Tuesday, April 12, 2011

Three charged in mortgage fraud case...

Three people have been charged in a massive mortgage fraud case in Alberta. Two men from Alberta, and one from B.C. are being charged with a variety of offenses in connection to fraudulent mortgage dealings. The case was investigated over a six year period and involves 97 properties and 15 mortgage lenders.
How did these alleged fraudsters do it? They approached other individuals to get a mortgage for them.
I think this case brings up a good opportunity to discuss this sort of thing. If you are ever approached to do something like this, don’t! It might sound like a good idea, perhaps maybe even too good to be true. Heed your Mother’s advice, “if it’s too good to be true, it probably is”. Mom always knows best!
This sort of thing is no joke and these schemes create very significant losses for the mortgage lenders and other victims involved.

1 comment:

  1. Mortgage fraud has been on a steady rise in recent times and the financial services authority is currently looking into 200 scams that were all related to the mortgage industry. It is not to be confused with predatory mortgage lending, which occurs when a consumer is misled or deceived by agents of the lender. Thanks a lot...

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