[Newsbot]

Title: Police to probe BMO mortgage fraud
Category: Law & Order
Posted By: wildrosegirl
Date: 2010-05-14 09:21:11
Canadian

[Benn]

Fraud is fraud and I'm not saying its right.

However BMO took these guys word for the value of the houses while not bothering to double check. Maybe buyer beware should apply to them in some way.

If a stranger asked me to invest in a property I'd want to see it, the banks don't even bother looking, just sign away a loan.

These guys should go to jail, but the bank, for the most part, allowed it to happen in its ingorance.

[andyt]

Also, how well did the bank check these guys out as to their credit worthiness. Apparently they were using fake ID, but whose?