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Criminals take out mortgages – today’s papers

by: IFAonline
  • 16/05/2011
  • 0
Fake mortgages, an RBS share sale, warnings from the White House and PPI winners - our round-up of today's national newspapers.

Criminals are taking out mortgages on property they do not own, leaving the real owners thousands of pounds in debt.

The Land Registry has paid out more than £26m since 2006 compensating victims of a recurring property fraud.  MORE

The British government could see returns on the taxpayer bail-out of British banks as early as H1 2012, after senior figures close to the process revealed plans for a £5bn share sale from RBS.

The sale to institutional investors and sovereign wealth funds from the Middle East and Far East would be the first of a staged process of selling the Government’s 83% stake in the bank. MORE

Claims management companies are booming in the wake of the PPI scandal after high street banks abandoned their appeal against a High Court ruling.

The climbdown by the BBA led to estimates the cost to the banks could top £9bn. Lloyds alone estimated its share of the bill would be £3.2bn. MORE

America risks sending the world’s financial system into chaos if it fails to increase its legal borrowing limits, President Barack Obama has warned.

As the US nears its $14.3trn debt ceiling, which Congress needs to increase in weeks to prevent the government defaulting on its borrowings for the first time in history, Obama told CBS: “We could have a worse recession than we already had, a worse financial crisis than we already had.” MORE

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