#gameover

Canadian mortgage fraud – Laurentian Abyss(m)al

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Laid up in bed this week with the flu I watched The Hunt for Red October where Sean Connery plays a Russian sub commander with a thick Scottish accent. To rendezvous with the CIA to complete the defection they head to the deep waters of the Laurentian Abyssal, ironically the name of the Canadian bank which has seen the proverbial torpedo hit the propellor.

It seems that Laurentian Bank in Canada has been caught over mortgage fraud, the second lender to do so. Canada’s property prices have trebled since 2000, seeing but a minor blip during GFC. Zerohedge noted,

An audit “identified documentation issues and client misrepresentations” with some mortgages…Laurentian said it will repurchase about C$89 million ($70 million) of those mortgages in the first quarter, or 4.9 percent of such loans sold to the firm….It will buy back an additional C$91 million of mortgages “inadvertently” sold to the firm, also in the first quarter.

The total value of the loans made to the 3rd party was around $1.16bn. Of course the CEO of Laurentian Bank is brushing aside the scale of it.

As we know Home Capital Group, Canada’s largest mortgage lender was busted for mortgage fraud and required a $1.5bn bailout facilitated by the 321,000 Healthcare of Ontario Pension Plan (HOOPP) members. Not to worry those emergency loans are backed by the mortgages!! Naturally “safe as houses”

Perhaps in the immortal words of Red October Captain Ramius, “be careful what you shoot at in here…things inside here don’t react well to bullets

Or perhaps in the words of Canadian born Inspector Frank Drebbin, “nothing to see here!”

Now Kathy Griffin is the helpless victim

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What a blithering idiot. If she couldn’t see that her stunt was potentially career ending then it is hard to have sympathy. Did she not weigh up her decision in the days and weeks it would have taken to prepare the prop? Did she not seek third party advice? Now she’s playing the victim card. How pathetic. She even hired a lawyer to defend her from attacks from the Trump family. I would imagine most sane families would hound you if you held a mock decapitation of the head of the family. Let’s see if she is crowd funded to keep her out of self inflicted poverty.

The likes of Jim Carey came out to say that comedy is all about crossing lines. To a point he is right but Griffin’s stunt at no point had a comic element to it. This was a venomous, targeted and mal-intended event to make a point of her dislike for her democratically elected leader. Amazing how she can go on TV as a victim. The reason she has been fired is that the networks is they don’t think she’ll be a drawcard. Given the low cost of online platforms maybe she can set up her own pay-per-view comedy channel and see how popular she really is. Sorry Kathy, you own this.