“I’m sure it’s quite embarrassing to banks because in a way, it reflects a failure of their lending systems.”

From cbc.ca 7 July 2011 10:36am -
“Vancouver police have charged two men — including a former real estate agent — with more than a dozen counts of mortgage fraud totalling more than $2 million.
One-time realtor Sunny Kular and a co-accused allegedly defrauded a series of banks between 2003 and 2005.
“This was a larger than normal file with respect to the total number of individual mortgages,” said police spokesman Const. Lindsey Houghton.
“In the end, Crown laid 14 separate charges,” said Houghton, who noted the investigation took five years to complete.
“Five years is a very long time for any investigation and financial crime investigations are often some of the most complex investigations because they require forensic audits,” he said.
Banks tend to under-report mortgage fraud, said lawyer Ron Usher, who has studied the problem.
“I’m sure it’s quite embarrassing to banks because in a way, it reflects a failure of their lending systems,” Usher said.
The bottom line is that customers pay, he said.
“That cost then is passed on to every home buyer.”

17 responses to ““I’m sure it’s quite embarrassing to banks because in a way, it reflects a failure of their lending systems.”

  1. “That cost then is passed on to every home buyer”

    That’s what banks always say, every time they raise rates, only to have them pushed down again by upstarts. Maybe the shareholders will absorb the costs. Just saying.

  2. The paucity of ambition amongst la Columbie-Brittanique’s small-time grifters never ceases to amaze me… when you allow that the most magnificent spoils demonstrably accrue to those in high public office (and their ‘friends’), the real mystery becomes why more of them aren’t trying harder to join/emulate our ‘political classes’.

    http://tinyurl.com/22mz666

  3. This f*cking weather!
    So far this year, there have been only 9 days with temperatures over 20C and NO days over 25C. (Check the official weather records) Today, mid July, cold and gloomy again!
    Best place on Earth? WTF?!?!

    Some people say that weather should not be a big factor for livability. They are completely wrong. You have to deal with the weather every fucking day! There is no escape unless you move. Weather in Vancouver sucks royally…

    • you don’t actually have to go outside, it’s the “idea of the outdoors” that counts … as well as the view of the north shore mountains from your house … uhm make that the “idea of a view” on all those low cloud cover days

      • don’t you mean the view of the roofs of the other townhouses?

      • Or if you are lucky enough to see over neighboring townhouses, good luck with all those tall downtown condos. :) Especially the super tall ones they want to build to “shape” our skyline.

    • CanuckDownUnder

      A bit of a different story here in Sydney. We’ve had 8 days over 20C so far this winter.

  4. somebody shut this guy up!

    shut him up!

  5. Today’s dose of statistics: only one UBC employee can afford to own a westside home.

    #1) The income levels required to on a westside home: $496k.
    http://www.yattermatters.com/2011/07/vancouver-home-buyers-adopt-slogan/

    #2) The largest employer in Vancouver (which happens to be on the west side): UBC
    http://www.lib.uwo.ca/programs/companyinformationcanada/canadaslargestemployersbycity2007.html

    #3) The number of UBC employees earning more than $496k: 1
    Prof. Donald Wehrung in Sauder School of business earns $510k.
    Stephen Toope, the university president, earns only $483k.
    http://www.vancouversun.com/business/public-sector-salaries/advanced.html

  6. They only got $2 Million. Chicken feed!! Check out what David Hahn is getting away with at BC Ferries. $1.2 million for the next 2 years then $315,000 per year for life!!Now that’s a SCORE!!!!!!!!

    • c’mon $2M will buy them each a house with some renos and maintenance in … Burnaby. They’re set for life, ready to live it up … middle class style!

  7. Pingback: “Only one UBC employee can afford to own a westside home.” | Vancouver Real Estate Anecdote Archive

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