Mortgage Fraud

Mortgage fraud has been on a steady rise in recent times and the Financial Services Authority (FSA) is currently looking into 200 scams that were all related to the mortgage industry.

The FSA believe that the fraud goes far beyond people exaggerating about their salaries in order to get the house they want, they believe that there are organised rings within the mortgage industry 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 connected to the mortgage fraud surge stands at £45,000 per property.

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

In an attempt to solve this problem, the FSA are introducing an authority who will be in charge of trying to tackle this increasing problem. The National Fraud Strategic Authority (NFSA) will be implementing anti-fraud activity in an attempt 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 attempt to crack down on this increase.

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