Building society announces massive fraud

Yes, it is buy to let again.....

The Chelsea building society has revealed it has lost £41m ($67m) 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.

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.

"The society has been through a difficult period and reporting a loss in the first half of the year is disappointing," said Stuart Bernau, the Chelsea's chairman and interim chief executive.