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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patriotz
Member

@Vote Down The Facts:
“Then their family has to put in their own application?”

If it’s a family class sponsorship the kid would put in the application, which can include parents and their minor children. But the kid has to prove that he/she has the income in Canada to support them.

You also left out the step where the kid has to change from being a student to permanent resident.

Vote Down The Facts
Guest
Vote Down The Facts

@JKenni: “Once one is in, the rest of their family comes in. This way, you save some $$$$$ versus investor applications.”

So the kid has to study, and obtain the 1095 days residency requirement. Then they have to apply for citizenship themselves, and wait 18 months for it to be processed before they can take the oath. Then their family has to put in their own application? It must take years to do it this way. Or am I misunderstanding how this route would work?

patriotz
Member

@JKenni:
” Don’t believe the Left-Wing Nuts who classify them as poor Foreign students who come to Canada to study. ”

Namely who? They’re certainly not in charge of either education policy in BC or immigration policy in Canada, in any case.

JKenni
Guest
JKenni

Jesse:

Immigration is an industry with many stakeholders. 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. The field of study is not a concern of theirs as long as it qualifies with regards to immigration.

Once one is in, the rest of their family comes in. This way, you save some $$$$$ versus investor applications.

As a side note, most of these students who pay international tuition fees come from wealthy families. Don’t believe the Left-Wing Nuts who classify them as poor Foreign students who come to Canada to study. I’m feeling sick and laughing at the same time..

patriotz
Member

BC’s deindustrialization marches on:

Jumbo Glacier officially becomes resort municipality

The Jumbo Glacier ski resort project in southeastern B.C. would sit on an old sawmill site, and visitors would be shuttled to ski and snowboard on four nearby glaciers in the Purcell mountains.

When do the condo presales start?

HFHC
Guest
HFHC

MLS# Status Date DOM

V975284 Sold $ 5880000 21-Nov-12 42
V948191 Terminated $ 8680000 04-Oct-12
V948191 Cancel Protected $ 8680000 03-Oct-12
V975284 Active $ 8280000 03-Oct-12
V948191 Active $ 8680000 30-Jul-12
V948191 Active $ 9988000 04-May-12

gtt
Guest
gtt

“for twitter users, CMHC is now on twitter”

CMHC preparing for social media disinformation wars, something like Isreal doing re Gaza

VMD
Member

for twitter users, CMHC is now on twitter
https://twitter.com/CMHC_ca

looks like “OSFI” had just extended its greetings.

painted turtle
Guest
painted turtle

@Some guy: former grow op? In which case a visit is useless.

jesse
Member
Report from over a year ago: http://www.cic.gc.ca/english/pdf/research-stats/evaluation-pnp2011.pdf Finding #13: PNs who came in under the business or family connection streams are less likely to establish economically. They are less likely to report employment earnings and have earnings below those of other PN streams. Just half of the PNs in the business stream established or took over an existing business after landing. Finding #14: PNs who have been in Canada on a temporary permit before landing are more likely to establish economically. They are more likely to have a job offer prior to landing, have a job at a higher job classification and report a higher salary. Economic establishment for survey respondents coming to Canada under business streams would be expected to be different from that of PNs expecting to integrate into existing jobs. Business stream respondents are generally required to… Read more »
jesse
Member

@Patiently Waiting: I think so. It’s a vote loser in marginal ridings if they don’t do anything about it. My guess — they weren’t getting much in the way of tax revenue from this class.

Immigration policy is focusing much more on student and NPR intake recently, the hope here is that young people can become educated and trained on Canadian soil and become productive taxpayers as a result. Look at the net NPR stats over the past 7 years — net NPR has been positive since the early 1990s, meaning many have converted to PR or have been naturalized.

(BTW NPRs usually well exceed investor immigrant and provincial nominee intake.)

Patiently Waiting
Member
Patiently Waiting

@patriotz: Do you think this class of immigrant will be watched closely for any further mispresentations?

shikko
Member

@Anonymous: Aren’t the bubble-deniers Benjamin Tal and Tsur Sommerville Israelis? Maybe they will be called back to fight this made up war and leave us alone.

