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Poll - Lying to get a loan
Comments
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As has been said by others. The present price of houses make it more than likely that a great proportion of new mortgages are fraudulent in some way. No arguments from either side on this I assume.
If someone is willing to put his money at risk to buy a home. Good luck to him.
All lenders want is a return on there investment. They don't care about anything. There is no feeling involved. The only thing that matters is profit. They may occasionally prosecute but I would think this very rare and probably only on a good prompting from the police who may be looking for a conviction.
I say again the only thing that matters from a banks point of view is profit. As there is no "owner" as such no individual cares a damn what is going on as long as payments are made and the shareholders get their dividend ;-)
Cynical I know but one mans opinion. ;-)0 -
I'm really glad to see the majority of people are voting it's not acceptable to lie to the mortgage lender. Much as you may hate the banks, it's always fraud to mis-represent yourself when borrowing money - try explaining to your kids why you are going to jail when all you wanted was to buy them a nice home to live in!0
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pattie-supper wrote: »I'm really glad to see the majority of people are voting it's not acceptable to lie to the mortgage lender. Much as you may hate the banks, it's always fraud to mis-represent yourself when borrowing money - try explaining to your kids why you are going to jail when all you wanted was to buy them a nice home to live in!
Personally I don't have to. As I said if you know what you are doing and you are prepared to do it good luck to you. Nobody's made a fortune without taking risks.0 -
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In business sadly the reality is anything goes. Like lending money to third world countries and letting their peoples starve while servicing your debt. Success isn't built on consciouns ( how do you spell that ? )0
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In business sadly the reality is anything goes. Like lending money to third world countries and letting their peoples starve while servicing your debt. Success isn't built on consciouns ( how do you spell that ? )
Completely off topic but I thought the real scandal with 3rd World debt was that banks lent dictators money and then helped them embezzle it back out of the country and then made the country pay it back while the people starved.0 -
Completely off topic but I thought the real scandal with 3rd World debt was that banks lent dictators money and then helped them embezzle it back out of the country and then made the country pay it back while the people starved.
It gets to my reasons for agreeing with the YES in the pole. The banks care not how they make their money. As long as they get their pound of flesh they will not actively pursue people who lie on forms. It wouldnt make sense to them. As has been said, they know it goes on and they know its rife but as long as anyone taking out one of these mortgages puts up a large slice of cash themselves thereby proptecting the bank should they default they are quite happy. And why should they not be? If you are responsible enough to take on a loan and you are prepared to take the risk that your investment may fall as well as rise. Good luck to you ;-)0 -
AndrewSmith wrote: »Wrong. It is fraud. Simple and plain. If caught it carries a sentence of up to 10 years in prison for both the client and the adviser (if they knew).
It is blatantly obtaining money by deception and, as such, should be treated in that way.
Put the boot on the other foot, someone borrows £1000 from you and says 'I will promise to pay it back next month from my wages'. You then later find out that the guy is not working and has no income, cannot pay the debt back to you but sees that he has done you no wrong.
Who has been wronged now?
Never said it wasn't fraud.
Are you asking to borrow £1000 from me?! If so, just ask, don't be shy!
It would be up to me to police they guy and check whether he's working before i coughed up the £1000Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery0 -
Completely off topic but I thought the real scandal with 3rd World debt was that banks lent dictators money and then helped them embezzle it back out of the country and then made the country pay it back while the people starved.
'Conscience' (sorry, couldn't resist!)
I agree with you though - one of the main reasons the poor countries stay poor is because it's not in the rich countries' interests to allow them to develop.0 -
I'm interested to note the comments from several people that unless people lied on their mortgage applications "normal average" pepole couldn't afford to by a "normal average" house.
Presumably I can blaim those lying gits for making impossible for a "normal average honest" person like me to afford a " normal average" house.
If people hadn't found fraudulent ways to pay high prices for fairly unimpressive houses then there would have been no fuel for the price inflation fire and house price rises would have been lower and slower.
Surely that would have been better for most of us?0
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