25 Feb '12, 10am

CEA clamps down on errant housing agents

SINGAPORE: Nine individuals have been barred from registering as housing agents after they were convicted of illegal moneylending activities. Releasing this figure for the first time to Channel NewsAsia, the Council for Estate Agencies (CEA) stressed that housing agents are also not allowed to work with moneylenders - legally or otherwise. It used to be a common industry practice for moneylenders to work closely with housing agents. A person in debt will be offered a quick loan and then persuaded to sell his house to pay back the money owed. In some cases, the moneylender and the housing agent executing the deal was the same person. PropNex CEO Mohd Ismail said: "The motive of many of these moneylenders then was not the primary real estate business, but more of to get as many clients to take their loan because it is relatively lucrative. And in a way, they were quite secur...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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