Mortgage fraud rises by 77pc

nembot

Pimperne1 wrote: »

Not really fraud though is it?

Yes it clearly is...

I have concerns about you pimperne1

silvercar

homelessskilledworker wrote: »

I know dozens of people who took out self certs pre 2007, not one of them were legal

homelessskilledworker wrote: »

Oh Dear!

You meet the saddest people on here.

You seem to meet the saddest people in RL.

chewmylegoff

shortchanged wrote: »

"Nick Mothershaw, the director of identity and fraud at Experian, said more than 90pc of mortgage fraud tended to originate from genuine individuals misrepresenting their financial situations attempting to buy property that would normally be out of reach."

What the hell does that mean???

That's a bit of a contradiction if I've ever heard one.

Genuine individuals misrepresenting their financial situation!!!!

There is a simple term for it........... it's called FRAUD!!!! Plain and simple.

He means "real people" - genuine in that they exist.

There are two types of mortgage fraud (i) lie to buy where a real personsays they earn more than they do to convince the bank to lend more money than they otherwise would and (ii) organised crime, where fake identity A buys a property for e.g. £100 and then sells it to fake identity B for £200 (or remortgages for £200). They pocket the £100 and then leg it. Bank is left with irrecoverable mortgage for £200 and a property worth £100. Tends to be done with commercial property and fake long term leases to corporate tenants to justify the uplift in price.

Graham_Devon

Pimperne1 wrote: »

Not really fraud though is it? Most of us have probably told a white lie in order to get a job or position. We know we can do it its just that if those who decide these things are left to their own devices they might pick someone less capable.

Good point.

I may tell a white lie about my income for tax purposes. If I reduce my income enough through this little white lie, I might even get me some state benefits.

It's only a little white lie, and we all do it afterall...

Thanks Pimperne.

doire_2

Pimperne1 wrote: »

Not really fraud though is it? Most of us have probably told a white lie in order to get a job or position. We know we can do it its just that if those who decide these things are left to their own devices they might pick someone less capable.

shortchanged_2

chewmylegoff wrote: »

He means "real people" - genuine in that they exist.

There are two types of mortgage fraud (i) lie to buy where a real personsays they earn more than they do to convince the bank to lend more money than they otherwise would and (ii) organised crime, where fake identity A buys a property for e.g. £100 and then sells it to fake identity B for £200 (or remortgages for £200). They pocket the £100 and then leg it. Bank is left with irrecoverable mortgage for £200 and a property worth £100. Tends to be done with commercial property and fake long term leases to corporate tenants to justify the uplift in price.

Thanks for pointing that out although it's not entirely clear by what he is stating though.

Either way it means a large proportion of 'real' people commited mortgage fraud.

chewmylegoff

shortchanged wrote: »

Thanks for pointing that out although it's not entirely clear by what he is stating though.

Either way it means a large proportion of 'real' people commited mortgage fraud.

49 cases of mortgage fraud in every 10,000 mortgages, 90% or more of which are "type (i)" mortgage fraud.

so 0.44 - 0.49%, which isn't a large proportion.

Pimperne1

I imagine I could provide a scenario where most of the whiter than white posters on here would not tell the whole truth on a mortgage application (accepting that this would be less than a lie but with similar potential consequences). About to disappear down the pub for a re-union or I would put some effort in to it now.

nollag2006

brit1234 wrote: »

Looks like nollag is sad enough to create another sock puppet to post childish insults.

Oh dear! Might be time for you to up your medication brit.

In your last (entirely unsolicited) PM to me - you told me you had put me on ignore.

I am so glad that you missed me.

How is the 50% drop by Christmas 2009 prediction working for you?

shortchanged_2

chewmylegoff wrote: »

49 cases of mortgage fraud in every 10,000 mortgages, 90% or more of which are "type (i)" mortgage fraud.

so 0.44 - 0.49%, which isn't a large proportion.

I actually meant that in the context of the 90% of mortgage fraud.