Monday 4 May 2009
Mortgage fraud - it doesn't happen here
I'll say one thing for Americans, they talk frankly about their economic problems. Here is an open and honest discussion about mortgage fraud. I doubt very much whether we, here in the UK, could ever face up to our fraudulent housing market difficulties with the same candour.
Think about this for a moment. The UK now has over 1.1 million buy to let mortgages. Only 8 percent of new house purchases go to first time buyers. What is the probability that we have few cases of incorrectly filled in mortgage application forms?
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3 comments:
I think ERIC PEBBLE over at HPC might share your exasperation... there has been endemic fraud in the housing market both in the States and in the UK, with government, regulators, bankers and brokers turning a blind eye and effectively encouraging people to rack up unsustainable debt in pursuit of a quick gain.
As long ago as 2003/4 Panorama exposed this fraud in the UK.
http://video.google.co.uk/videoplay?docid=...75&hl=en-GB
http://news.bbc.co.uk/1/hi/business/3222053.stm
So much of our current problems or wrapped up in the idea the 'debt is wealth'.
tinks
Ironically, William Black has only been featured on minor news programs. The main stream US media won't touch him with a pole, because of damning, but true, message. I'll take the UK media over their US counterparts any day.
Well i remember Peston claiming that CNBC ramping could never happen in the UK because the reporters were so hardhitting....
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