FSA calls for action against Mortgage Fraud

The Financial Services Authority (FSA) in the UK has told lenders to take proper action against mortgage fraud. The FSA has so far banned 17 mortgage brokers who are suspected of encouraging fraudulent applications. But they have plans to target 200 more brokerage firms.

The FSA suspects some lenders to be guarding mortgage fraud and have warned them to avoid being a part of fraudulent deals. Looks like they're up to finding them out and taking legal action against them.