Mortgage Journal Hypothecaire - November 2009 - (Page 16)

FEATURE I DOSSIER Mortgage Fraud Industry fights back with collaborative approach Fraude hypothécaire L’industrie riposte en collaborant By/par Jeffrey Reed I n the U.S., mortgage fraud is one of the fastest growing white-collar crimes. It’s an issue that regulators and members of the mortgage industry on both sides of the border take very seriously. Mortgage fraud is defi ned as the deliberate use of misstatements, misrepresentations or omissions to fund, purchase or secure a loan. The Ontario Government has passed Bill 152, the Consumer Protection and Service Modernization Act, which safeguards property owners against mortgage fraud. Under Bill 152, the Land Titles Act ensures that ownership of a property cannot be lost due to registration of a fraudulent sale, falsified mortgage or fake power of attorney. In Ottawa, the Harper government also plans to impose mandatory sentences for white-collar criminals, including those found guilty of fraud. But is this enough? Not according to industry insiders, who say fraud and property value misrepresentation is ux États-Unis, la fraude hypothécaire un crime économique en très forte croissance. C’est une question que les organismes de réglementation et les membres du secteur hypothécaire prennent très au sérieux. Par fraude hypothécaire, on entend l’usage délibéré d’information erronée, d’omission d’information et de fausse déclaration afin de financer, d’acheter ou d’obtenir un prêt. Le gouvernement ontarien a adopté le projet de loi 152 sur la modernisation des services et la protection des consommateurs, qui protège les propriétaires contre la fraude hypothécaire. En vertu de cette loi, la Loi sur l’enregistrement des droits immobiliers garantit qu’on ne pourra plus perdre sa maison à cause d’un prêt hypothécaire falsifié, d’une fausse procuration ou de l’inscription d’une vente frauduleuse. À Ottawa, le gouvernement Harper envisage aussi d’imposer des sentences minimums pour les criminels à col blanc, dont les fraudeurs. 16 I MORTGAGE JOURNAL • JOURNAL HYPOTHÉCAIRE I November/December 2009 • Novembre/Décembre 2009

Table of Contents for the Digital Edition of Mortgage Journal Hypothecaire - November 2009

Mortgage Journal Hypothecaire - November 2009
Contents
Index to Advertisers
Chair's Remarks a Strong, Inclusive Voice
President's Message Conference Time
Ethics Complaint Report
Mortgage Fraud Industry Fights Back With Collaborative Approach
Opportunity Knocks Vancouver Housing Initiatives Open New Doors for Mortgage Professionals
New Year's Resolutions Self Assessment is Critical to Self Improvement
Markets Behaving Badly
Giving Back TD Engages Communities Through Hands-On Volunteering
Events
Industry Announcements
New Amps
New Members

Mortgage Journal Hypothecaire - November 2009

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