I'll say one thing for Americans, they talk frankly about their economic problems. Here is an open and honest discussion about mortgage fraud. I doubt very much whether we, here in the UK, could ever face up to our fraudulent housing market difficulties with the same candour.
Think about this for a moment. The UK now has over 1.1 million buy to let mortgages. Only 8 percent of new house purchases go to first time buyers. What is the probability that we have few cases of incorrectly filled in mortgage application forms?