Released on: May 25, 2008, 11:23 pm

Press Release Author: Tom Darwin

Industry: Financial

Press Release Summary: The FSA or the Financial Services Authority has pledged to
step up efforts that are required to pin the frauds of professional mortgage that
are doing rounds commonly nowadays.

Press Release Body: The FSA or the Financial Services Authority has pledged to step
up efforts that are required to pin the frauds of professional mortgage that are
doing rounds commonly nowadays.

This has been done after the realization came to the officials that these mortgage
fraud rings could be funding organized and planned terrorism. This was revealed last
week by a senior FSA official at the speech conducted at Mortgage Business Expo,
Manchester. He stressed on netting down the fraudulent people and imposters who try
to misuse newly-constructed properties and institutions to get money for their own
fanatic uses.

According to Bob Ferguson, the head of the financial crime policy and investigation,
a part of the FSA, these mortgage fraud rings were being helped by solicitors,
brokers and evaluators in the market. These people provide a safe-house for
criminals and terrorists in wake of the mortgages that are made. He also said that
these criminals could be collecting rent which would then go into all terrorist
activities.

The steps that will be taken to control this situation will concentrate on the
activities of professional fraudsters so that this problem can be solved. Ferguson
also says that the involvement of lenders in sharing the information and creation of
a mortgage fraud database will be continued as this will help in controlling the
situation.

The managing director of Em-financial says that while everyone knows about the
mortgage fraud rings, especially in the industry professionals and has affected the
new-build sector. However, in spite of all the awareness, no one wants to talk about
it and take steps to control it. These fraud rings can have a devastating effect on
the new-build sector since newly constructed properties are the prime targets for
these rings.

However, according to Mike Fitzgerald, sales director at The EMBA Group, the
government should take measures by banning the fake document websites. These have
been running since the last many years and provide a boost to such criminals that
they mortgage property and use it or the resources obtained from it for criminal
purposes.

http://www.firstchoiceloan.co.uk


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