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Squeeky

Mortgage Fraud

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Anyone aware of any cases being pursued by the CPS for mortgage fraud? - think misrepresenting income and employment history (liar loans), BTL for residential purposes and residential mortgages for BTL purposes etc... rather than pretending to be your neighbour and selling their house for them etc...

We've had PPI misselling from the banks, just wondering if we have had anything equivalent from the consumer side of things.

The issue seems to be that the system is all based on the loss incurred in individual cases, not the damage the behaviour creates by skewing the market, making it harder for others to enter the market without also cooking the books.

As the market has been rising, lenders etc.. haven't been loosing money, even if individuals haven't kept up with repayments. So despite breaking the law and causing social economic problems there doesn't appear to be any penalty.

http://www.cps.gov.uk/legal/s_to_u/sentencing_manual/obtaining_mortgage_fraud/

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