Sunday, October 3, 2010
Mortage fraud up 37% in first half of 2010
Recent figures by Experian show mortgage fraud up 37% in the first half of 2010, compared with the previous six months. Now, 35 out of every 10,000 mortgage applications are considered fraudulent. The FSA itself (in its own impact modeling) admits that implementation of the Mortgage Market Review would result in house price falls. It is thought if the FSA succeeds in stopping lenders from lending to people who canâ€™t repay their debts, house prices will collapse (remember, 43% of all home loans granted in the first three months of 2010 were non-verified loans).