Crime a la mode

Mortgage fraud is on the rise, with daily headlines appearing about complex schemes and rings of criminals. But now law enforcement and regulators are examining what the role of banks is in these scams, writes Nick Kochan

Mortgage fraud is the crime of the moment. Hardly a day passes when a new gang of fraudulent businesspeople is not shown to have used the overblown property market in both the UK and the US to scam either a group of lenders or a group of borrowers or both. The bitter whirlwind of an inflated property market is now being felt in all its intensity.

Many of these scams are large and complex. For example, in mid-January 2009, it was revealed that five property company directors had admitted running

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