Mortgage Fraud

Fraud - Mortgage Fraud

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Mortgage fraud has been on a steady rise in up-to-date times and the Financial Services Authority (Fsa) is currently looking into 200 scams that were all linked to the mortgage industry.

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Fraud

The Fsa believe that the fraud goes far beyond habitancy exaggerating about their salaries in order to get the house they want, they believe that there are organised rings within the mortgage manufactures that are gaining huge profits from defrauding the mortgage and property industry.

The Fsa are estimating that the current losses on each new build house linked to the mortgage fraud surge stands at £45,000 per property.

It has also been considered that these mortgage fraud crimes are committed by habitancy who are involved in other criminal activities such as drugs and habitancy smuggling. Money laundering is another, Fsa have found that there are habitancy who have realised that by being involved in mortgage fraud allows them to hide their stolen money in property whilst also development a profit.

In an exertion to solve this problem, the Fsa are introducing an authority who will be in payment of trying to tackle this expanding problem. The National Fraud Strategic Authority (Nfsa) will be implementing anti-fraud performance in an exertion to stop the current trouble.

The Nfsa's main plan will be to create incentives that will make it easier for the lenders and the police to enforce the law when it comes to fraud cases. The encouraging thing is that the police have shown a great interest in investigating these fraud cases in an exertion to crack down on this increase.

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