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
