Cheshire Building Society, which merged a year ago with Britain’s biggest
building society Nationwide, was allegedly defrauded by a series of false
mortgage applications.
It is the latest allegation of fraud to hit Britain’s beleaguered mortgage
market, which is struggling to recover from bad debts that led to the credit
crisis.
Four solicitors, a surveyor and a property developer have been charged
following an investigation by the Serious Fraud Office.
It follows a buy-to-let fraud case earlier this year involving Bradford &
Bingley, which helped in part to bring the bank down. The bank’s buy-to-let
lending arm, Mortgage Express, was the biggest lender by volume in the
country and was nationalised in September last year.
Sources warned at the time that the fraud was not unique to Bradford and
Bingley, and that …
Read the original article at Telegraph
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