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FRAUD: Mounting fraud is adding to mortgage market instability.
Mortgage fraud topped #197m in the first six months of the year, with the Financial Services Authority warning that it is causing instability in the lending market.
A damning report from accountancy firm BDO Stoy Hayward shows that 21 mortgage fraud cases in the first six months of the year formed a fifth of the #960m worth of total fraud in the UK in that period.
Last week the regulator banned another broker, Hornchurch-based Abdul Karim, for submitting false mortgage applications.
Jonathan Phelan, head of department at the FSA's enforcement division, says: "Mortgage fraud has contributed to the destabilisation of the lending market and that's why the FSA must continue to deal robustly with this type of misconduct by brokers."
BDO Stoy Hayward's annual Fraud Track report shows the rate of fraud has nearly doubled, with fraud for the whole of last year reaching #1.2bn but that figure almost being reached in the first six months of this year.
Simon Bevan, head of the fraud services team at BDO Stoy Hayward, says: "It's no big surprise to see that mortgage fraud has shot up.
"Neither is it a shock that the cooking of books by management has increased by nearly 50%."
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