Mortgage fraud at the heart of the housing boom.

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This has been known about since the BBC's 'The Money Programme' in 2003, I wonder if this had been take seriously by Brown at the time, and maybe a phone call to Greenspan saying 'If it's happening here, you guys do everything bigger and better than us, I'm going to check it out, perhaps you should too'.

If Brown had only paused for thought for a second to consider this, instead of feeding at the trough, maybe, just maybe, we could have avoided this catastrophe that is now unfolding before us. But he didn't, and yet he still says 'nothing to do with me, it's not my fault', what a c0ck.

One of the key lies underpinning the UK house price boom was that it was really all about a fundamental shortage of housing stock in a country with a rapidly rising population.
‘We’re still only an island’, ‘look at all the foreigners we’re letting in’, ‘look at how few houses we’re building’…these were just some of the secondary arguments routinely used to support their contention that house prices would inevitably keep on climbing, probably for ever.
Of course now that average prices are falling at an annualised rate of nearly 20%, it is easy to see the poverty of these arguments.
For example, some sectors of the market – particularly city centre flats – are now in chronic oversupply.
Meanwhile the plentiful influx of immigrants - so key to keeping the otherwise wheezing UK economy ticking along in the mid years of this decade - is finally starting to dry up, and may even go into reverse soon.
And perhaps most importantly, the artificially cheap and ultimately dishonest flood of mortgage money has now dried up, though the government seems to be doing everything in its power to get this moving again.
But there was also another key factor in the housing boom, one much less remarked upon thus far, but one that is now belatedly starting to grab some headlines.
And that factor is fraud.

http://www.citywire.co.uk/personal/-/comment/morning-line/content.aspx?ID=332364&re=4899&ea=206264&ViewFull=True

ad44downey

sleaze, sleaze and then even more sleaze

mewbie_2

ad44downey wrote: »

sleaze, sleaze and then even more sleaze

Bless you.

hearts

How the hell do you work out it's Mr Browns fault? Do you think he sits at home watchin every !!!!!! crap prog on the TV? Do you think every little thing thats mentioned is then passed on to him for his approval. Get real man.

Cannon_Fodder

Well, he managed to spot that there was a bandwagon to jump on in pillorying Fred the Shred...

The court of public opinion is ratings-led.

hearts

Cannon_Fodder wrote: »

Well, he managed to spot that there was a bandwagon to jump on in pillorying Fred the Shred...

The court of public opinion is ratings-led.

Exactly and ALL parties play the game. There is no point singling out one, as we all know they all do it.

I don't vote. To me they are all much of a muchness now, so no point. But I find it ridiculous the constant attempts by the naive to try to place blame on the government for the present situation.
Whoever was in government for the past 10 years, we would still be where we are now.

StevieJ

You will get used to it

Max_Headroom_3

hearts wrote: »

How the hell do you work out it's Mr Browns fault? Do you think he sits at home watchin every !!!!!! crap prog on the TV? Do you think every little thing thats mentioned is then passed on to him for his approval. Get real man.

Because he was told, very very clearly, by Vince Cable and he replied that as far as predictions went, labour had been proved right and the Liberals wrong and so he wasn't prepared to countenance the argument that there could possibly be a problem.

No more boom and bust, remember?

ad9898_3

hearts wrote: »

How the hell do you work out it's Mr Browns fault? Do you think he sits at home watchin every !!!!!! crap prog on the TV? Do you think every little thing thats mentioned is then passed on to him for his approval. Get real man.

Only Clown himself could get so irate when the truth is put before him, you are Crash and I claim my £5.:D