Thursday, March 8, 2007

Yes, the stink is same here....

Mortgage fraud in Alberta. In Calgary?
" The RCMP Commercial Crime Unit say five per cent of all Alberta mortgages are fraudulently obtained." I wonder to what extent this has been playing a role in all the bidding wars.

Were we not supposed to be different? The boom in Alberta is based on solid fundamentals. There is no speculation here. There are no excesses here. There are no lax standards in lending.
It smells eerily similar to what's going on in the US, though I wonder how long would it take before we see similar stuff from RCMP or CHMC.
It's really hard to tell the magnitude of this, but in cases of financial irregularities and cockroaches, if there's one, there's going to be more. We'll have to just wait and see how big a news it's going to become. And how many other cities are impacted. I won't be surprised if there's similar stuff going on in Edmonton.
But such occurrences will only highlight what so many bloggers and participants on this forum and others have been clamoring for a long time-irrational exuberance and rampant speculation. And now there's outright fraud.

Thanks to a wonderful bunch of people who contribute to discussion here and are ever vigilant of the news and post it here.

You are all making this blog so much more useful for everyone.
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