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Mortgage Fraud
October 30, 2015
9:34 pm
Norman1
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A recent Globe & Mail article about mortgage fraud in Canada:

Globe & Mail: How mortgage fraud is thriving in Canada's hot housing market

The article provides some context for the earlier articles from the Financial Post and MoneySense about that suspension of mortgage brokers by Home Capital.

October 31, 2015
3:33 am
Loonie
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Goodness! There are so many issues here.sf-surprised I'm amazed people would put themselves in such a compromised position, and apparently do it regularly.

Looks like Home Capital did the right thing.

TD? - not so much.

And Home Capital / Oaken gives us better interest rates - and sometimes nice chocolates too.sf-wink

October 31, 2015
10:43 pm
Norman1
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Loonie said

Goodness! There are so many issues here.sf-surprised I'm amazed people would put themselves in such a compromised position, and apparently do it regularly.
....

Well, overreaching home buyers, commissioned mortgage brokers, and a willingness to bend the truth are a potent mix!

In the Globe & Mail article, Stuart Levings, CEO of mortgage insurer Genworth MI Financial Inc., makes this observation:

"You know how it is these days, folks just want that home. They could qualify if they looked at a lower-priced home."

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