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Mortgage fraud hits 'eye
Mortgage fraud hits 'eye opening' level in Canada, report saysNicolas Van Praet, Postmedia NewsConsumercredit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year, an "eye opening" number industry experts estimate represents only a fraction of the cheating taking place in the country's real estate market./ ShareAdjustCommentPrint
Consumer credit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year, an "eye opening" number industry experts estimate represents only a fraction of the cheating taking place in the country's real van cleef arpels alhambra necklace knock off estate market.
Atlanta based Equifax says many financial institutions are tightening lending and as a result, deceit in the property market is rising. According to a report the company released Tuesday, two thirds of all the fraud it sniffed out last year was real estate related.
"Mortgages are the biggest bang for the buck," said John Russo, vice president and legal counsel for Equifax Canada Inc. "So when credit gets tougher to get, that leads to more people falsifying documents, giving false pay stubs, inflating their income, kind of fudging things to get a home."
The $400 million in mortgage fraud represents only a sliver of the roughly $1 trillion in total residential mortgage credit outstanding at the moment in Canada.
But it rose sharply in 2011 from 2010 in dollar terms, increasing 150 per cent, according to Equifax data.
The figure is "eye replica Van Cleef & Arpels Malachite necklace opening," Russo says, because that's just the amount Equifax flushed out on its own for its clients.
Numerous replica necklace van cleef criminal groups across Canada are involved in a wide range of mortgage frauds at varying levels, the CISC says, sometimes with the help of industry insiders such as property agents, mortgage brokers and lawyers.
One growing trend is people setting up fictitious identities, building up credit for those fake people and then using the credit to borrow.
Equifax says that five years ago, it had identified 300 such fictitious identities in its national database. Now there are over 2,500.
Using mortgage fraud to further other criminal activity is also common. Criminals are buying properties to open marijuana growing operations, to trade drugs and to launder money. An increasing number are getting caught and there's been a dramatic increase in criminal and civil forfeiture cases as a result, said Andrew Bury, a lawyer specializing in loan security enforcement at Gowling Lafleur Henderson LLP in Vancouver.
"They're grabbing these properties left, right and centre. And over and over again they're crashing into the mortgage companies, the banks, [who are saying] 'Wait a second, we have a mortgage on that property.'" Lenders are losing big sums while governments reap the rewards of the seizures, Bury said.
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Mortgage fraud hits 'eye opening' level in Canada, report saysNicolas Van Praet, Postmedia NewsConsumercredit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year, an "eye opening" number industry experts estimate represents only a fraction of the cheating taking place in the country's real estate market./ ShareAdjustCommentPrint
Consumer credit company Equifax uncovered roughly $400 million worth of mortgage fraud in Canada last year, an "eye opening" number industry experts estimate represents only a fraction of the cheating taking place in the country's real van cleef arpels alhambra necklace knock off estate market.
Atlanta based Equifax says many financial institutions are tightening lending and as a result, deceit in the property market is rising. According to a report the company released Tuesday, two thirds of all the fraud it sniffed out last year was real estate related.
"Mortgages are the biggest bang for the buck," said John Russo, vice president and legal counsel for Equifax Canada Inc. "So when credit gets tougher to get, that leads to more people falsifying documents, giving false pay stubs, inflating their income, kind of fudging things to get a home."
The $400 million in mortgage fraud represents only a sliver of the roughly $1 trillion in total residential mortgage credit outstanding at the moment in Canada.
But it rose sharply in 2011 from 2010 in dollar terms, increasing 150 per cent, according to Equifax data.
The figure is "eye replica Van Cleef & Arpels Malachite necklace opening," Russo says, because that's just the amount Equifax flushed out on its own for its clients.
Numerous replica necklace van cleef criminal groups across Canada are involved in a wide range of mortgage frauds at varying levels, the CISC says, sometimes with the help of industry insiders such as property agents, mortgage brokers and lawyers.
One growing trend is people setting up fictitious identities, building up credit for those fake people and then using the credit to borrow.
Equifax says that five years ago, it had identified 300 such fictitious identities in its national database. Now there are over 2,500.
Using mortgage fraud to further other criminal activity is also common. Criminals are buying properties to open marijuana growing operations, to trade drugs and to launder money. An increasing number are getting caught and there's been a dramatic increase in criminal and civil forfeiture cases as a result, said Andrew Bury, a lawyer specializing in loan security enforcement at Gowling Lafleur Henderson LLP in Vancouver.
"They're grabbing these properties left, right and centre. And over and over again they're crashing into the mortgage companies, the banks, [who are saying] 'Wait a second, we have a mortgage on that property.'" Lenders are losing big sums while governments reap the rewards of the seizures, Bury said.
On the Blood reserve, progress in the fight against opioid addiction and deathsSTAND OFF In the wake of four more fentanyl overdose deaths month, Blood Tribe in Stand Off on Tuesday to update band and government on the opioid crisis.
A family affair: St Viateur Bagel celebrates 60 yearsBagels are the great equalizer. Everybody eats them, everybody loves them and everybody is invited to the bagel factory's block party on Sunday.
Vaughn Palmer: Vote verdict in Comox will clear political pictureTuesday saw the NDP lead trimmed to 12, then the Liberals pulled ahead by three and, as counting ended.
Daphne Bramham: Preserving Chinatown should be a local and national priorityGreat cities have texture. They have buildings, places and communities that reflect their unique character.
Daphne Bramham: Granville Island reboot lacks a daring vision for the futureGranville Island was one bold, big idea. Never before had industrial land been reclaimed as public space.
{ displayName }
Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.
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