Mortgages and Consumer Lending

Cars are high-value assets that can be easily converted into cash. That's one of the reasons, say Experian, why car loans have overtaken mortgage fraud as the vehicle of choice for UK fraudsters. But mortgage fraud is rocketing, too.

South Canterbury Finance was, until last week, a major player in the property finance sector in New Zealand. But, behind the headlines are some disturbing facts.

Pawnbroker Borro.com has found some interesting facts about its customers. They are not who you think they are, they are not borrowing for the reasons you think and they do not adopt the payment patterns you expect. But there's still a nagging question .... why?

More evidence, if it is needed, that the talk of the recession and the financial crisis being behind us is misplaced. Yesterday, Jennifer M. Granholm, Govenor of the state of Michigan announced the Michigan State Housing Development Authority (MSHDA) will receive USD128.4 million in additional support from the Obama Administration to help homeowners struggling to make their mortgage payments due to unemployment.

Hong Kong's Independent Commission Against Corruption (ICAC) has charged 44 persons, including two suspected masterminds, in separate cases for their alleged roles in using false documents to defraud Public Finance Limited (Public Finance) of hire purchase loans totalling over HKD9 million.

ASIC has responded to concerns regarding the way Motor Finance Wizard (MFW) advertised the availability of ‘interest free’ finance for the purchase of used motor vehicles between 1 January 2006 and 7 January 2008.

The UK's Financial Services Authority has fined Redstone Mortgages Limited (Redstone) for "poor treatment of some customers facing mortgage arrears."

The UK's Department of Business, Industry and Skills has that a review of consumer credit and personal insolvency will be undertaken by the Government.

Some may say California is getting too big for its boots, that it has aspirations to being a country. That might, at least in part, be true. But the concept of the United States is that any state can sue Federal institutions - and that brings Fannie Mae into the firing line. Countries in Europe might like to take a look at whether the same options are open to them.

ASIC has today released guidance to clarify dispute resolution requirements for unlicensed carried over instrument lenders (unlicensed COI lenders).