Real Estate Agents Caught on Camera Facilitating Mortgage Fraud for a Fee

TL;DR

An undercover investigation by CBC Marketplace has exposed some networks of real estate agents, mortgage brokers and bank employees facilitating mortgage fraud for a fee.While some consumers actively seek out and participate in this fraud, Marketplace has learned that some real estate agents are also taking advantage of unwitting buyers.Experts in law and financial crimes say what Marketplace has uncovered is illegal under Ontario's Real Estate and Business Brokers Act and the Mortgage Brokerages, Lenders and Administrators Act.- MARKETPLACEReal estate agents caught on hidden camera breaking the law, steering buyers from low-commission homes The Real Estate Council of Ontario (RECO) would not talk to Marketplace on camera about the findings of the investigation."Sixty-seven per cent of the applications that we find, or are tagged by our members as fraudulent, are actually related to that kind of misrepresentation," he said."

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