Is Alberta Really the Mortgage Fraud Capital of Canada?
Who knew, but apparently Alberta is the mortgage fraud capital of Canada. The Liberals are citing “gaps in provincial regulations” that make institutions susceptible to the kind of scam that the Bank of Montreal and the RCMP are currently investigating.
This seems like one of these stories that it is just going to get bigger and bigger. According to RCMP spokesperson, Patrick Webb, it’s possible that other banks are involved.
Darshan Kang, Service Alberta critic, has accused the government of passing inadequate legislation that fails to ensure proper monitoring of real estate transactions.
In the meantime, Service Alberta spokesperson, Cam Traynor, says that Alberta’s “rollercoaster economy” of the past couple of years has led to an unpredictable real estate market that’s also rife with fraud.
Maybe I’m a cynic, but it seems to me that regardless of what level – government or bank – this sort of corruption is going to be crop up at some point. What can be done?
