Mortgage Fraud

[MarkTorgerson]

I watched the news last night and seen a report of a huge mortgage scam in Alberta. BMO is claiming to be out 30 million dollars from the scandle that appears to be quite sophisticated and widespread. The report claims charges are being laid against 300 people that includes many realtors, mortgage brokers, bank employees and lawyers. I am curious if anyone has any comments and if the media has the story correct??

 

[MonteDobson]

Hi Mark,

Check out I watched the news last night and seen a report of a huge mortgage scam in Alberta. BMO is claiming to be out 30 million dollars from the scandle that appears to be quite sophisticated and widespread. The report claims charges are being laid against 300 people that includes many realtors, mortgage brokers, bank employees and lawyers. I am curious if anyone has any comments and if the media has the story correct??

 

[MarkTorgerson]

QUOTE (MonteDobson @ May 5 2010, 02:29 PM) Hi Mark,

Check out http://news.ca.msn.com/top-stories/cbc-art...mentid=24134591


Thanks for the link Monte. Is anyone familiar with the story or have comments?

 

[RedlineBrett]

QUOTE (MarkTorgerson @ May 5 2010, 03:22 PM) Thanks for the link Monte. Is anyone familiar with the story or have comments?

Take it for what it`s worth but I play hockey with a handful of lawyers and they have been working cases like this on behalf of many big banks (not just bmo) for years now. With a couple crooked people in the system it is alarmingly easy to commit mortgage fraud.

The last line in the story is the most telling - says the banks don`t have good systems. Some of these files are truly ridiculous... like six buyers from six different nationalities all on as purchasers on one contract and banks were writing the deals. They made their own bed in my opinion.

 

[Thomas Beyer]

QUOTE (MarkTorgerson @ May 5 2010, 03:22 PM) Thanks for the link Monte. Is anyone familiar with the story or have comments?
About time ..