Organised crime and the housing market

[NoddY]

Home loans fraud hits UK:

http://business.timesonline.co.uk/to...cle2283035.ece

Of note:

"...Persimmon sold apartments in one of its Thamesmead developments to a property developer, Atrex, at a deep discount. Atrex is then believed to have created false identities to borrow from lenders at inflated prices, and then pocketed the difference...."

and:

“..This may even be facilitating a false market in that the recorded sale prices of properties on a development are higher than the real prices paid and therefore the true value of the properties...”

Our bespectacled number crunchers and their money-lending chums in bed:

"...The company then resold the flats at greatly inflated prices using mortgage brokers and chartered accountants..."

You mean the house is not worth billions?

Oh dear.

[Mailman]

They had something recently on the news about discounts being given out and were harping on about how first timers couldnt get these discounts...of course the beeb changed subjects as soon as it was pointed out the first timers usually arent in the position to be buying a large number of units in a development, hence why they werent getting the same level of discount!

Otherwise the only way this can be combated is through the introduction of a tax! After all, its only fair!

Mailman

[lilelvis2000]

When it comes to builders and corruption, they sky is the limit. I watched that channel 4 programme a couple of weeks back and was completely shocked at what went on.

But then I realised I was England and it all made sense.

[Mailman]

You forgot to add "its only fair" lilelvis!

Mailman

[lilelvis2000]

Corruption, Labour - yeah its only fair.

[threaded]

Now now chaps! I can tell where this thread is leading: Any mention of John Prescott, his family, dodgy property deals and interesting planning approvals will be dealt with quickly by the mods.

You've been warned!

[lilelvis2000]

Naaaah. Just watch Dispatches from a couple of weeks back.