Shockingly, Brampton, the city that lent its name to a flavour of mortgage fraud is leading the country in mortgage delinquencies.
Ontario city leads surge in Canada’s mortgage delinquencies
https://www.theglobeandmail.com/business/article-brampton-ontario-mortgage-delinquencies-housing/
11 Comments
panda_abyss@lemmy.ca · 15 pts · 94d
Is it Brampton?
… yep… it’s Brampton.
I hope the banks get fucked on this for enabling this racket. It would have been fucking trivial for turn to catch the fraudsters in their midst, but when there’s profits you look the other way.
dermanus@lemmy.ca · -2 pts · 94d
Oh don't worry they'll get bailed out. We have a central banker as PM.
SaveTheTuaHawk@lemmy.ca · 10 pts · 94d
Banks never lent money in Brampton. They aren't stupid.
This is all private lenders.
No income, no credit required, just 20% down. The business plan is based on failure. Dozens of these leeches all over Ontario.
https://www.effortlessmortgage.ca/private-mortgage.php
CapuccinoCoretto@lemmy.world · 3 pts · 94d
Echos of Countrywide and 2008 .... 8..... 8
uhmbah@lemmy.ca · 11 pts · 95d
Brampton
sbv@sh.itjust.works · 4 pts · 95d
Oops. I meant to include that in the post. Thanks for the reminder.
melsaskca@lemmy.ca · 4 pts · 94d
The banks can afford it just based on all of that free "interest" money they scrape off the backs of the citizenry. The banks will be okay.
sbv@sh.itjust.works · 3 pts · 94d
Weren't they responsible for implementing the stress tests? Or was that the mortgage brokers?
uhmbah@lemmy.ca · 3 pts · 95d
https://archive.is/WwCc3
Typotyper@sh.itjust.works · 1 pts · 94d
Corporations and hedge funds with swoop in and buy it cheap.
sbv@sh.itjust.works · 1 pts · 94d
It has translated to ~25 power of sale listings this year, so I think Brampton is safe.
But hopefully their house prices will fall faster because of it.