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  1. 460m yuan fraud probe

    Posted Apr 15th 2009, 12:00am by Staff Reporter

    ... (HK$522.37 million) loan fraud case, Caijing magazine reported yesterday. A regulatory taskforce is at the bank examining risk control procedures while police are investigating the eight bank ... the existing systems and fixing the loopholes, a regulatory official was quoted as saying. In November, a customer applying for a housing mortgage loan found that someone had used his personal ...

  2. Pair arrested as couple foils extortion bluff

    Posted Apr 04th 2009, 12:00am by Clifford Lo

    ... Clifford Lo Police arrested two Taiwanese men after a fast-thinking Hong Kong couple and officers foiled their attempt to steal HK$200,000 in a telephone scam yesterday, police said. Officers were last night looking for an accomplice, who telephoned the c ...

  3. Waste feared in last-gasp spending

    Posted Dec 21st 2009, 12:00am by Toh Han Shih

    ... months. But maintenance is not encouraged.' Mizuno likened the wastage in projects in China to the US subprime mortgage crisis. In the case of that crisis, housing loans had been processed, ... in the US, there are no consequences for many parties.' A study by Tsinghua University estimated 13 per cent of China's gross domestic product was lost to corruption and fraud, compared ...

  4. Not guilty plea over HK$10.9m loan scam

    Posted Oct 20th 2009, 12:00am by Staff Reporter

    ... three alternative fraud charges. In his opening submission, prosecutor Neil Mitchell told the District Court that the scam involved mortgage loans for two flats in Le Sommet, North Point, ... Loretta Fong A lawyer appeared in court yesterday accused of conspiring to deceive the Industrial and Commercial Bank of China in a mortgage scam in which two loans totalling more than ...

  5. HKMC hopeful of Shenzhen service

    Posted Apr 17th 2009, 12:00am by Staff Reporter

    ... Maria Chan The Hong Kong Mortgage Corp said it hoped to begin providing mortgage guarantee services in Shenzhen in the second half of this year after unveiling an 18.32 per cent after-tax profit decline for last year. A source said the government-run mortgage agency had targeted that about 10 per cent of the secondary property market would use its services in the first few years. ...

  6. Curbing fraud a better way to save on costs

    Posted Oct 20th 2009, 12:00am by Enoch Yiu

    ... Enoch Yiu While the financial crisis has forced companies to cut costs by reducing salaries or bonuses, there may be a more effective way for them to save money- fraud prevention. As the people and companies that lost mountains of money investing in scams like the one run by Bernard Madoff have shown, fraud is a growing problem in the corporate world. Consulting firm Kroll, ...

  7. Number of mortgages in negative equity falls to lowest since 2001

    Posted Nov 20th 2009, 12:00am by Yvonne Liu

    ... the peak of 105,697 cases in June 2003, at the height of the severe acute respiratory syndrome epidemic. The authority said yesterday that its survey of residential mortgage loans in which ... the record low. The previous record low of negative equity cases was 936, in the second quarter of last year. In addition, the total value of residential mortgage loans in negative equity dropped 81 ...

  8. Reverse mortgages sought to help elderly

    Posted Mar 02nd 2009, 12:00am by Staff Reporter

    ... Daniel Sin Banks should consider alternative mortgage products as other traditional products fail in the global financial meltdown, a local think-tank has recommended. The Business and Professionals Federation of Hong Kong, a think-tank and lobby group, released a report in December that suggested 'reverse mortgages' should be promoted as an option to improve the financial ...

  9. Fraudsters exposed by economic meltdown

    Posted Feb 22nd 2009, 12:00am by Staff Reporter

    ... In his enduring classic Manias, Panics, and Crashes, economic historian Charles Kindleberger considers a number of factors that can precipitate a financial crash. The uncovering of fraud ... with financial products tied to the securitisation of subprime mortgages. The credit crunch and banking collapses followed. So it was a long time before allegations against Bernard Madoff and now Allen ...

  10. Zero rate offer as mortgage war heats up

    Posted Mar 17th 2009, 12:00am by Enoch Yiu

    ... Enoch Yiu The mortgage war between local lenders is escalating, as Hang Seng Bank joins the fray with a product offering mortgage borrowers zero interest for three months. It is the first local lender to temporarily abolish interest charges to win market share in the latest round of the mortgage war. Other lenders, like HSBC and Bank of East Asia, have offered fixed mortgage ...




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