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Lie-to-Buy Mortgage Brokers & the FSA.
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Don't balme the poor guy who was trying to get a home or even the broker who was merely trying to earn a decent wage. PUT THE BLAME WHERE IT BELONGS. WITH THE GREEDY BASTOORDS RUNNING THE BANKS
It takes two to tango.
The greed of the consumer for wanting that bigger house and the greed of the banks who were happy to lend it. If there was no market for them then the banks wouldnt issue them. No-one comes out of this blameless.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
DUE DILIGENCE.
My son wants to borrow 50 quid. I lend him it because I KNOW he is working so he can pay me back.
My other son wants to borrow 10 quid. I dont lend it because I KNOW he is not working so cant pay it back.
So if someone wants to borrow 100k I damn sure make absolutely certain he can pay me back. I certainly don't say " Do you promise me you can pay me back" cos I know because he needs the money he will say yes.
People were desperate to get on the housing "ladder" and not just for greed but for the Great British dream of owning their own home. You cant blame them for taking advantage when the money was practically thrown at them.
How come the Americans were throwing money at anyone who wanted it?. Even though they can simply walk away from the debt, thus causing the present problems. Yet people are making a big deal out of the same thing here where we are not so fortunate. And the numbers are miniscule in comparison.
There is only one criminal here and thats the banks. We shouldn't let them fool us in to accepting the "big bad fraudsters" did it, as an excuse for their ineptitude.
PS
I'd like to hear of even 1 LEGAL case where Self Cert is necessary. By that I mean, where income cannot be proved by either TAX Certs or Bank Statements. I read a few of the posts above mentioning Tax evasion. This is a crime and no bank should be aiding this. All earnings are taxable and cash earned is usually banked. So one way or another there is always proof of income. The simple truth is they didn't care.0 -
18 November 2008
A former mortgage adviser, Simon Robert Gray, has been sentenced at City of Westminster Magistrates Court to 18 weeks imprisonment suspended for 18 months, for making misleading statements and using forged documents in repeated applications to become an FSA approved person.
http://www.fsa.gov.uk/pages/Library/Communication/Statements/2008/simon_gray.shtml0 -
FraudBuster wrote: »
The sort of person that gives us all a bad name .
The paltry amount we get paid by lenders to set up their mortgages is never worth that sort of riskI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
FSA/PN/010/2009
19 January 2009
The Financial Services Authority (FSA) has banned a mortgage broker and fined him £101,106 for submitting false mortgage applications.
http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/010.shtml0 -
Self Cert mortgages were created by banks for one reason. To allow then to give mortgages to people who couldnt on paper afford them
I have a self cert mortgage and the reason I did it? Because one of my incomes wasn't accepted by the bank. The income is guaranteed (unless there is a MASSIVE recession, in which case everyone's !!!!ed anyway) and regular. Other financial institutions have accepted it (amex) but not my mortgage provider. Luckily they also offered the self cert option so I could still have my lifetime tracker.
I can only thank my mortgage advisor for doing all this legwork for me and completely understanding my circumstances!!Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
FSA/PN/017/2009
26 January 2009
The Financial Services Authority (FSA) has banned John David Cook from giving financial advice and stopped his Liverpool-based firm, Stone Financial Management Limited (SFML), from conducting any further business.0 -
Its good to see that the FSA are identifying failures. However, you do get the feeling that picking on the odd small firm here and there and ignoring the banks is a bit pathetic.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Its good to see that the FSA are identifying failures. However, you do get the feeling that picking on the odd small firm here and there and ignoring the banks is a bit pathetic.
Did the banks commit fraud?RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
MissMoneypenny wrote: »Did the banks commit fraud?
Possibly. Or they didnt follow the required compliance requirements. Hopefully they will be investigated and time will twll.
Remember most of these small firms being fined are not commiting fraud. They are being fined for compliance shortcommings.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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