how subprime lenders here are going after people with low arrears and then stuffing them with legal expenses
infact since september the stress testing rules have changed. It used to be 2% above the mortgage you were applying for but has changed to 2% above the central bank rate...
Does no one think such schemes are going on here or am I paranoid?!!They outlined a scam that was taking place somewhere in the Docklands. Developer builds appt complex. Dealer purchases entire block from developer. Dealer then finds "purchasers" for each appartment in the block, and sells to them for way over the odds. However most of the "purchasers" don't actually exist. Dealer however manages to fraudently obtain mortgages in the names of each of these purchasers and thus gets paid.
End result is blocks with about 20% occupancy, high repossesion rates from non-existant purchasers and those who did buy in serious negative equity. I was amazed that this scam was possible. The checks on the mortgage applications must have been non-existant.
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