The system is working as intended.
Chinese migrants living across Toronto were obtaining mortgages from HSBC while supposedly earning extravagant salaries from remote-work jobs in China. In one example, an Ontario casino worker that owned three homes also claimed to earn $345,000 in 2020 analyzing data remotely for a Beijing company.
Before joining HSBC Canada, the whistleblower had studied fake-income mortgage frauds for his Business Masters degree at Vancouver Island University. After arriving at Aurora in February 2022, while digging into the branch’s loan books and interrogating his colleagues, he made mind-blowing assessments.
Since 2015, the whistleblower concluded, more than 10 Toronto-area HSBC branches had issued at least $500-million in home loans to diaspora buyers claiming exaggerated incomes or non-existent jobs in China.
These foreign-income scams spiked during the pandemic, the whistleblower believed, because borrowers could somewhat plausibly claim to be working remotely in other countries while riding out Covid-19 in Canada.
While a small bank of Aurora’s size was expected to issue about $23-million in residential loans every year, this branch had shovelled out $88-million in mortgages in 2020, according to the whistleblower, and over $50-million in 2021. […]
The Bureau’s seven-month investigation into D.M.’s allegations suggests HSBC Canada and other Canadian banks could have issued many billions of dollars in questionable mortgages to Chinese diaspora buyers, and a significant cause of Canada’s real estate bubble is hundreds of billions in illicit fund transfers from China into Canada, and bank lending that amplifies its impacts, especially in Toronto and Vancouver home prices.
“There are thousands of these cases, large scale,” D.M. said in an interview. “Hardworking Canadians are denied mortgages and these Chinese residents forge documents and get mortgages approved, heating up the already hot Ontario real estate markets.”
Another act of criminality for our RCMP to ignore…
And people thought and think that our ancestors wanted to keep them out because we were racist.
How many of the mortgage purchasers donated to the federal Liberal party?
https://www.youtube.com/watch?v=z0YpTfXZdyo
General Buck Turgidson: “Mr President, I’m beginning to smell a big fat commie rat.”
And as long as they never honk a truck horn, they don’t have to worry about getting their bank accounts frozen.
Yep. Canadian banks found everyone who donated a few dollars to the freedom convoy in a couple of days and, with glee, froze their bank accounts. But, this obvious fraud conducted over many years escaped the banks notice…
Trudeau’s Canada is a banana republic.
I suspect the money launders find ways to donate to the Liberal party
The Trudeau Liberal-NDP government acts like an organized crime syndicate. Trudeau is Fredo, obviously, but who is the Godfather.
Klaus Schwab?
Xi
I’m thinking that Xi’s intelligence agency has secured a copy of Justin’s NDA.
Or, perhaps they’ve matched DNA from Justin to a child of a Point Grey student
Upon a moment’s reflection, it was remarkably stupid for them to tip their hand like that.
As LC Bennet said, they can identify all those -legal- contributions to a -legal- charity in hours and freeze the accounts, but they can’t find and freeze sketchy foreign mortgage applications for more than $2M each? Thousands and thousands of them?
They showed us five aces. Now everybody in the world with two nickles to rub together knows that. I’m thinking that can’t be good for long-term prospects.
Just did a survey about banks. One question was about what would lose my trust. I responded “other” freezing accounts because the Turd doesn’t like me.
As an aside, I have been watching the reels posted on Instagram about the farmer protests in Germany, the Netherlands, France and now Ireland. In France, they have shut down all traffic in and out of Paris for 3 days now. They have declared that they want Paris to starve. Can you imagine what Trudeau and the RCMP would do to them?
Sadly, our main stream media outlets have reported on none of these protests. I love how the Germans, now the French have sprayed liquid manure on the steps of various government officials and government buildings.
I love how the cops are shooting at them and gassing them, and they didn’t all pack up and go home. That speaks to some serious determination, probably they don’t have much alternative at this point, its make or break for the farmers.
The customer who earned the $345,000 from China was presumably a Canadian resident. Banks normally require a copy of their income tax “Notice of Assessment” showing their income and that their taxes are paid up. I guess the weakness of this, as a check, is that they likely would have also claimed Chinese tax to offset Canadian tax. In my experience that would be risky because an awful lot of foreign sourced income is verified by CRA but maybe that’s only for Europeans. If it was proved fake, CRA would accept the declared income and reject the offsetting tax credits leading to a world of hurt including large penalties.
Money like this doesn’t come from peasants or working class Chinese. Money like this comes from the millionaire classes in China. Why are the millionaires in China sending all this money overseas? Either they are financed by the Chinese Communist Government, or by individual Chinese Millionaire Oligarchs and Party Apparatchiks.
If they are the individual Chinese Millionaires and Billionaires? Why? Why not keep their money close to them in China?
My opinion: Those Chinese are looking for a way to build an overseas financial bolthole. Someplace they have stashed enough money and assets for the Family to start over, if or when the Chinese Economy implodes and Xi Jinping unleashes his Maoist Agenda.
It’s cheap insurance for continuing the Family line.
This is one of those “duh, obviously” moments I’ve learned to accept. Quite honestly, it strains credulity the number of people in Ontario who seem able to support a $2-million dollar mortgage. That’s $120,000 of interest per year at 6% interest. You must have an income of more than $250,000 per year to cover that interest, seeing as how the government taxes those incomes at more than 50%. (Yes they do, add up federal, provincial, property, fuel, etc. and it comes out near 55%+, depending on income structure.)
