Quote:
Originally Posted by Firebot
They do in Brampton. CBC did an excellent expose on it here, worth a read to understand
https://www.cbc.ca/news/business/mar...raud-1.6614132
Had the uber driver have the market continue to go as planned, with historically low rates and skyrocketing prices, with the help of a fraudulent mortgage, they could instantly net 100-200K profit out of thin air and either collect that free cash by selling on assignment or holding for a bit and sell even higher after closing.
This was the Canadian dream that has existed for the past 15 years. And many Canadians have taken advantage of it and reaped the free cash instantly granting themselves financial genius status.
What wasn't accounted for is the possibility of both prices going down and rates going back to historical averages so quickly. So now this guy is stuck with an underwater property that he cannot ever afford to make payments but liable for.
Which is why he and several other blokes are protesting in front of the developer and why CBC carries their story to attempt to public shame the developer into voiding their contract. They gambled and lost, and trying to cheat their way out. |
"Lol. No that’s not fraud. It’s just not how mortgages work."
