Lie-to-Buy Mortgage Brokers & the FSA.

Kavanne

JA1000 wrote: »

Thank you Mr Broker whereever you are now.

Probably banned.

JA1000

Probably knighted

Dan_1976

Probably a tit!

JA1000

You won't ever hear me complaining

Dan_1976

So if you had not found a job, ran out of money and it all went wrong you would have not cried to fsa? Bull! Night

JA1000

Nope, plenty of back up plus the mortgage company had 6 months payments as a guarantee, they would have jumped with any missed payments but had 6 months secured, the market was fast it would have been £20k in the back pocket.

It wouldn't happen now, I am just glad it did then. So no wouldn't have taken it to FSA

Remember it wasn't my product or my advice!! But for my situation it made sense and paid off!!!!

Remember when smoking used to be allowed on planes / buildings, remember when a bank manager would asses the risk of a loan? Things change and move on. I couldn't do it now so calm down.

I take it that's a prison discharge last December?

Wutang_2

JA1000 wrote: »

Nope, plenty of back up plus the mortgage company had 6 months payments as a guarantee, they would have jumped with any missed payments but had 6 months secured, the market was fast it would have been £20k in the back pocket.

It wouldn't happen now, I am just glad it did then. So no wouldn't have taken it to FSA

Remember it wasn't my product or my advice!! But for my situation it made sense and paid off!!!!

Remember when smoking used to be allowed on planes / buildings, remember when a bank manager would asses the risk of a loan? Things change and move on. I couldn't do it now so calm down.

I take it that's a prison discharge last December?

You like bigging yourself up eh? May I ask what you do for a living - and whether you talk in this self congratulatory manner at work too? Its ace!

MBM

Fraudbuster, you seem to have missed this one. Or is it only mortgage brokers you have a problem with?

"Six individuals have been charged with offences in connection with a series of high value commercial mortgage frauds.

Following a hearing at City of London Magistrates' Court the case has been sent to Southwark Crown Court for a preliminary hearing on 4 January 2010.

The investigation was referred to the Serious Fraud Office in March 2006 by West Midlands Police following a complaint from the Cheshire Building Society.

It is alleged that the defendants participated in a series of frauds whereby they dishonestly obtained loans from banks or building societies that were secured on six commercial investment properties.

Each property was transferred between companies controlled by one of the defendants and his associates at highly inflated prices in a series of back to back transactions. On the basis of the grossly inflated prices, fraudulent valuations and forged leases, the defendants applied for and obtained mortgage advances totalling nearly £50 million.

The mortgages were quickly defaulted on and the lenders suffered significant losses.

Five individuals, Ian McGarry, Hardeep Sodhi, Fatema Patwa, Saghir Afzal and Laurence Ferrigan have been charged with offences of conspiracy to obtain a money transfer by deception and dishonestly obtaining a money transfer. Simon Lawrence has been charged with conspiracy to obtain a money transfer by deception.

Ian McGarry was a chartered surveyor at Dunlop Haywards Lorenz.

Fatema Patwa was the sole principal of her own firm, Patwa Solicitors, based in Birmingham.

Hardeep Sodhi was a solicitor employed at Patwa Solicitors in Birmingham.
Laurence Ferrigan was a partner at The CFB Partnership, Wanstead, East London.

Saghir Afzal was a company director and property owner.

Simon Lawrence was a partner of Darlingtons Solicitors in, Edgware

Dan_1976

JA1000 wrote: »

Nope, plenty of back up plus the mortgage company had 6 months payments as a guarantee, they would have jumped with any missed payments but had 6 months secured, the market was fast it would have been £20k in the back pocket.

It wouldn't happen now, I am just glad it did then. So no wouldn't have taken it to FSA

Remember it wasn't my product or my advice!! But for my situation it made sense and paid off!!!!

Remember when smoking used to be allowed on planes / buildings, remember when a bank manager would asses the risk of a loan? Things change and move on. I couldn't do it now so calm down.

I take it that's a prison discharge last December?

Can you not read, BSC Member 280? Not a proud member but thanks to greedy bankers and idiot clients self cert on sub prime and paying stupid house prices my business went under and I declared my self bankrupt!

It was a very easy process though! Maybe too easy!

Money_mad_4

Fraudbuster. Please forgive me if I offend but can I sk you, are you working for the FSA?