Mortgage Fraud Double in Last Year!
IFAonline.co.uk is reporting today, that Mortgage Fraud has increased 100% in the last year as a result of increased cases of identity theft and the lax lending criteria of recent years.
Some interesting stats:
- The amount of funds paid out to lenders on fraudulent purchases rose from £2m in 2006/2007 to £4m in 2007/2008.
- Up to 60,000 UK properties were bought with fraudulent loans.
The FSA has begun an investigation into brokers that have participated in mortgage fraud with more fines and penalties to come. It is also estimated that a minimum of £7bn fruadulent mortgages are currently in lenders books.
Read the article here: Mortgage Fraud Up 100%
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