Should Mortgage Fraud be Legal or Illegal?

ILW

michaels wrote: »

I believe it is the same part as a fish's finger?

Prawn balls anyone?

Really2

Mortgage Fraud Should be Illegal

michaels wrote: »

I believe it is the same part as a fish's finger?

That's OK then, For one minuet I thought it was a made up cut of meat. (best read in a Dougal from farther Ted accent)

Graham_Devon

Mortgage Fraud Should be Illegal

Well, in this case, the person taking the loan, or indeed the mortgage advisor / lender could be gaining money by deception.

I.e. gaining a larger loan, by using false figures = fraud.

If it's ok for the mortgage market, then it should be ok for benefits, ok for taxe's, ok to drive your car around on dodgy tax discs, ok to rip people off by door to door schemes.

Obviously, at this point, my answer would be, it should be illegal, and I believe it already is.

The problem being, we all know it's gone on for ages, as it's benefitted not only the homebuyer, but also the lender, and up until around 2007, didnt really affect anyone. The FSA is just closing the stable door after the horse has bolted.

However, it does mean from now on, less people will have the means, or ability to secure the loans needed to buy property. And that's not going down well for those with interests in said property.

AD9898_2

Of course it should be legal........ if you're a mortgage broker whose livelihood depends on it.

Mortgage fraud has been widespread since 2003, that along with the wrong IR policy has been the biggest reason for the current state.

Need proof ?? Hundreds of thousands of households are in arrears or can barely pay their mortgage despite 0.5% base rate.

ILW

Are there any mortgage brokers left?

Sibley

Mortgage Fraud Should be Legal

I doubt there is a single person or financial institution that hasn't massaged their figures when obtaining money.

The bears are so stupid to constantly harp on about Liar Loans. When the economy picks up and house prices rise they will wish they could find a friendly financial advisor.

Playing it straight will ensure they end up with nothing.

I'm glad I lied on my mortgage application and got the best house possible. I wish I could have borrowed more and got an even bigger place. Maybe my generation was the last to really cash in on houses.

PasturesNew

Sibley wrote: »

I doubt there is a single person or financial institution that hasn't massaged their figures when obtaining money.

Wrong. I didn't. I went for years "without" because it never even occurred to me that one could be less than 100% honest.

I'd not sleep if I were not honest.

FTBFun

Mortgage Fraud Should be Illegal

Sibley wrote: »

I doubt there is a single person or financial institution that hasn't massaged their figures when obtaining money.

I didn't when I applied for my mortgage earlier in the year. What would be the point?

Playing it straight got me a mortgage approval in less than a week.

Sibley

Mortgage Fraud Should be Legal

I didn't when I applied for my mortgage earlier in the year. What would be the point?

Playing it straight got me a mortgage approval in less than a week.

I lied and got one in a week as well.

Difference was I did it about 8 years ago. Now my place is worth 3 times what I paid for it.

I'd call that astute.

paul1964_2

Mortgage Fraud Should be Illegal

Sibley wrote: »

I lied and got one in a week as well.

Difference was I did it about 8 years ago. Now my place is worth 3 times what I paid for it.

I'd call that astute.

So you see fraud as a positive thing.

Have you thought of becoming a FIFA executive?