Mortgage fraud

kennyboy66_2

RabbitMad wrote: »

I love it when an ill informed person starts throwing terms around that they don't understand. I once saw a comment on a BBC blog describe the banks as a great big fonzi scheme. Those were happy days.

Whilest HPI has some similarities with a ponzi scheme it isn't one, and what the wilson's did certainly isn't a "Pure" one at that.

Now if you were to describe inside track as a ponzi scheme you'd be closer to the mark, but even that wasn't a ponzi scheme.

"A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually entices new investors by offering return other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent" - From Wikipedia as it summarises it better than I can.

Oi.

Stop stealing my jokes.

http://forums.moneysavingexpert.com/showthread.html?t=1434579&highlight=fonzi&page=2

It was in fact on this forum, Wookster the 'Sage of Stockport' that called it a fonzi scheme.

ess0two

kennyboy66 wrote: »

Oi.

Stop stealing my jokes.

http://forums.moneysavingexpert.com/showthread.html?t=1434579&highlight=fonzi&page=2

It was in fact on this forum, Wookster the 'Sage of Stockport' that called it a fonzi scheme.

Priceless.................especially coming from the fountain of all knowledge,Wookie.

PMSL

mitchaa

What happened to the old having to supply the last 3months bank statements to lenders along with 3mths worth of payslips?

I suppose these can be forged too though.

I personally dont see the point if you can't afford it, if you can then who cares

kennyboy66_2

mitchaa wrote: »

What happened to the old having to supply the last 3months bank statements to lenders along with 3mths worth of payslips?

I suppose these can be forged too though.

I personally dont see the point if you can't afford it, if you can then who cares

Well it either turns out that;

1) Some people can't afford it.
2) A proportion of this is systemic fraud in conjunction with valuers.

The question should be why lenders don't even do the basic checks such as writing or ringing employers. Of course a determined person will always try and get round checks, but basic checks will deter / stop 90% of people.

kabayiri

Buying fraudulent documents on tinternet is so easy.

I paid £50 for a bogus 'certificate to browse the net'. It looks pretty genuine to everyone apart from the forum forensic team I've been told.

It allows me to browse tinternet, and post into forums.

(I can't post graphs though, that was extra...)

carolt

You were done, mate.