UK Money News
15th February 2008
'Mortgage fraud probe needed to restore consumer confidence'
The investigation into fraud in the mortgage industry is necessary to reassure consumers and enforce confidence in the sector, the Association of Mortgage Intermediaries (AMI) has said.
Currently around 200 mortgage brokers are under investigation by the Financial Services Authority in relation to large scale mortgage fraud.
Richard Farr, director of the AMI, welcomed the probe and said that its publication should help maintain consumer confidence in a "testing time" for the property sector.
He said: "There are major issues to be addressed in the market place around consumer confidence. It is important at this time that commentators choose their words wisely so not to make conditions worse, to the detriment of consumers.
"In the current climate we are calling for calm within the industry. We must remember that consumer confidence is at risk if observers seek to unduly escalate fears of fraud."
The FSA probe will also look into low-level mortgage fraud, such as buyers failing to reveal their real income to secure properties.
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