Sub-Prime Mortgages = large-scale mortgage fraud

Sub-Prime Mortgages
Getting a mortgage is regarded as the best and safest vehicle to save money and also make a profit. TV Channels are awash with property programs on how to buy at auction, buy-to-let best buys and buy and renovate and sell within months to make a good and quick profit. This is the good side of the mortgage market. This is the dream that everyone would like to live. This is how it is meant to be.

But there is a downside - Sub-Prime Mortgages.
Sub-Prime Mortgages also called B-Paper, near-prime, or second chance lending, is a general term that refers to the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history. Subprime lending is risky for both lenders and borrowers due to the combination of high interest rates, poor credit history, and murky financial situations often associated with subprime applicants and especially property valuers and lenders. A subprime loan is offered at a rate higher than A-paper loans due to the increased risk. SIV-lite is a collateralised debt obligation (CDO) with a defined life. This hedges capital risks taken on loans that may fall into insolvency. SIV-Lite vehicles tend to invest in high-reward, high-risk assets to make the short-term asset-backed commercial paper (ABCP) market lucrative. These collateralised debt obligations are bonds backed by mortgages and other asset-backed debt. They raise senior debt in the short-term ABCP markets.

This diamond has lost its lacklustre appeal. Investors are pondering on whether to seed their funds, that is, raise cash for investments. They rely on the diligence of the investment manager. Now, this is where the Sub-Prime mortgage market turns on its head.

The intentions of the SPM loans is supposed to be credible; you don’t look after you finances, you borrow at a premium (a slightly high interest rate). But there are those intent on bleeding every party involved to the bone. Enter mortgage fraudsters. They use mortgage brokers and chartered accountants to fraudulently provide inaccurate mortgage applications for the genuine buyers.

Brokers aid borrowers by misstating incomes. The fraudsters then walk away with huge sums of cash. Atrex, a property developer, is believed to have created false identities to borrow from lenders at inflated prices, and then pocketed the difference. Rogue surveyors are known to inflate property valuation prices by 100%, leaving borrowers with a negative equity deficit that makes the national lottery a joke. In addition loans are being obtained based on heavily discounted prices that are not disclosed to lenders and are disguised by cashback schemes and transactions structured to give lenders misleading information.

If you are having financial troubles but want to get on the property ladder, you will need to do your research and very carefully. You did not come all the way from Africa to work hard and loose all.

Her Majesty's Guest

Keep it Legal, innit!!

The other day I was walking with my young brother Stick when a burly African trotted passed us panting like a worn out horse. He seemed to be making every effort to run, but could not fathom the last ounce of energy to propel him any faster. He was foaming at the mouth and gasping for air, eyes darting around wildly as if he expected some divine intervention to rescue him from his predicament. Just after he had passed us a policeman ran passed, and within seconds he and this guy were grappling. The small policeman felled him like a tree and held him in a vice within the flash of an eye. They were later joined by a police woman and they formerly arrested the African with his bag and led him off to their police car.

Don’t commit a crime you cannot get away from. The long arm of the British police is just about every where. We walked off pondering over the consequences of this African’s actions. If he was illegal they were going to quiz him about his activities, where he lived, worked, studied and much more. The police were obviously going to pay his address a visit, to surprise his comrades, either at dawn or late in the night. That way they would arrest his other fellow illegals. If he was working they would visit his place of work to visit the same immigration horror on his unsuspecting comrades. It is a tough game.

There is this guy I met who was in prison and he claimed he had done nothing but ended up being locked up. For Christ’s sake he is the first person I know to go to prison without having committed an offence. He had been seeing this girl and she had wanted money off him but he would not relent. She later reported him to the police claiming he had raped her. The police picked him up from his place of work. During his arrest he was found in possession of drugs worth tens of thousands of GBP. Anyway, his girlfriend who was illegally in the UK was deported, they found her at his place of abode, and his fake cousin and girlfriend were also found at the property and were on the next plane to Africa. All because some African could not keep his pecker tucked away for legitimate use!

Granted and working

Granted Asylum
Once you have cleared the hurdle of your getting your application accepted, you now need to settle down and take stock of what your options are. Because you need money you need to get work.