0/10. Obvious troll is obvious.

Mortgageslave
Guest
Mortgageslave

@manson

If you actually had your home paid for, you should be living good, have money banked and not worry about a housing downturn. This obviously isn’t the case, you are very worried and scared for your future. Your anger shows this quite obviously. More angry homeowners will soon follow in your footsteps.

patriotz
Member

@Patiently Waiting:
“Well, hopefully this will be considered if they ever try to become citizens”

The government can only deny a citizenship application on grounds specified under law, and this isn’t one of them.

manson
Guest
manson

My house is paid for in the time you assholes have been predicting a crash…bunch of sad fucks.

Some Guy
Guest
Some Guy

Right wing policies at a provincial/national level that favour inequality create poverty. Where that poverty shows up locally depends on local transit and housing policies.

Better for poor people to be able to afford accomodation with good transport links than to be forced into car-dependent suburbs/slums as happens in places like Toronto where transportation options are so limited and construction of mass transit lags so far behind demand that only wealthier people can afford live near a transit station.

Meanwhile, here’s another lovely delusional listing:

http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=V980775&rowc=18&rowp=16&BCD=GV&imdp=15&RSPP=5&AIDL=315,314,316&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=3&PTYTID=5&MNPRC=200000&MXPRC=900000&SCTP=RS

“Very livable house (3416 sq.ft) but Owner has requested to be sold ‘As where is’ and for only Development purposes or investment. Owner does not want to remove any garbage etc. that may be left behind or be bothered by multiple showings. Upon accepted offer the buyer may preview the premises.”

Yeah, I’ll get right on that.

Patiently Waiting
Member
Patiently Waiting

@jesse: “If agreements are not honoured applicants forfeit their deposit, but are allowed to keep their permanent resident status.”

That sucks. Well, hopefully this will be considered if they ever try to become citizens. Upside is only a little over one hundred people were allowed to abuse this particular program.

Patiently Waiting
Member
Patiently Waiting

@s: You can also see the failure of our dysfunctional immigration system. The newer map is seven years old. How much worse is it now?

Drexler
Guest
Drexler

re “Vancouver Real Estate – What’s Next?”
I would be interested how much money you need to have to open portfolio with DAVID LEPOIDEVIN?

crashcow
Member

This looks good:

“Vancouver Real Estate – What’s Next?”
http://realestate2013.ca/

Location: Westin Bayshore Hotel, Vancouver, BC
Date: Wednesday, November 28th, 2012
Time: 7pm

s
Guest
s

Poverty spreads along the skytrain line. I wonder if people still want to believe Rennie’s hype about transportation being the key factor in buying now, after reading this.

http://metronews.ca/news/vancouver/446150/vancouvers-middle-class-shrinks-poverty-spreads-along-skytrain/

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@jesse:

“YOY price changes to come in at -4% to -6% or so in the late winter.”

OH THE HUMANITY! ALL THOSE NASTY BEARS ARE GETTING CRUSHED! THE MARKET IS IN FULL CRASH MODE!

Anonymous
Guest
Anonymous

@market stats: Is this a joke or do you seriously think our great translink managers and mayors can do real improvements to this city? If you put them on a German tour, they will probably pick October so they can join the fest and then come back with some BS reports on their “experience”.

jesse
Member
Tyee:For Some Chinese Fleeing Debt or Prosecution, Canada Beckons Scams make news in China but BC officials say review of foreign investors program isn’t related. According to media reports from China numerous business owners fleeing creditors are heading abroad, many to Canada via immigrant investor programs, such as the one the British Columbia government announced last week it would review. One report quoted an agent claiming to have helped dozens of such applicants. The reports, in a variety of publications and dating back as far as one year, said dozens of wealthy business owners from China have been leaving the country to get away from creditors or even impending corruption charges. Such entrepreneurs even take out millions in loans from Chinese banks or loan sharks using shell companies before heading overseas and leaving bankruptcy notices in their wake, said one… Read more »