Three different stories this week highlight the ‘tip of the iceberg’ that is or was mortgage fraud.
Are the problems finally coming home to roost in the courts or will we just be catching the small scale exploiters. According to Experian 90pc of mortgage fraud originated from genuine individuals misrepresenting their financial situations.
President Obama set up a new task force this week to invade Financial Country rather than any other country. In presidential year he must be the best hope for a major professional scalp from the industry.

Spending a working life in the mortgage and lending business is no guarantee that your “trusted adviser” isn’t a crook.
‘A Pennsylvania mortgage broker got 30 years behind bars after defrauding more than 800 borrowers in a Ponzi scheme, which somehow kept all the balls in the air for 20 years. A Kansas City, Missouri, appraiser pleaded guilty to mortgage fraud and was sentenced to 20 years in prison, plus a $500,000 fine.’ about.com

‘A pair of fraudster brothers built up a property portfolio with the help of a crooked building society worker. Billy Blue Ingham and Bobbie Jo Ingham obtained loans for £700,000 by lying about their lifestyles before snapping up properties in Salford. Anna-Marie Fletcher, a worker at the Cheltenham and Gloucester in Farnworth, Bolton, waved through the dodgy mortgage applications, a court heard. Manchester Crown Court was told she stood to gain thousands in bonuses for meeting targets.’ Read more at: Manchester News 25/1/12

Obama alleges misconduct by financial institutions including issues with mortgage lending and the packaging and selling of home loans into bonds for purchase by investors – focusing on the mortgages “that led to the global financial crisis”. FT.com 25/1/12