Workers Rights
Wages: In most countries now there is a minimum wage, find this out and ensure you are paid appropriately. Many unscrupulous employers will fiddle with your wages. I remember this guy who employed me and my annual salary was a paltry “£11,000” a year and in this salary was factored in a bonus. The bonus was half the salary. If you failed to meet your target, he penalised you by reducing your monthly wage. How it worked was if I stayed behind after 17:30 when all the other employees had left for the day I could boost my wages by doing some extra work. Come month end and the boss would calculate from some scale and determine I had not met the target, so the £5,500 was reduced by 12%. This was always the case. None of us ever earned a bonus. I always ended up reducing my monthly and annual wages. I jumped ship after a couple of months.

Another guy I worked for also did the same. Boy did I have this cleaning job. I walked out of the house to go to work at 04:00hrs in the morning, Monday to Monday and did not get back home until 22:00hrs. When it came to wages I barely made the hours for five (8 hour day) days a week. I sat down once and went through a couple of pay slips and he always deducted 40% off my wages every month, claiming I had not hit targets.

Someone has taught black employers how to fiddle employee salaries with some target theory, and God knows where they learnt this from. My advice here, bolt the moment you sense your employer is a wages thief.

There are great companies to wok for out there and I have had the opportunity to work for them. Put in your hard work and you are well rewarded with bonuses, pay raises and promotions.

Health and Safety: Your well being is of paramount importance to you and yourself. If you are physically impaired, you will find it hard to get work and you will have no income and that is going to make life so difficult.

I did some work for this cutlery cleaning company and many things were wrong, but I was a target worker at this company and only wanted some funds to travel abroad, so I was ready to pay the price of some discomforts. But there was one discomfort that would have ended in serious disruption.

These guys employed hordes of immigrants (legal and illegal). And the treatment was not up to scratch. There was a team leader, more appropriately a slave driver, who singled out some of us for very ridiculous tasks. He would ask us to unblock drainages, while very hot water was running through, by the time we finished our fingers looked like boiled sausages. On this one occasion he asked me a couple of guys to lift a huge skip fool of rotting food and water. Four of us were supposed to lift it up onto a loading bay so that a track would then take it away. I asked him if he was joking and in his broken English, “yes, think am jokin, lif up to there now”. I told him in very clear terms, I had no intention of injuring my back, if anything we were not even insured on the site leave alone to lift such things.

This did it. He ranted on about how disobedient I was and called me a rubble rouser. While the others were being complacent and asking me not to stir things up and just get on with the job, I asked him to bring more people from his privileged teams. He nearly chocked. The other guys also wanted him to bring more people and they could only come from this privileged team. Before long there was a shouting match between the two groups on who does what. The team leader realising things were getting out of hand called the whole lifting thing off. After earning what I wanted I left. Know your rights!

Asylum Interview

Interviews should be conducted in accordance with the Interviewing Protocol and
undertaken by a Case Owner, a Legacy Casework Directorate (LCD) caseworker or immigration officer fully trained to conduct substantive asylum interviews. Interviewing officers read all information provided by the applicant or their legal representative in advance and may include Statement of Evidence Form or other written evidence or documents submitted. Interviewing officers also establish how the applicant entered the country and note any family members dependent on the asylum applicant. They identify the key issues specifically focusing on:
• the reason asylum is being claimed,
• alleged agents of persecution and
• any allegations of torture or ill treatment.

The interviewing officer should consider the likelihood of the applicant having scars. Where there are elements of the claim that require further examination, the interviewing officer prepares a question plan. The interviewing officer is familiar with the country information relating to where the applicant fears persecution, where available. Where the applicant made an in-time in-country application for asylum it may be appropriate to curtail the remaining leave when the decision is made. Get advice on this.

It is vital for the interviewing officer to establish a clear and unambiguous account of the applicant’s method of entry to the United Kingdom as:
• This will enable the decision maker to determine the immigration status of the applicant;
• This will affect the applicant’s right of appeal should the case fall for refusal.
• A clear and defendable illegal entry contention is needed should it be necessary for enforcement action to be taken against the applicant. Sometimes an applicant who has been granted leave to enter the United Kingdom as a visitor, or in another category, will admit that their true intention of coming to the United Kingdom was to seek asylum. Interviewing officers question any accounts given by applicants of how they entered the country using a document that did not belong to them.

A person who stays beyond the time limited by his leave is an overstayer. The interviewing officer should check for evidence of overstaying by looking at the case file, passport or landing card records. Applicants who say they used their own passport to enter the country should be questioned carefully about how they entered the United Kingdom and what they told an immigration officer.

