The Chelsea building society has revealed it has lost £41m as a result of mortgage frauds by some of its buy-to-let borrowers.
The frauds are the main reason for the society staying in the red, with overall losses of £26m in the first half of the year, The BBC reports. Last year, the Chelsea lost £39m, the largest annual loss yet recorded by any building society. Its finance director has now joined its chief executive in agreeing to resign. Full story...
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