Quote:
Originally Posted by Slava
I have a hard time feeling bad for a bank that can't appraise risk. I realise that this was a scam and all...but after all this is the business of the bank. They can always walk away from a deal if they don't feel its worth it.
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Well, it does appear that others may have been hit as well. I heard on the TV something about 16-17 other banks may have similar occurrences (I'm assuming this is as per BMOs allegations), and, according to the article:
Other banks don't appear to be as aggressive in their approach, even though documents indicate they may have been targeted too. Bank of Montreal investigators found documents that showed one Calgary management company had 150 suspect mortgages from 16 different financial institutions.