O'Leary keynote axed

O'Leary keynote axed

O Brokers have spoken, and now CAAMP has listened, announcing Kevin O'Leary has withdrawn plans to address the Mortgage Forum.

"Kevin O'Leary was contracted last spring to speak at Mortgage Forum 2012 and recently announced the launch of O'Leary Mortgages," writes CAAMP in a release issued late Tuesday and following a MortgageBrokerNews.ca article outlining the depth of broker opposition to his planned appearance."It has been CAAMP's long standing policy that industry participants not be featured as keynote speakers. Kevin O'Leary is mindful of the situation and has withdrawn from participating in Mortgage Forum 2012."

CAAMP hasn't confirmed details about what if any speaking fees he will collect.

The move comes after Dominion Lending Centres told MortgageBrokerNews.ca that it had cancelled plans to sponsor the Dragon's session as well as a meet-and-greet with DLC professionals.

“Why would I spend $50K to sponsor any competitor, especially one who has little respect and appreciation for the commitment, expertise and great work that mortgage professionals do," said Gary Mauris Monday and on the heels of last week’s MortgageBrokerNews.ca story outlining O’Leary’s model. “We have notified CAAMP that we will not be participating in the sponsorship of Mr. O'Leary."

A torrent of broker comments followed on MortgageBrokerNews.ca, critical of CAAMP and O'Leary.

As MortgageBrokerNews.ca was the first to report last week, O’Leary plans to enter Ontario’s faltering mortgage industry as a direct-to-consumer originator, with his “O’Leary mortgages” focused on five-year loans. He will bypass brokers, although will use one of the channel’s biggest mortgage servicing companies to underwrite and service those mortgages.

CAAMP has now found a replacement for the venture capitalist.

"We are excited to announce that David Baxter, Demographer, Economist and Futurist will be joining the speaker lineup at Mortgage Forum 2012," reads the release. "David will be speaking on Monday at 2:30 pm, the original time slot for Kevin O'Leary."

Still, some mortgage professionals expressed frustration with the association's slow response to the O'Leary conflict of interest.

"They should have moved last week to oust him," wrote one MortgageBrokerNews.ca reader.
  • Joe the broker 2012-11-21 10:08:20 AM
    Praise the Lord!
    Post a reply
  • whatcha talkin bout willis 2012-11-21 10:21:37 AM
    Well Done!!!
    Post a reply
  • Centum 2012-11-21 10:24:23 AM
    It would have been very disrepectful to all CAAMP members, I personally feel that there is more to this between the two
    Post a reply