A mortgage fraud story in Canada / The Circle of bI did a couple of googles on mortgage fraud and I was surprised to come up with this story in Canada. Whatever is happening in Canada is going to be 10x worse in the US. I don't believe our block chain can be called a mortgage blockchain - at least not presently - and I don't know if ever.
However, the RB standard of care is key feature of the offering, and includes document collection, and requiring responsible & affected parties to sign off. This kind of forms and protocol, the insurance companies love because it'll reduce payouts and, oh I don't know maybe allow them to not pay out claims where someone in the chain screws up?"
Lower risks => lower payouts => cheaper premiums => more business for those underwriters who provide discounts to clients using the BC => savings for consumers => more busines & profits for the title insurance companies that offer, you guessed it RealBlock. "Buzanic, who lives on a disability benefit, said she would like to sell her house and move to a townhouse, but can’t do so until the lien is removed.
'I want Manulife to do the right thing. They failed to do the proper verification protocol (in granting the loan). I want them to release my house from the lien, that’s all,” she said.
When Buzanic purchased the home in 1993, title insurance to protect consumers from fraud wasn’t an option. Today, it’s considered almost essential by real estate lawyers.
She said the stress of the financial loss has taken its toll on her.
“I’ve lost 45 pounds, I can’t sleep, it’s 24 hour a day stress,” said Buzanic, fighting tears.
“There is no fighting the big guns — that’s the bottom line.” "
https://globalnews.ca/news/3607989/mortgage-fraud-manulife-bank/ https://business.financialpost.com/news/identity-theft-alert-how-mortgage-fraudsters-left-this-canadian-with-a-bank-lien-on-her-1mplus-property