How many guys really make $300K+ a year? Enough to buy all those $2M++ houses in Toronto, Vancouver and Montreal? Really?
Who are these people? Where’d they get all that money in a country that barely has an economy anymore?
Obviously there are shenanigans afoot. The farce doesn’t hold up even to a back-of-the-envelope calculation. And just as obviously, the banks and the government, at some level, have to be in on it. It would fall apart instantly if a forensic accountant even glanced at it.
Now do retail. How are all those stores affording the RAPACIOUS rents they get charged, hmm? $20K+++ a month nut to crack, plus inventory, the place is empty, but they’ve got three or four shop girls standing around at $18/hr or more. All day, every day. Is it magic?
Or restaurants! I got charged $49 bucks (including tax and tip) for breakfast for two yesterday at a popular eggs-and-bacon joint in Hamilton next to McMaster. Place was empty, obviously, because what university student can cough up $25 bucks for eggs and bacon? But still in business, and still with staff. How?
Nobody goes there for the food, I’ll say that much. More magic?
What do people think is going to happen when all of these diseased chickens come home to roost? Bank fraud in home lending, commercial real estate problems, unaffordable home mortgage refinancings and associated HELOCs, small business bankruptcies, auto loan losses, unpaid credit card and personal loan debts, Trudeau’s government chasing resource industry investors, etc.
How will banks stay solvent?Bailouts or bail-ins?
“People” of my acquaintance seem -utterly- unconcerned and are breezing along as if everything is tickety-poo.
Personally I’m trying to choose between street-bike or dual-purpose bike for my Get-Out-Of-Dodge vehicle, in case they ban trucks and trailers. I’m old and I don’t need a back injury while I’m fleeing for my life, know what I mean?
Go with the duel purpose. When the highways are clogged and/or closed you want to be able to get out of the traffic jams.
That’s my thinking. The only fly in the ointment is my back. Sport-bike seating position is better on long rides. (I know people argue about this all the time, but having owned a Yamaha 650 twin and a Yamaha RZ 500 V4 two stroke, against commonly accepted theory the RZ was far superior for riding comfort. Who knew, right?)
Making me wonder how a 750 sport bike with knobbies and ice racing studs will manage back roads in the winter. Probably good enough, really. Still, I need to do some shopping. Which is okay, bike shopping is fun. ~:D
Hope for the best, plan for the worst.
We had a plan to escape Canada in case the federal and provincial governments increased the segregation and discrimination on us, the unvaccinated. So, we already have a plan for the worst. Our current plan is to be out of Canada in 2 to 3 years. Hopefully shit won’t hit the fan until after we’re gone.
I suspect we’ll all muddle through somehow, no matter how bad it gets.
Where you planning to go?
We’ve made a list of Central and South American countries.
We might as well move from a cold banana republic (Canada) to a warm banana republic. Lower tax rates, better healthcare if you have money, cheap rent and homes, cheaper fresh food that’s locally grown available year round, cheaper booze, probably the same level of government corruption as Canada.
“And just as obviously, the banks and the government, at some level, have to be in on it”
I’d say at all levels.
Many tens of thousands of high monied families in the GTA. Look at the ‘sunshine list’ to start. And many of these people are in a spot where both spouses are working. Lots and lots of money. Lots.
100k is sod all, 200k is sod all. To save enough money to make a down payment on a million plus property, while paying rent required a lot more than 100k a year paycheck.
$500k++, unless you are living on beans to pay the mortgage. High-income people don’t live on beans, generally.
People who work a job don’t make that kind of money, not even CEOs. Witness how hard it is to get a doctor in Toronto, physicians are priced out of the house market. They “only” make ~$200k, $250k.
-Some- physicians make well over $500k, but most do not.
Digging around Youtube for some video/podcasts on this subject…
Podcast 163: Sam Cooper on China political and Economic Warfare
https://www.youtube.com/watch?v=RaiSztHLjFY
Is this a factor in the takeover of HSBC by Royal Bank?
You might assume that RBC wasn’t doing the same thing…
This obviously shows both how useless “FINTRAC” is, and how Canadians get screwed by their governments on taxes, why aren’t these “remote workers” being taxed at 50+% like the rest of us, when they have residence in Canada…
“…why aren’t these “remote workers” being taxed at 50+% like the rest of us…”
Well. That would be racist.
The government wants these loans and the people buying the houses to come to Canada.
Even if they’re horrible people making purchases with blood money.
I’m reminded of an old SNL skit:
Actor 1: I’m on the heroin patch
Actor 2: Oh, what’s that?
Actor 1: It’s a patch that releases a controlled amount of heroin into my bloodstream every hour!
Actor 2: Is that helping you quit using heroin?
Actor 1: Why would I want to quit using heroin?
Everyone in BC has known about this stuff for well over 2 decades. There is a strong culture of permissiveness, thus drug proceeds and money from offshore resources can be easily rolled into the best real estate, including rural Fraser Valley farms.
Most BCers are pitifully naive. Money laundering from abroad and from drug producers is rampant! Richmond BC is an epicentre.
Many banks, companies, casinos, developers, realtors, visa students, car dealers, lawyers, immigrants and refugees, AND ALL LEVELS OF GOVERNMENT collude to make this possible.