Mortgage Fraud

FT Article

The fraud came to light last year following reports from banks and building societies when the properties came to be either sold or re-possessed and the true property value was realised by the lender.
It is alleged a company bought 84 off-plan new build flats in Thamesmead, south-east London, and resold them at inflated prices.

In most cases, it is alleged the buyers would not otherwise have qualified for a mortgage.
If the banks had done some basic checks on the property value, couldn't they have prevented this in the first place, without too much trouble?

Edited after reading article properly. 6 to be charged with conspiracy to defraud.
I wonder how many other banks and building societies will have been taken for a ride?

Thanks for that - I hadn't seen that article.

One question? How the feck do you stash 100 grand in a carrier bag? Is this a special carrier bag?


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