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Mortgage Broker News | 06 May 2010, 12:00 AM Agree 0
Among the hundreds of Albertans accused in BMO's alleged mortgage fraud, the bank is now adding Calgary Conservative MP, Devinder Shory, to its hot list, according to a CBC report stating that 'Shory, a lawyer, executed legal transactions that misrepresented the true mortgage owner of at least five Calgary properties.'
  • Dave Cooke | 08 May 2010, 02:50 AM Agree 0
    This will make all mortgage professionals, banks and brokers, look bad. It should be noted that one of the companies named in the lawsuit is Alta West Realties. They are in no way related to Alta West Mortgage but the similar names will come back to bite them in the ass.
    Let's hope the truth comes out quickly and the wrong-doers are punished severely
  • Mike from Canmore | 08 May 2010, 05:15 AM Agree 0
    and how many of these "deals" were CMHC insured? & "appraised"
    by EMILI?
    Hey, Mr.Flaherty,
    When are Canadian bankers & CMHC going to wake up and require
    physical inspections or appraisals on ALL the properties they finance?

    Maybe the neighbours, whose homes are in close proximity to these " boost & flip"
    properties should sue BMO/CMHC for their newly inflated property taxes caused by
    increased assessment values caused by a the inactions of the lender/insurer.
  • JP | 08 May 2010, 08:03 AM Agree 0
    This MP guy should step down and admit his wrong doing. He probably misrepresented himself to his riding as well.
  • SP | 15 May 2010, 07:30 AM Agree 0
    What about people who bought a house for much more than its worth and have not foreclosed out of goodness but are having trouble making the payments. Is the bank going to look afterthem or just turn their face away because they have not lost the money yet. They only cry fraud if they loose money but if public looses money then who is going to look after them. Specially when elected MP's are invloved too. Shameless people and banks...
  • Accountability | 16 Jun 2010, 02:01 AM Agree 0
    Why arent the people who take off with the profit of the overinflated mortgages being held accountable (the "seller")? CMHC should be going after the brokers & lawyers who completed these transactions because they are more than likely the ones responsible for the falsified documents and approval of these inflated mortgages.
  • inside | 26 Jul 2010, 01:38 PM Agree 0
    why would a bank employee go in on this? what is their incentive ? Do they have targets they have to reach to keep their jobs? what measures do the bank have in place?
    its easy to point a finger at front lne staff, however a corporation should take some element of responsibity.
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