Mortgage fraud & organized crime in Canada : Mortgage fraud and organized crime in Canada

NOVEMBER 2007 Strategic Intelligence Brief Mortgage Fraud & Organized Crime in Canada Issue The purpose of this assessment is to outline how mortgage fraud occurs and examine the nature and scope of organized crime’s involvement in this fraud type in Canada. [...] This may involve the creation of a false property profi le in a realty listing and the collusion of an individual acting as the buyer who knowingly obtains a mortgage for a non-existent property. [...] The criminal may also illicitly sell the property to a straw buyer who intends to default while the criminal seller steals the mortgage funds. [...] The legitimate owner may be unaware of the fraud until the bills for the fraudulently obtained mortgage arrive. [...] Foreclosure Fraud Foreclosure-rescue services can be legally and ethically undertaken and can benefi t the homeowner if there is full verbal and written disclosure of the deal, terms the consumer is capable of fulfi lling and moderate fees for the service.