Monday, 28 September 2015

Mortgage Fraud.

It's the September weekend and for once it isn't raining.



But needs must.







The first relates to "false deposits".

















Unless it is picked up by a routine Law Society inspection.















  1. Thank you for that clear and simple explanation of the crime.

    1. Hello Everybody,

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  2. I fail to see how the SNP would have known anything about this at the time, if it took an investigation by the Law Society to uncover?

    1. This comment has been removed by the author.

    2. Wasn't this information available for around a year before she stood as an MP, its surely for the SNP to do proper due diligence on candidates before allowing them to stand ? Even on moral grounds alone red flags should have been visible for a party campaigning on the back of having a moral conscience..

  3. If I take an £80k mortgage out on my £100k property, I do not pay a deposit of £20k, nor do I commit fraud. If the valuation of a property which is distress purchased is £100k and the buyer agrees to pay £80k and takes a mortgage, the buyer does not commit mortgage fraud.

    I suspect Mr Smart might want to consider the implications of a Defamation action.

    1. Isn't the Loan to Value ratio, in that instance, based on the £80K?


    3. Alasdair, you may want to read up a bit on the circumstances outlined in the SSDT document: it is wholly damning.
      Additionally 'truth' is an absolute defence in Defamation cases in this case Michelle Thompson will likely face 13 counts of mortgage fraud, compounded by having recruited other and acting in a central role, plus money laundering offences which would bring financial penalties.

  4. "But Mr Hales was not the principal actor here, he was simply the facilitator."

    I think this is the salient point of this piece. Despite what many think about lawyers the solicitor is not the real villain here. And yet it could easily be the case that he is the only one to pay a price in all this.
    Perhaps someone else could enlighten us all as to why mortgage lenders are not more 'proactive' when it comes to mortgage fraud.
    Could it be that they are not out of pocket so they aren't that interested?

    1. The answer is because they expect the customer to pay

  5. The area of distressed selling needs to be researched, loopholes closed and some form of protection for the seller put in place. Something like a claw back of the percentage profits on resale returned to the original owner. No good saying people should not behave like that, the simple fact is that they do.

    1. In the case of the couple featured on STV News, the original owner was the Local Authority. Are you suggesting the couple should have part of their £30,000 profit clawed back?

  6. LPW agrees with main facts of this blog

    The facts need to come out.

  7. I disagree with a bit of the above piece:
    "...would have been disastrous ... most of all for the economic credibility of the Independence cause."

    No, the independence cause had and has no economic credibility - you can't lose what you haven't got. It would have been damaging for the SNP (and Yes Scotland, but that's pretty much the same thing).

  8. The Consumer Financial Protection Bureau and Department of Justice have filed a joint complaint against Provident Funding Associates for allegedly charging higher mortgage broker fees to African-American and Hispanic borrowers in violation of the Equal Credit Opportunity Act. Under the proposed consent order filed by the agencies, Provident would pay $9 million in damages to affected borrowers. mortgage branch opportunity

  9. How mortgage loan rates are determined and what causes them to move is an absolute mystery to most folks - and those who think they know are usually wrong. As a former mortgage banker I can tell you that a lot of people in the mortgage industry can't even give you an accurate answer to that question. So Please take a look:,Mortgages


  11. I really agreed with your post,
    about the crimes and and forgery in the Mortgage

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  13. very interesting topic, Ive just discovered this has happened I was trying to phone his office to find out where my title deeds were when I googled to find his office phone number I came up with all this news !!! Im shocked and disappointed !

  14. The first relates to "false deposits".As you will probably know, in the aftermath of the banking crash, the conditions attached to mortgages tightened considerably.Thanks for sharing..

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  16. There is another type of mortgage fraud - committed by the banks and supported by the valued. The bank ultimately expects the defrauded customer to cover their losses on the gamble and rely on the "it's your word against ours" defence when dealing with the complaint when they are found out. The legal profession won't support the victims because they have no money (having lost it through the fraud) as well as a lack of desire to take on large opponents with endless resources. I know this because it has happened to me!





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