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HMRC should start investigating banks, FSA and politicians

There was a news story on Mortgage Strategy Online last week about HM Revenue & Customs launching 9,368 investigations into Inheritance Tax valuations during the past year and actively targeting estates and beneficiaries.

But if HMRC is looking for something to do, why doesn’t it call in the Serious Fraud Office, and investigate the banks for perpetuating the biggest mortgage fraud in history?

It could also look at the ministers who were voting on policies to inflate and keep inflated the biggest housing bubble in history, while at the same time making hundreds of thousands in personal profits under a secret expenses system.

Or maybe it could investigate the FSA for not challenging banks on whether they should be growing so fast in the mortgage market, or loading themselves up with collateralised debt obligations manufactured from toxic sub-prime loans. As ever the key question is who guards the guards?

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Two men at Southwark Crown Court have been sentenced to a total of 20 years imprisonment after admitting their role in a £50m deception committed against Cheshire Building Society, the Bank of Ireland, Société Générale and Nationwide Building Society.

FSA roadshow left me in the dark on regulatory issues

Recently I attended a Mortgage Market Review roadshow by the FSA that was most illuminating. The presentation was attended by a mix of brokers and lenders but the longer the meeting went on, the more apparent it became that the regulator is not seeing its proposals in as sharp a focus as it initially intended. […]

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