Police to probe BMO mortgage fraud

Law & Order | 206715 hits | May 14 9:21 am | Posted by: wildrosegirl

The RCMP and Calgary police are launching a criminal investigation into what could be the biggest mortgage fraud in Canadian history.

Comments

by Benn
Fri May 14, 2010 4:35 pm
Fraud is fraud and I'm not saying its right.

However BMO took these guys word for the value of the houses while not bothering to double check. Maybe buyer beware should apply to them in some way.

If a stranger asked me to invest in a property I'd want to see it, the banks don't even bother looking, just sign away a loan.

These guys should go to jail, but the bank, for the most part, allowed it to happen in its ingorance.
by andyt
Fri May 14, 2010 4:37 pm
Also, how well did the bank check these guys out as to their credit worthiness. Apparently they were using fake ID, but whose?

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