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Building society blames losses on mortgage fraud, not greed and incompetence...

Is anybody really surprised to hear about the Chelsea Building Society’s £41million of losses to mortgage fraud? It’s hilarious that the building society is painting itself as an innocent victim, claiming that the fraudulent loans were acquired by syndicates of unscrupulous buy-to-let landlords running a scam with crooked mortgage brokers and surveyors. As if Chelsea, along with all the other lenders, wasn’t complicit in the whole grubby scheme… Banks and building societies were all handing out money hand over fist to anybody who wanted to buy property, all helping to inflate the bubble just a little further. Any financial institution which really believed it could carry on doing business like that is guilty of incompetence at the very...

posted on: Aug 21, 2009 | author: Lance