Applicants who say they used their own passport to enter the country should be questioned carefully about how they entered the United Kingdom and what they told an immigration officer. If the applicant does not provide a plausible account of how he entered the United Kingdom, the interviewing officer should warn him that if he fails to provide a credible account of how he entered the United Kingdom he will be assumed to have entered illegally. Where the interviewing officer does not believe the account of the applicant, the onus is on the interviewing officer to demonstrate that the applicant’s account is false.

Officers can request sight of the Visa Application Form (VAF) from the issuing Embassy / High Commission. A written request for a copy of the VAF should be faxed to the embassy or consulate from which the applicant says he has obtained the visa, enclosing a return fax number.

In the majority of cases, and subject to the two months’ decision target, the NINo should be issued to the successful applicant with their decision documents.

The interviewing officer checks that the address held on the file for the applicant is still valid. This is usually the address where the interview invitation letter was sent. If the applicant moves, the new address and date of moving should be recorded on the record. Interviewing officers should remember to record the applicant’s new address on CID after returning to their asylum team.

If a Statement of Evidence Form (SEF – Self Completion) or any other written evidence has been submitted prior to the interview, the interviewing officer should ask the applicant who wrote and submitted the evidence. The applicant should be asked if they are aware of the content of the evidence and if they agree with it. If the applicant states that there are errors in the SEF or other written evidence they should be given the opportunity to explain all of the errors and to correct them. If the applicant states that they are unaware of the contents or do not agree with it, it is wise not to use the evidence to form the basis of the interview. However the applicant should be questioned carefully as to how the evidence was submitted without their knowledge or authorisation, especially if they have signed it. If applicable, the SEF should be used as a basis for the interviewing officer to devise their questions, in order to identify any gaps in the evidence and clarify where there appear to be inconsistencies.

Interviewing officers ask applicants if they have any documents to submit at the
beginning of the interview. Any documents submitted should be listed on the interview record. The applicant should be asked to submit the original document, but if they refuse to do so, the interviewing officer should photocopy the document and record on the copy that the original has been seen and also sign and date it. ( Accepting an ‘original’ document during an interview does not imply that the officer accepts that the document is genuine.) The interviewing officer should ask the applicant why they are unwilling to submit the original document and record their response on the interview record.

Your actions since leaving your country will be taken into account when your claim is considered. If there is reason for doubt the asylum seeker is given a chance to explain.

The interview is recorded in direct speech, in question and answer format and verbatim. The interviewing has to find out all of the reasons why the applicant fears returning to their country and investigate any insufficient or contradictory evidence.
has the applicant come to harm or felt in danger in their country
whey did the applicant decide to leave their country
who was responsible for their difficulties
were the actions reported to the state authorities – if so what happened,
did the applicant move to another area to escape the difficulties
if so, what happened
was the applicant active for any political party
was the applicant mistreated (interviewer will try to establish distress
was the applicant detained and for what reason

On Humanitarian grounds the applicant may be allowed to stay in the UK if:
The applicant has a Family in United Kingdom
Medical condition of the applicant, and treatment in United Kingdom
Any other ties to the United Kingdom.

Some probing questions
‘When did it happen?’
‘How many people attended the demonstration?’
‘Was it legal?’
‘So you played an active role?’
‘You travelled to X and then to Y?’.
‘Is there anything else you would like to add?’
‘Did anything else happen to you while you were in detention?’
‘You were mainly involved in distributing leaflets?’
‘Your sister was a member of the group – is this correct?’

Applicants, legal representatives and their interpreters are not permitted to use their own electronic recording equipment during an asylum interview. However, it should be noted that since the Court of Appeal Judgement in the case of Dirshe (21 April 2005), IND are now required to allow applicants, other than those entitled to publicly funded representation at interview, or the resources to fund their own representation, to have their asylum interviews tape recorded.

The interviewing officer must always provide a photocopy of the interview record for the applicant. Review this document and prepare for another interview with either supporting evidence or clarification.

Applicant can be given more time to submit further information.

Asylum Decision Making Process; decisions should continue to be made on the basis of the Statement of Evidence (self-completion) Form where available for asylum officers in LCD, together with the (written) Interview Record. Where a request is received from the applicant’s representative, asking for a decision on the case to be postponed until they have listened to the tape recording, this is be refused.

On requesting the asylum report you need to clarify exactly where in the interview it is alleged that there is an error that needs correcting, and why it is alleged that the error exists.

