
    he did.

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  • This is very important context to our current situation with soaring inflation and interest rates nailed to the floor.

    It MUST be remembered that these were fraudulent purchases, perpetrated by fraudulent buyers, encouraged by fraudulent lenders. At yet they are being rewarded by current central bank policy.

    Does this technically make the government and central bank complicit?

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  • Seeming Corruption at every level, but does anyone have any ideas what we can actually do about it?

    Every day I read this site, there’s a lot of truth spoken here, but it feels like this situation is not going to change for many years, barring some external forces upsetting the BOEs plot.

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  • Its so frustrating to watch this. A two bed flat for 200k in Ealing! Grr.

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  • Spiderchannel says:

    Class action anyone?

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