05 Sep '11, 1pm

British fraud office examining mortgage-backed securities

LONDON: Britain's Serious Fraud Office said on Monday it was examining bank mortgage-backed securities but had yet to launch a formal probe, after US officials sued banks over such instruments. "We are conducting a scoping exercise into UK banks which sold asset-backed securities," an SFO spokeswoman told AFP after the Financial Times said the fraud office was looking at whether lenders fraudulently mis-represented deals in Britain. "This has been an area of interest for a while," the spokeswoman said but stressed that "there is no active investigation at the moment." The FT said on Monday that securities packaged by Deutsche Bank were among half a dozen deals being examined by the SFO. The business daily added that the SFO has spent two years examining sales of asset-backed securities, which it described as bonds backed by repayments on large pools of loans such as mortga...

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

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