Monday, 17 March 2014

Recipe for Disaster

Take three perfectly good financial products,
  • One non status mortgage requiring no proof of income, a cautious valuation and client equity stake of 35%
  • One 100% mortgage requiring no client equity stake, a cautious valuation but belt and braces proof of taxable income and affordability
  • One 80% mortgage, a cautious valuation, belt and braces proof of taxable income and affordabilty offering discounted interest payments for the first two years
Add a large helping of political gain with nauseating proportions of deregulated bankster spin and mix well.

Throwing caution to the wind, allow evidence of income, equity and conservative valuations to float to the top, carefully remove and discard.

Using what is left, re-package as an innovative low risk mortgage product which will take the market by storm

Present finished article to the board in terms of anticipated personal returns and obtain consent to market.

Use highly incentivised bank staff to roll out new product to as many brokers and introducers as possible, turn a blind eye to their methods and pay all concerned on results

Insist all new applications are submitted online by the broker with declaration pages to follow after offer

Provide regulated mortgages of up to a 125% LTV having told brokers that applicants homes will not be valued conservatively and applicants incomes will not be verified.

Have your cake and eat it while watching with detached indifference for the cookies to crumble,

Leave the victims of widespread mortgage fraud to cook in their own juice,

And then, just like HBOS have done with my own case,


  1. If a restaurant treated its customers like this,someone would sack the chef. It's a pity that banks are not in the real world.

    1. If only...Thanks for support and RT's. Wrote this because I keep hearing that its too complicated for the vast majority to understand the scam. Suspect a good many people don't even know they have been scammed and that's how HBOS think its going to stay.

  2. Truly professional, Exactly what i was looking for. Will bookmark this blog for future posts . Cheers:) Source: property development finance