Wednesday, Feb 13, 2008
City of London Police are set to produce a report on mortgage fraud
Citywire: New-build property scam worse than feared, FSA warns
The new-build property fraud carried out by criminal gangs is more serious than originally feared, the regulator admitted today, with more than 200 cases already under investigation and more appearing every day. The scams appeared to be run by ‘organised rings, using mortgage and property fraud to make significant profits', FSA crime director Philip Robinson told a Council of Mortgage Lender’s fraud seminar.
Posted by jack c @ 02:31 PM (611 views) Add Comment
6 Comments
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1. doomwatch said...
As I have said before on here, this is not restricted to "new builds" even though the press would like
the masses to think so.
2. renting2 said...
You are dead right doomwatch.
Trouble is that everyone was guilty of turning blind eyes and not asking the right questions. From regulator to lender and purchaser to valuer they all bear some responsibility.
While the market is on the up 'no-one can ever lose', now it's collapsing the everyone's looking for a scapegoat.
3. jack c said...
It isnt restricted to New Builds but I think a higher percentage of the fraudulent deals will fall into this category. IMO this further strengthens the argument that now is definitely not a good time to buy.
4. Ash4781 said...
As confidence disappears demand falls, and prices collapse.
5. crash bandicoot said...
It's going to be hard to explain this away. Practically every new build has been advertising "deposit paid" for the last year or more. Was it Barrat who were defending their discount schemes just two weeks ago?
6. symo said...
I think anyone found Guilty should have the book thrown at them.
Incidently anyone want to buy shares in "Symo's Fraudster Confinement Systems Plc"? It's my new way of coping with the soon to be actualised drift towards increased fraud convictions.