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  • July 23, 2014
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  1. Four arrested over mortgage fraud

    Posted Jul 12th 2006, 12:00am by Agnes Lam, Clifford Lo

    ... for conspiracy to defraud in an operation against a mortgage fraud syndicate alleged to have cheated a bank out of $11 million in two separate mortgage applications. The arrests were made on Monday ... across the city and seized fake identity cards and papers including conveyancing documents. Mr Tsang said that to prevent similar mortgage fraud, banks should do more checking and that people ...

  2. Official with multiple home loans denies fraud

    Posted Mar 14th 2008, 12:00am by Staff Reporter

    ... September 2004 and January 2006. Prosecutor Flora Cheng told the judge that Au had dishonestly concealed his existing loans when he applied for the four mortgages. Ms Cheng said the first fraud ... Yvonne Tsui A chief immigration officer has denied fraudulently obtaining more than HK$6.5 million in mortgage loans from three banks. The District Court was told that Louis Au Chun-hung, ...

  3. Mortgage scheme boost for preservation

    Posted Aug 28th 2004, 12:00am by Staff Reporter

    ... attractive mortgage services to owners of these buildings than has previously been the case. It marks the end of the traditional reluctance of Hong Kong's banks to offer mortgages for properties ... consequences could flow. As the managing director of the URA, Billy Lam Chung-lun, points out, the granting of easier access to mortgages could bring to an end the vicious cycle that has led to so many ...

  4. UK banks tighten purse strings on loans

    Posted Aug 04th 2010, 12:00am by Richard Warren

    ... if introduced, the CML spokeswoman added. Self-certified mortgages allow a borrower to give details of their financial status with few checks, a procedure criticised for being open to fraud. Oliver ... Richard Warren in London Non-British investors are finding it increasingly difficult to secure mortgages on British property as many high-street banks and building societies refuse loans ...

  5. End of a golden era

    Posted Oct 29th 2010, 12:00am by Richard Warren

    ... Richard Warren A mortgage lending squeeze will result in property prices falling across Britain, but London's most desirable residential districts will be least affected, analysts say. Net mortgage lending in Britain has fallen 90 per cent in three years. The gap between new loans and repayments will narrow to GBP10 billion (HK$123.8 billion) this year compared ...

  6. Car finance slumps after fraud, bad loans drive lenders out

    Posted May 06th 2006, 12:00am by Mark O'Neill

    ... Mark O'Neill in Shanghai Car sales in China are booming but the business of providing credit to buyers fell sharply last year, thanks to widespread fraud and the withdrawal of many banks and insurance companies from the market. Official figures published yesterday showed that, as of the end of last year, outstanding vehicle loans had dropped by 50 billion yuan to 108.7 ...

  7. City Briefs

    Posted Aug 01st 2003, 12:00am by Staff Reporter

    ... ALLEGED MORTGAGE FRAUD SYNDICATE BROKEN UP Eleven people have been arrested by Commercial Crime Bureau officers in a two-day operation against a mortgage fraud syndicate. More than 120 locations were raided and the suspects - nine men and two women aged 28 and 48 - alleged to have been involved in 19 fraudulent mortgage applications worth $31.6 million were arrested. Six ...

  8. Judge slams shower-cap ID parades

    Posted Jul 21st 2005, 12:00am by Jonathan Li

    ... Court yesterday for orchestrating mortgage frauds involving properties worth $38 million, was allowed to wear the disguises in two ID parades. The 'actors' recruited by police to line ... a fair identification parade. Under mortgage schemes prevalent in 2002 and 2003, homebuyers with as little as a $10,000 down-payment were routinely granted a first mortgage covering 70 per cent ...

  9. Crime gangs use jobless, addicts in flat-buying scam

    Posted Oct 15th 2003, 12:00am by Ella Lee, Stella Lee

    ... Crime Bureau uncovered 94 such fraud cases between March and September involving flats worth a total of $108 million. Nineteen people have been arrested so far. Of the 94 cases, police successfully stopped banks from approving 48 of the mortgage applications. In the remaining 46 cases, flats worth a total of $49 million were bought. Head of the bureau, Chief Superintendent Wong ...

  10. Sad lesson of financial foolishness and greed

    Posted Feb 04th 2010, 12:00am by Staff Reporter

    ... themselves unable to repay their bondholders, and five could not pay their bank loans. Some have to do with mismanagement; others outright fraud. This sorry tale is a lesser known part ...




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