Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 31 Aug 2016, 10:16 AM Agree 0
The developer currently embroiled in a lawsuit with investors has released a statement on the Collier Centre
  • Zero Discount | 31 Aug 2016, 11:29 AM Agree 0
    Back in April, they indicated that all units were sold:
    https://www.thestar.com/business/2016/04/29/the-high-risk-world-of-syndicated-mortgages.html

    Now it's 78 out of the 82?
  • Doug | 31 Aug 2016, 12:01 PM Agree 0
    Zero D,

    Sometimes people cancel their deals. They could sell them at a higher price now, they are likely happy.
  • More Information | 31 Aug 2016, 12:15 PM Agree 0
    I was hoping to see a statement addressing some of the more egregious issues in the lawsuit that have a profound negative effect on the entire industry. For example:
    The ILA and practices around the costs and process (phone call?)
    Suitability, Risk Disclosure and lack of transparency in terms of KYP
    Language in seminars, marketing and written materials "secured"

    These are not all but a few issues that have not been addressed by Fortress and now is the time to come clean
  • Binder | 31 Aug 2016, 12:23 PM Agree 0
    100% right Doug. previous developer sold for what is under market now... I'm sure Fortress would prefer losing more sales!
  • Michele Hall | 31 Aug 2016, 12:45 PM Agree 0
    will have to wait to see how this washes out ... interesting to see if they have taken deposits from purchasers ... to bail themselves out of one mess and into another
  • Igor I | 31 Aug 2016, 01:03 PM Agree 0
    Why would you sue a project under construction? Why wouldn't you wait until it was done to see if you actually lost money?
Post a reply