Quote:
Originally Posted by Firebot
I don't recall stating that assignment is fraud (nor did anyone). The uber driver also doesn't have a mortgage at this point. Go back to your statement.
Your words. No one is not getting a 1.5 million mortgage on 80k no matter what.
So what option does that person have?
First option: they never planned on holding the house and wanted to sell on assignment and cash in on the appreciating value. This is certainly a get rich scheme, but totally legal today. Assignment may or may not be allowed by this developer and may not even be an option.
His other option, is falsifying income where you aren't getting a 1.5 million mortgage on 80k but getting one on 200-300K income on paper. That is the scenario that was unearthed as mortgage fraud and rampant particularly in Brampton and likely to be one of the scenario based on the story provided.
Care to enlighten us and share other scenarios this uber driver could legitimately buy a 2 million dollar house, regardless of rates that doesn't involve a scheme or fraud? Because he clearly was doing one of these two.
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Further to this, no one is specifically accusing the Uber driver of committing the fraud (no one knows), but it sure as #### wasn't straight up legitimate.
It wouldn't be the first time that a mortgage bro took advantage of an uneducated/unsophisticated buyer for their own gain... "Sure bro, I can't totally get you into that $2mm build"... "Don't worry about the numbers I put on your app bro; I know what the banks want to see"...