Police Mortgage Fraud Investigation
Published / Last Updated on 06/08/2008
Police Mortgage Fraud Investigation
A team of detectives has been deployed around Britain in a massive nationwide crackdown on suspected mortgage fraud in the wake of the sub-prime crisis. The nationwide sweep follows the arrest by the FBI of two senior fund managers in New York in June and a threat to make further arrests in connection with alleged mortgage fraud. In March, the Association of Chief Police Officers unveiled a report on mortgage fraud outlining the many guises mortgage scams can take, from false valuations by corrupt surveyors to bogus applications predated on false identity documents.
The report highlighted confirmed mortgage fraud of around £700m in 2007. Findings showed that mortgage fraud was generally committed by men in the mid-to-late 30s from a range of social backgrounds. London had the highest rate of mortgage fraud, accounting for 46 per cent of reported cases in 2007. Meanwhile in the US, more than 144 alleged mortgage fraud cases inflicting and estimated £500m ($1bn) in losses were recently unearthed by the Department of Justice.
Our view
If people have committed fraud they should be punished.
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