We knew it had to happen! In December/06, the Government of Ontario, finally took strong measures to stop the parade of fraudsters, who seemed to be raking in money from unsuspecting lenders, by serving up titles to properties, that they never owned!  Unfortunately, many homeowners found themselves in horrific positions because of these frauds. Some faced foreclosure for nonpayment of mortgages they didn't even know they had. Following is the press release from the Ontario Government. Hopefully, this law will prevent Mortgage Fraud in the future.

" New Law Ensures Homeowners Will Not Lose Homes To Fraud

    QUEEN'S PARK, Feb. 5 /CNW/ - The Ontario government is building on its
consumer protection accomplishments by giving individual homeowners real
assurance that they will not lose their homes to fraudsters, said Government
Services Minister Gerry Phillips today.
    "Last December, the government passed the Consumer Protection and Service
Modernization Act, 2006, to ensure that people will not lose their homes
because of fraud," Phillips said. "This is real action for homeowners who want
to know that the homes they work so hard for are protected."

    Some of the key results delivered by the act include:
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    -   Making it clear that a property will not be lost as a result of the
        registration of a falsified mortgage, fraudulent sale or a
        counterfeit power of attorney
    -   As of February 1, 2007, streamlining the Land Titles Assurance Fund,
        so that in standard cases of fraud the title is returned and a
        decision on compensation is made within 90 days
    -   Increasing fines for real estate fraud to $50,000 from $1,000.
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    "The Law Society welcomes the significant steps taken by the Ontario
government to combat real estate fraud. We will continue to work with the
government and to encourage the other players involved in real estate
transactions to do everything they can to protect Ontarians and reduce the
risk of real estate fraud," said Malcolm Heins, Chief Executive Officer, Law
Society of Upper Canada.
    To give homeowners further peace of mind that their homes will not be
lost to fraud, the government is developing stronger standards for powers of
attorney and measures to restrict access to the electronic land registration
system.
    "We're working hard to make sure consumers are protected in a fair and
competitive marketplace," said Phillips. "Ontario has some of the toughest
consumer protection measures in the world, and we know that the best weapons
against fraud are educated consumers and homeowners."
    To help homeowners educate themselves, the government is releasing two
brochures about real estate fraud and the Land Titles Assurance Fund. They
include practical information and tips for individual homeowners to help them
avoid becoming a victim of identity theft and real estate fraud, guide them in
detecting fraud early and assist them if they become prey to fraudsters.
    The brochures are now on the ministry's website and will soon be
available at MPP offices, ServiceOntario and Government Information Centres
and Land Registry Offices across Ontario. For a list of locations or to
download a copy, visit the ministry website at www.mgs.gov.on.ca.

    Disponible en français

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                              www.mgs.gov.on.ca
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For further information: Paul de Zara, Minister's Office, (416) 327-3072
- office, (647) 388-9671 - cell; Ciaran Ganley, Ministry of Government
Services, (416) 325-8659