Story by: David Pawsey, Mortgage Adviser
Despite encouraging advisers to report any suspicious activity that could be related to mortgage fraud, the Financial Services Authority (FSA) has admitted it does not pass on suspected clients’ information to the authorities.
Commercial lender Interbay has been bought by the 5D Group and has meanwhile suspended trading for new business.
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Despite government measures to kick-start the housing market urgent action is needed to address the problem of mortgage funding, according to the housing and mortgage industry.
Profile: Barry Meeks is chief executive of The Pink Home Loans Group
A lack of mortgage finance coupled with recent rumours about a stamp duty holiday - which has only just arrived - have put the brakes on housing transactions.
The future of exclusive intermediary mortgage deals looks grim with many mortgage lenders contacted by Mortgage Adviser revealing no immediate plans to bring such offerings back.
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