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FBI investigates US execs for mortgage fraud

The bosses of Fannie Mae, Freddie Mac, Lehman Brothers and insurer AIG are thought to be under investigation by the Federal Bureau of Investigation for mortgage fraud.

The firms have all collapsed or been propped up by the US government over the past three weeks as a result of their exposure to sub-prime debt.

FBI agents are now looking to see if the businesses deceived borrowers by providing “misinformation” about the terms of sub-prime loans.

Robert Mueller, director of the FBI, told the US Congress that the agency is looking into 26 lenders regarding corporate fraud related to the collapse of the of the US mortgage lending industry.

He says: “The allegations would be that there are misstatements of assets.”

A spokesman from the US Justice Department, says: “As part of our investigative responsibility the FBI conducts corporate fraud investigations. However we do not discuss which companies may or may not be the subject of an investigation.”


Lloyds’ New Baby

Although there’s still no official name for the new mega-lender formed by the takeover of HBOS by Lloyds TSB, cyber squatters have been quick to see an opportunity.

Aston Challenge winner

The winner of Paymentshield’s Aston Challenge competition was Terence Mulroney, co-director of M T Financial Services, which is part of the Thinc network.

TMA launches into GI market

The Mortgage Alliance has teamed up with Abbey for Intermediaries and Halifax to launch into the general insurance market.

Landlords are in it for the long term

Capital growth has always been seen as a key motivation for investing in buy-to-let properties, prompting some commentators to ask what today’s decreasing HPI environment means for the future of buy-to-let.

Frexit & contagion risk in Europe

Many commentators have suggested the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune Head of European Equities Rob Burnett discusses the likelihood of this happening. Click here to read more Important informationInvestment risks Neptune funds may have a high historic volatility rating and past performance is […]


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