Lenders face huge hit on mortgages fraudulently obtained by crime gangs - Times Online: "Britain’s mortgage lenders may be sitting on hundreds of millions of pounds of worthless loans fraudulently obtained by criminals to support drug manufacturing, illegal immigration and money-laundering.
Bradford & Bingley, the buy-to-let mortgage lender, admitted yesterday that it had been forced to take an £18 million impairment charge in the half year to June 30 to cover borrowing by criminal gangs and other fraudsters. The sum represents an increase on a £15 million charge taken in June.
B&B’s losses may be only the tip of the iceberg."
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I wonder if US banks were doing the same thing.
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