Tuesday, February 12, 2008

Latest update on suspected mortgage fraud

EXCLUSIVE: FSA probes 200 brokers for fraud

Some 200 brokers are under investigation by the Financial Services Authority in connection with mortgage fraud. In an exclusive interview with Mortgage Strategy, Philip Robinson, director of financial crime and intelligence at the FSA, revealed this morning that the regulator plans to release the names and enforcement action for those involved in fraudulent dealings next week. Robinson says that repercussions for brokers under investigation will vary depending on the severity of their involvement in the crime. They could range from regulatory reviews to criminal charges.

Posted by jack c @ 01:55 PM (1179 views)
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13 thoughts on “Latest update on suspected mortgage fraud

  • converted lurker says:

    WOW…FUKC, this is serious…

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  • Converted L – very serious and more to the point another toxic mess the lenders now have to deal with !! – I suspect this will be largely new build/BTL related so anyone who bought via one of these brokers will be up to their eyeballs in debt as well as s**t. We’ll have to wait and see how widespread it is and the number of applications involved.

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  • converted lurker says:

    I’m having one of those ‘Simpsons moments’..the episode where the guy selling the Trapezoid scheme (not pyramid selling) packs up his cases and legs it out of Springfield whilst chief Wiggum’s police car sirens begin to blaze. Visualising this happening all over the UK right now. One serious issue, I always believed that the FSA had no teeth, or if they did they were in a glass on top an old creaky cabinet by the bedside, next to the out of date tube of KY jelly. It would appear lately that they are not that highly politicised, in as much as Gordon and Darling dont have’ em by the gonads..yet?….interesting…

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  • Converted L on a less serious note of the 200 or so dodgy brokers 199 of them are allegedly in Liverpool (LOL)

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  • converted lurker says:

    Hahaha nice one..just as well I was born in Everton then eh, and don’t have that ‘chancer’ gene ;¬)

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  • A couple of smacked wrists and someone might get sent to bed early.

    The FSA are just making headlines to appear to be doing something, which they won’t.

    I am sure you all have your own opinions as to what FSA really stands for!

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  • crash bandicoot says:

    wdbeast – Is it Feeling Slightly Agreeved? How about Feeling Strangely Aroused? or Finaly Seems Awake?

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  • “Fundamentally Supine Authority” – Private Eye

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  • cb I’ve got the F and the A covered, just got to decide on the S 🙂

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  • “Richard Farr, director of the Association of Mortgage Intermediaries, says: “200 brokers represent about 0.66% of the mortgage intermediary community, so that means that 99.4% are doing right by their client.”

    er, no… not quite. Whilst the 99.4% will doubtless contain some honest intermediaries, it will also contain some dishonest ones who haven’t been found out just yet!

    I think wdbeast has it sussed. It’s just the FSA wanting to appear to be doing something.

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  • Liverpool will be the “blackest black hole” of mortgage fraud. We will find that e.g. 10% of the total mortgage fraud committed in the UK by value has been in Liverpool.

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  • crash bandicoot says:

    wdbeast, I think that “simpering” or “stupendous” would fit in your version.

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  • new user 2007 says:

    “200 brokers represent about 0.66% of the mortgage intermediary community, so that means that 99.4% are doing right by their client.”

    Read as the 200 that got caught. Well done to the ones who manage to evade the authorities.

    Also, what are the charges? The FSA is not saying that the rest of them are not money grabbing manipulative scum bags, merely that these traits are not against the law.

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