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Consumer Advocate Glen Robbins advises that Mortgage Fraud in British Columbia likely tops $3 billion dollars since 2008.
  Jul 25, 2015

Vancouver BC-Investigative journalist and consumer advocate Glen Robbins asserts that mortgage fraud in British Columbia at Land Titles Office likely exceeds $3 billion dollars since 2008 and "every authority in the province is aware of it, and has been aware of it including the superior courts".
We are, in conjunction with ongoing investigation, continuing to endure are own personal experience with this fraud which features a process like this. Homeowners with any type of credit history and no matter equity are forced to take higher rate first mortgages. Lenders, including big advertisers, induce potential clients with promises of best mortgage rates followed by a request for payment to lock in services.
Borrowers are then informed that their credit history is not up to par and that other non banks will be pursued for mortgage loans. This sets up a mortgage brokerage fee and sometimes pre payment terms. If the fees are paid back to the lenders the actuarial calculation often puts the mortgage over criminal rates. Independent legal advice shows that even a basic accounting will often show the rate charged is about double the rate registered, in either case the mortgage registered is a misrepresentation.
Its either a criminal rate of interest of a fraudulent rate of interest or both, but it is widespread and is easily determined by quick test.
If you see a home with high equity as in our case, and the first mortgage rate registered is noticeably higher than the normal bank rates for a first mortgage (which are low now), you have a likely candidate for this mortgage rate.
"Home equities are being cannibalized by interest rates which are equivalent to charge card interest - it is aggressive - deceitful and predatory".
Robbins asserts that "the legal community is also to blame - they are signing off on mortgages they know to be illegal. There are hundreds of cases before the BC Courts presently, but the secret is safe because most of these cases involve lawyers for both parties".
"The financial community has the legal community including the courts whose judges are lawyers and who pay insurance to the law society in the palm of their hand. Lawyers must sign off on these mortgage registrations and turn a blind eye to the underlying fraud in the mortgage agreement or in the calculation of the rates. The rate quoted and registered is not the actual interest rate by any stretch."
Robbins asserts that his own experience including some very bizarre behaviour by justices of the court as well as investigative work on the history of the problem in the courts and at BC Land Titles strongly points to a conspiracy of major proportion.
"This level of fraud is having a devastating impact on the average British Columbia homeowner who suffers in silence or simply is unaware of this massive fraud. The legal community continues to pay back its last fraud of $40 million involving its members, this case could wipe out the profession as we know it."
Glen Robbins believes that forces outside the province, perhaps even the country will be required to investigate this rampant fraud, or it will continue on. The courts need to ensure that every mortgage registration or foreclosure proceeding involving non bank financing of mortgages includes copies of ALL documents involved in the transaction to avoid the laundering of the fraud.
Glen Robbins can be reached at 604 760 4927 for further comment.

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