"Fake Chinese income" mortgages fuel Toronto real estate bubble: HSBC bank leaks

Re:"Fake Chinese income" mortgages fuel Toronto real estate ... by fennecbutt on Tuesday February 06, 2024 @09:28PM (#39283745)

Ahaha, the bubble popping. That'll be the day. All they're doing is increasing house prices for no reason. Houses are now just casino chips for rich people.

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Re:"Fake Chinese income" mortgages fuel Toronto real estate ... by PeterisP on Tuesday February 06, 2024 @09:50PM (#39283870)

On the other hand if it doesn't pop, then it literally doesn't matter if the income documents were fake, as the bank has good collateral and giving the loan turned out not to be a mistake.

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Re:"Fake Chinese income" mortgages fuel Toronto real estate ... by xyzzy_plugh on Tuesday February 06, 2024 @10:02PM (#39283940)

Now you're thinking like a bank.

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Re:"Fake Chinese income" mortgages fuel Toronto real estate ... by antisthenes on Tuesday February 06, 2024 @11:52PM (#39284633)

Oh, and think of the tax revenue! ;)

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Re:"Fake Chinese income" mortgages fuel Toronto real estate ... by medvezhenok on Wednesday February 07, 2024 @12:40AM (#39284922)

Fraud is fraud, so it does matter. Same way that SBF is still going to jail even if the people with money in FTX get their money back (via crypto rising again / the AI investment).

The real people harmed were the Canadians trying to start a family who got outbid on the house.

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