The weekend’s national newspapers focused on the news that Chelsea Building Society had become the latest lender to be hit by mortgage fraud, taking a £41m charge, which pushed it into a first-half loss of £26m.
The Sunday Telegraph said the UK’s building societies could be forced to conduct individual investigations into their mortgage books to prove they do not have similar financial “black holes”.
In other news, The Financial Times said News Corp was planning to move parts of its business out of its “Fortress Wapping” headquarters to a nearby office complex owned by Land Securities.
And The Sunday Times revealed that Sean Mulryan, the Irishman who built Ballymore, was on a £500m fundraising campaign to finance expansion of his private property empire.
