Top five stories of the week:
-
Magistrate escapes jail for £360k mortgage fraud
-
Fake father and son advisers handed suspended sentence
-
Y3S places life subsidiary into liquidation owing £191,000
-
Protection 2012/13: The changes that will affect your business
-
Type A: the sociopath fraudster coming to your door
In the red
On Monday, a Cheltenham & Gloucester mortgage adviser admitted to helping two brothers fraudulently obtain mortgages worth £700,000 by ignoring discrepancies on their loan applications.
Stress tests
The affordability assessment in the Mortgage Market Review could make it harder for advisers to work out where to successfully place mortgage cases with an undisclosed interest rate risk assessment on every mortgage case, said L&G.
He’s back
January brings a surfeit of broke borrowers to the door of Mortgage Solutions‘ exclusive columnist, The Insider, as lenders end their Christmas amnesty and courts get busy.
Liquidation
Cardiff-based packager Y3S Group put its life insurance subsidiary BMB Financial Ltd into liquidation this week, owing more than £191,000, and blamed the firm’s demise on the actions of its largest insurance provider and a minority creditor.
What next?
“While most of the talk has been on finding a successor to Stephen Gay, a more unusual idea is catching on – that AIFA may not replace him at all.” We examine what could happen next at AIFA.
Adverse credit
The latest Mortgage Solutions poll revealed that the MMR could make it increasingly difficult for borrowers with adverse credit to remortgage, after 53% of brokers said they didn’t place a single adverse client last year.
Whistleblower
Lenders reported almost 1,500 cases of suspected mortgage fraud to the FSA in the last four years, resulting in 104 brokers being banned.
Firing back
Martin Greenwood, the interim CEO of Tenet Group, hit out at the company’s rivals for behind-the-scenes criticism of the network yesterday.
And finally…top tweets
John Charcol
Thanks to @KevinCarrC for destroying any hope of a productive afternoon. ‘Pru Monday’ ‘Come as Pru are’ ‘Rock with Pru’ argh… #kccpp
Andy Martinus
Wondering if Andy Murray will be British in a couple hours or if we can claim him back as Scot
Robert Peston
I am about to interview world’s 36th wealthiest man here in Davos. Standards are slipping. Normally I won’t talk to anyone outside top 10. #WEF
Mortgage_Stu
It’s 4.30pm and it’s still light! I shall have a Rich Tea to celebrate.
Follow us on Twitter:
@kaymclellanMSol
@simretsamraMSol
@HartleyPea
