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Positive lending criteria increases mortgage fraud

Published 26/06/2010 00:00:00

As I said in an interview with the Financial Adviser (part of the Financial Times) we see the potential for mortgage fraud increasing. Too many borrowers are being boxed into situations where they believe (and I emphasise "they" because I do not condone this) that the only way out is by being "economic with the truth" towards their lender.

There are various online groups discussing "shall I tell the truth to my lender?" The fact that there is a public discussion confirms this is happening.

Again, I do not condone this practice but lenders should be aware that their restrictive lending policy is a double edged sword.

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