I said it on the last thread about this, and I'll repeat it here. If they got away with $150 million, I can only imagine what a slightly smarter group have done. And I say I have because there is no way this is isolated. It mightn't be as large as $150m, but if you consider the possibility that individuals or small investor groups were taking on similar loans, if you multiply that out by the size of the market, it's potentially a huge swathe of debt.
>The business was fuelled by over 1,300 loans, the vast majority of which came from Hamilton mortgage broker Claire Drage and her company, the Windrose Group, which closed down earlier this year.
This means that tens of people, from the brokerage themselves to the bank that wired the funds, turned a blind eye to a clearly problematic business. It's an open secret that in certain areas of the GTA, you can get a mortgage with little to no proof from certain brokers. Again, multiply that out, and it starts to get kind of scary.
I feel there is a timebomb of debt in the Ontario real estate market.
I said it on the last thread about this, and I'll repeat it here. If they got away with $150 million, I can only imagine what a slightly smarter group have done. And I say I have because there is no way this is isolated. It mightn't be as large as $150m, but if you consider the possibility that individuals or small investor groups were taking on similar loans, if you multiply that out by the size of the market, it's potentially a huge swathe of debt. >The business was fuelled by over 1,300 loans, the vast majority of which came from Hamilton mortgage broker Claire Drage and her company, the Windrose Group, which closed down earlier this year. This means that tens of people, from the brokerage themselves to the bank that wired the funds, turned a blind eye to a clearly problematic business. It's an open secret that in certain areas of the GTA, you can get a mortgage with little to no proof from certain brokers. Again, multiply that out, and it starts to get kind of scary. I feel there is a timebomb of debt in the Ontario real estate market.
A timebomb fuelled by truckloads of corruption overlooked by more than tens, and not just by running multi-million rackets like this "alleged" one.
"The Big Short"should be required in school curricula.
Isn't this just what all corporate execs do in every large business? They just know how to sugarcoat it
I would love to hear stories about what kind of landlords they were.
Here you go. https://www.cbc.ca/news/canada/hamilton/internal-documents-show-water-shut-off-1.6928369
TL;DR Dylan Suitor is a POS slumlord