junius at greaterfool.ca 10 May 2010 9:00 am – [commenting on reports of mortgage fraud in Vancouver] “Even if they were not outright fraud, there were a number of tricks being used to push incomes up and increase access to debt. I saw this clearly with 2 people close to me are self employed who ended up with mortgages more than 10x their actual income (stated was 3 times actual). Both were CMHC backed as well.”
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bubbly at VREAA 10 May 2010 9:25 am – “In 2006, a friend talked to a broker at a downtown bank about a loan. Without any hesitation, the broker offered him to “increase” his income by about 50% so that he would qualify. “Nobody will ask”, he said.”
If and when these folks get screwed over, they will have to take their share of the blame here, fully knowing what they were doing.
What blame? The wealth train was leaving the station and they just wanted to get aboard…..
