RE Lawyer disbarred for sham deals

When the US real estate bubble burst it uncovered a problem:

Mortgage Fraud.

It turns out that some realtors, mortgage brokers and lawyers were pushing through real estate deals that weren’t entirely ethical.  Some groups would use straw buyers purchase property at a price far above what it was worth and then take out a loan for the excessive amount.

Some of that is still being uncovered, here’s a recent instance:

Yeboah admitted participating in the scheme by creating fake W-2 forms, pay stubs, and other records for straw buyers so that her fellow conspirators could collect millions of dollars in kickbacks from fraudulently-obtained mortgage loans. In entering her guilty plea, Yeboah admitted reviewing payment records that showed over $14.5 million in kickbacks were collected from the fraudulent purchase of $100 million in properties.

Now it looks like the problem has spread to Toronto:

Earlier this year, the Star reported a pattern of house flips and price jumps as much as 60 per cent in less than a day involving Hatcher. Most of the deals didn’t include deposits. Purchasers got money back. Mortgages exceeded the value of homes. The same buyers and private lenders popped up in many sales.

 

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Devore
Devore
7 years ago

Something is messed up with today’s post… this link works though

http://vancouvercondo.info/2012/11/all-aboard-the-poverty-train.html/page-1/

Many Franks
7 years ago

@yvr2zrh: I think everyone’s waiting for today’s post to be fixed before they contribute their usual nuggets of wisdom. Hey, admin: today’s present on the homepage but clicking it gives a 404. Looks like it’s been partially removed or something.

yvr2zrh
7 years ago

What’s going on with the lack of comments today? System down?

VMD
7 years ago

(out of topic)
China dairy industry whistle-blower dies after assault
be careful blowing your whistle in China..

Naked Official #9000
Naked Official #9000
7 years ago

@Lindsey Lohan fan:

the soviet economy was based around MEETING THE TARGET NUMBERS

sound familiar, comrade?

condo watcher
condo watcher
7 years ago

poti Says:
November 21st, 2012 at 6:27 pm

off the press “Chinese Manufacturing Index Hits A 13-Month High”

sometimes those great sounding headlines don’t tell all the facts—oh yes a 13 month high but….

Sentiment improved after HSBC’s preliminary Chinese manufacturing index rose to 50.4 in November, from 49.5 in October, signalling expansion for the first time in 13 months in the world’s second-largest economy.

VMD
7 years ago

Server under attack? Or just maintenance?

Naked Official #9000
Naked Official #9000
7 years ago

@JKenni:

So what’s in it for us?

poti
poti
7 years ago

off the press “Chinese Manufacturing Index Hits A 13-Month High”

you will get very old waiting for Pestis predictions.

Bubba Ho-Tep
Bubba Ho-Tep
7 years ago

Bull Bull makes an excellent point. History tells us that if property prices go up for several years in a row, they will continue to go up forever and ever. Watch that DVD “The Secret” and you will understand how all this works.

Lindsey Lohan fan
Lindsey Lohan fan
7 years ago

@Naked Offcial #9000 Says
we are only good in digging stuff from the ground aka Soviet model of economy.

Anonymous
Anonymous
7 years ago

Bull! Bull! Bull! seems to be hanging around here so much, there can’t possibly be any spare time for wheeling and dealing. Therefore, one can only conclude our guest is actually a bear in bull’s clothing.

Naked Offcial #9000
Naked Offcial #9000
7 years ago

@Lindsey Lohan fan:

Comrade. Canadians cannot compete with slaves.

Lindsey Lohan fan
Lindsey Lohan fan
7 years ago

@Bull
Canada sleeps, while Asia grows into financial, manufacturing center of the world. we can’t even make energy deals with them..what we have to offer? obsolete blackberrys Shish

Tony
Tony
7 years ago

jesse: “The advantage is the student has spent time in Canada and can better adapt to a Canadian work environment.”

if you are foreign student in Canada you are not allowed to work so I don;t know how you adapt to Canadian work environment when you have never experience it.

jesse
7 years ago

@Bull! Bull! Bull!: “You’re all so smart and know so much”

Doesn’t mean bears were right about 2008. It may confound the mind, bull, but this site is in effect a giant troll. I’m surprised you’ve fed it for so long. Well done, lad.

jesse
7 years ago

@Vote Down The Facts: The advantage is the student has spent time in Canada and can better adapt to a Canadian work environment. Applying for family to immigrate is not what I would classify as easy or quick; it can be done but requires proof of income as patriotz mentioned. As a government looking to produce a young and trained workforce, concentrating on student and NPR entry methods seems appropriate because it requires a longer-lasting commitment to Canada. Even then, even after 10 years I know some who have returned to their countries of birth for better opportunities. They get paid more there than in Canada for professional-level work, in part because of their ability to speak the country’s native language and to also converse in English. After that amount of time, it seems little different from a Canadian-born person… Read more »

Bull! Bull! Bull!
Bull! Bull! Bull!
7 years ago

I love reading all of your posts. You’re all so smart and know so much. You’re so smart you missed out on the greatest asset appreciation event of our life times. And round 3 is about to start, and you’ll miss that too!

When your grandchildren are reading history books, and are reading about the industrialization of China and the transformation of western Canada, you can tell them how you spent that time showing a few people how smart you are on a blog they’ve never heard of.

When that moment comes, savor it. You worked hard for it, and you deserve to enjoy the fruits of you labor.

JKenni
JKenni
7 years ago

#41 VoteDownTheFacts

The reason i stated Cnd Citizenship and not Permanent residency was more people do not understand what the latter means. Regardless, it does not change the core of my argument! Any other commas or dotting the i’s I missed?

ReadyToPop
ReadyToPop
7 years ago

@ Ben Rabidoux Says:

“Vancouver, British Columbia’s housing sector may have hit its bottom with an improvement in home sales seen in October”
-Marc Pinsonneault, National Bank

He obviously hasn’t taken a ride on the VCI roller coaster.

painted turtle
painted turtle
7 years ago

I recently read an article about PRC saying that, in some cases, the extended family saves, or even borrows, money to send one of them study in Canada. The hope is that once the student obtains citizenship, he-she will be able to make all the extended family members immigrate (parents, then parent’s children, etc).

paulb
7 years ago

New Listings 103
Price Changes 103
Sold Listings 73
TI:17207

http://www.paulboenisch.com

Vote Down The Facts
Vote Down The Facts
7 years ago

@JKenni: “The Prize is Permanent Residency”

That’s not what you said on your other post. You said ‘I know of many foreign students here in Vancouver and they ALL agree that their number #1 purpose to study in Canada is to get Canadian Citizenship.’

Which is it?

patriotz
7 years ago

@JKenni:
” Plus, it’s is better than Cnd Citizenship because you get almost full rights in both countries. IE: You can hide income from CRA.”

The obligation to pay taxes is not different between permanent residents and resident citizens. Also, a permanent resident cannot become non-resident for tax purposes and is liable to lose their status if they spend too much time outside the country.

JKenni
JKenni
7 years ago

@VoteDownTheFacts:

1095 Residency requirement??? You are misinformed. That is only for getting Canadian Citizenship.

The Prize is Permanent Residency…The Day you get it, you can sponsor your family. No waiting period. Plus, it’s is better than Cnd Citizenship because you get almost full rights in both countries. IE: You can hide income from CRA.