Alberta’s mortgage rules slammed by critics
Posted May 6, 2010 7:22 pm.
This article is more than 5 years old.
Alberta has become known as “the mortgage fraud capital of Canada,” and critics are crying foul.
This comes after Calgary MP Devinder Shory was named in a Bank of Montreal lawsuit alleging a $70 million mortgage fraud.
Service Alberta critic Darshan Kang tells 660News the government has passed a number of ineffective pieces of legislation that made the province ripe for this kind of scam.
He says there needs to be much better cooperation between the provincial and federal governments to prevent it.
“Banking regulations are within the federal jurisdiction and mortgage fraud is also a federal offence,” he says. “Consumers have to be informed and alert for this kind of scam.”
The Calgary-McCall Liberal MLA is also calling for better communication amongst stakeholders, stricter oversight of land title transactions and tighter regulations for home inspections.