If the interviewing officer notices a discrepancy in the records regarding the
applicant’s details, this should be brought to the attention of the applicant. The interviewing officer should ask the applicant which details are correct and should ask the applicant to explain any discrepancies. If, during the course of the interview, the applicant states that his personal details held by IND are incorrect, the interviewing officer should note this on the interview record. The interviewing officer should ask the applicant what the correct details are, and note the responses on the interview record. The applicant should be informed that changes in personal details will not be accepted without documentary evidence, except where there are minor spelling alterations, an example of this could be ‘Mohamed’ to ‘Muhammad’.

SOME ACRONYMS
National Insurance Number NINo
Nationality, Immigration and Asylum Act (NIA)
Non Suspensive Appeal (NSA)
Statement of Evidence Form (SEF - Self-Completion)
Office of Immigration Services Commissioner (OISC)
Interview Booking Unit (IBU)

Designated professional bodies are:
• The Law Society
• The Law Society of Scotland
• The Law Society of Northern Ireland
• The Institute of Legal Executives
• The General Council of the Bar
• The Faculty of Advocates
• The General Council of the Bar of Northern Ireland
http://www.oisc.gov.uk/.

THE ASYLUM INTERVIEW

Interviewing
Most asylum applicants are given a substantive interview. It may not be necessary to interview where an applicant obviously qualifies for refugee status, but interview before refusing an asylum claim substantively (although this may not always be necessary or possible). Applicants should be given every opportunity at interview to put forward the basis of their claim and to explain any apparent discrepancies. The interview should also be used to find out about the applicant’s nationality if the interviewing officer is not certain of it. It is important that, by the end of the interview, the interviewing officer has obtained as much as
possible information to reach a decision about the applicant’s nationality.

Interviewing officers should normally interview principal applicants. However this does not necessarily apply where a dependant switches to become a principal asylum applicant after the original applicant of whom they were previously a dependant has been refused and their appeal rights exhausted (ARE). IN THIS CASE THE REFUGEE HAS TO PROVIDE NEW EVIDINCE THAT WOULD HELP TO WARDS INDICATING THAT THE UK WOULD BE IN breach OF IT’S obligations under the Refugee Convention and the ECHR. Children under 12 should not be interviewed.

Interviewing is a fact-finding exercise that assists the decision maker in making a well reasoned decision on the application. The purpose of the asylum interview is to obtain details about why the applicant has made an application for asylum and/or leave to remain on human rights grounds. It is an opportunity for the interviewing officer to find out more about the applicant’s fear of return to their country of nationality, and an opportunity for the applicant to elaborate on the background to his claim and introduce additional information. The applicant is asked to explain any apparent discrepancies in evidence previously given in support of the claim. This depends on whether there are further issues which need to be considered before a full decision can be made or if the original interview took place some time ago whether there have been changes in the country situation or other issues that need to be explored.

A journey of Hope

The former US President, President Bill Clinton visits Africa on an Epic Journey to raise awareness and bring hope to millions faced with death because of HIV/AIDS. Millions of children have been orphaned by this terrible condition. Such a humble man with his very good friend Madiba, Mr. President Nelson Mandela are working hard to give Africa a glimmer of hope. These are men who shun hypocrisy, greed and devoted themselves to self sacrifice to see that others also have a chance to live a reasonable life.

I also continue my journey in Europe trying to survive. I have just had a couple of my properties repossessed. A bit of misfortune, luck of contacts and the usual unemployment blight that afflicts a few of us have set me back. This was my second attempt at investing in property. People say “once bitten, twice shy” but President Clinton defied this to call himself the “come back kid”. I will be buying property again, I know what I have to do better now.

Why leave home

Asylum causes
There are many reasons why people opt to uproot themselves from the African continent and come go to Europe. Many times the journey is perilous and many loose their life along the way. As in the days of slavery, many African skeletons are dropping at the bottom of the Mediterranean ocean everyday today.

At the time of writing the number of refugees has gone up compared to last year. This is the political headline of convenience every now and then. When did refugee numbers ever go down? If you are in your own country, though you are a refugee, you are classified as displaced, either because of ethnic cleansing, internal war or strife or any other form of turmoil that leads to people moving from one location to another.

Weather
The boxing day of 26th December 2004 a day in the memory of millions around the world caused hundreds of thousands of people to be displaced because of Tsunami. Others sought safety outside the country.

War crimes
Like a Serpent gone mad on itself in a basket, Africa is devouring itself, with mad men leading a diabolical crusade of genocide and ethnic cleansing, all in the name of God. Just about every country on the continent has some conflict going on.

These and many other factors lead to people leaving Africa to seek safety of sorts in Europe. Determine the factors that caused you to leave.