Economics: Banks: Canada's Banks exposed as complicit in mortagage fraud

While the US has banks, government, and police are cooperating in a massive campaign to overcome the rising number of incidences of mortgage fraud, the Canadian police can get no such cooperation from Canada's oligopolistic banks, or the governments who regulate the banks, or the lawmakers who write the legislation governing the banks. It's a conspiracy of neglect from which the mega-profit-making banks again profit to the hurt of their ordinary customers and the homeowners who may have no connection to the fraud-profiting bank whatsoever. No one is working for homeowners, except the handcuffed police - this is the unavoidable message from the CTV network's W-5 show which I viewed in Toronto in the Saturday 7:00 pm - 8:00 pm time slot. But unfortunately, the live link of the title to this blog entry will take you to no summative text of the mainpoint of the show, as all the copy is generic and the network doesn't believe in timely updating. Again, it's the ordinary customer who is called up short, even on the news of the new danger. W-5 gets top credit, but the CTV network gets none, it's as slothful as the banks in getting text out concerning the news W-5 has just broken, with telltale live visuals, live dialogue, and voice-overs.

Back to the mortgage fraudsters: The schemes by which the active, skilled, and devious fraudsters proceed, were laid bare on the show, and victims who had lost their homes to complete strangers - without signing anything, assigning any rights or agreeing to any leins - had their names signed to forged sales documents and then that document used at pretendly-oblivious banks in accepting the presented home as a mortgable asset. The bank actvely turns a blind eye to the constantly repreated pattern of fraud and pays out a cheque to the fraudster, never requiring that the injured party ever come to participate in the transaction. Then, a telephone call somes to the homeowner telling them of the lein and the unpaid amounts and the foreclosure on the home. Of course, the banks are insured for any losses they may incur, and yet make a profit in most instances, while the homeowners are soon out on the street. These bankers should be put in jail promptly, but we all know that they won't be. - Owlb

Mortgage Fraud an 'epidemic'