Lender set up to launder cash

At least 30 homeowners are facing repossession despite learning their mortgages were funded through the proceeds of crime.

It has emerged a subprime lender that was set up here in 1997 was part of a complex international structure that was used to launder the proceeds of a £55m tax fraud.

Home Funding Corporation Ltd, which changed its name to Vivier Mortgages Ltd, was set up and funded by English accountant Ian Leaf to invest money he stole from the UK Inland Revenue.