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US street gangs take to mortgage fraud

The FBI has revealed that street gangs have begun committing mortgage fraud in the US.

In an exclusive interview with Mortgage Strategy, Scott Borshears, supervisory special agent with the Federal Bureau of Investigation, says it has had to change its crime-fighting tactics to catch fraudsters usually more associated with drugs and guns.

Borshears says typical mortgage fraudsters in the US are white collar criminals who fall into mortgage fraud while pushing the boundaries of what is ethical.

But he adds: “We are increasingly seeing street gangs that have figured how to get into mortgage fraud. They can be harder to catch because they are harder to identify.

“It’s not the same as policing drug deals, where you can arrest guys who have cocaine on them. With mortgage fraud you have to put the paperwork together and make sure your case is watertight, no matter who is committing the crime.”


Brokers confident about coming year, says Paragon

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In this day and age, seven-day backlogs are unacceptable

We have lenders extolling the virtues of their online instant this and instant that and how they benefit consumers. So why then do we get to the spring and summer months and still see major len-ders with seven-day backlogs? I have experienced this in the mortgage industry every year for the past 15 years. Surely […]

Bill Warren quits Complete for RAMP

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Kensington share price drops

Kensington Group’s share price dropped to 463p late last Friday, following Investec making an acquisition offer for the company two weeks ago. The Investec offer values Kensington share at 519.5p each and the lender’s overall value at about £283m. Abbey joins 100% lending arena Abbey will enter the high LTV lending arena later this week […]

What attendees thought of the LendInvest Property Development Academy

LendInvest ran its first Property Development Academy in London last month. Attendees from all over the UK gathered to learn how to better equip themselves with the skills they need to grow their property development portfolios. Speakers from CBRE, Gleeds, Arcadis, Gowling, Residential Edge and AZ Urban Studio gave their insights into their respective fields […]


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