Mortgage fraud spirals out of control


	Mortgage fraud spirals out of control

tabsey

2-9-2008 9:49 AM

150 views

tags:

housing, fraud

tabsey says:

The excuse is, "Everyone else was doing it".
Go directly to jail. Do not pass go. Do not collect $200.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/1a378916-68be-4412-9ad3-a244833fef79/22B6E7B7-CFAF-43C3-B9F2-4336834DBDA7/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.ft.com/cms/s/0/a28a8930-d687-11dc-b9f4-0000779fd2ac.html?nclick_check=1" href="http://www.ft.com/cms/s/0/a28a8930-d687-11dc-b9f4-0000779fd2ac.html?nclick_check=1" style="font-size: 11px;">www.ft.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/a28a8930-d687-11dc-b9f4-0000779fd2ac.html?nclick_check=1"><P>“Endemic” mortgage fraud on new homes has triggered a wave of repossessions and forced a widespread crackdown by regulatory authorities.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/a28a8930-d687-11dc-b9f4-0000779fd2ac.html?nclick_check=1"><P>Initiatives to address lenders’ concerns that residential mortgage fraud is on the rise are either under way or will be launched by the Council of Mortgage Lenders, Financial Services Authority – the City watchdog – the Royal Institution of Chartered Surveyors and police forces around the country.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/a28a8930-d687-11dc-b9f4-0000779fd2ac.html?nclick_check=1"><P>These are aimed at restoring confidence in the new-build property market as fears grow that lenders are suffering large losses on the back of fraudulently obtained mortgages. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/a28a8930-d687-11dc-b9f4-0000779fd2ac.html?nclick_check=1"><P>It is feared that this type of mortgage fraud will compound already increasing home repossessions. The CML said Friday that repossessions rose to an eight-year high of 27,100 last year, from 22,400 in 2006.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.ft.com/cms/s/0/a28a8930-d687-11dc-b9f4-0000779fd2ac.html?nclick_check=1"><P>“In areas where there has been oversupply of city-centre flats, this kind of fraud has been endemic,” said Matthew Wyles, group executive director of Nationwide.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/22B6E7B7-CFAF-43C3-B9F2-4336834DBDA7/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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