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• CP 2018-10-18 4:50:23 PM I am actually in that same situation.I called FSCO today and was told that I should disclose that on the application and submit your discharge with your application and they review it on a case by case basis. Good Luck

• Veritas 2018-10-16 1:25:39 PM In the US, it is a violation of law to give kick backs for mortgage referrals. Brokers can lose their licenses and get fined tens of thousands of dollars. Not sure about the other countries listed. This federation undermines the hard working professionals that have structured their businesses around these strict regulations. It also takes advantage of consumers by charging them fees in their country of residence, as well as the foreign country where is mortgage is administrated. Their website is a scam. There is no legitimate licensing information, no individuals listed as running this "federation", nor is there legitimate contact information.

• Baha 2018-10-16 10:35:08 AM It was, and here is the proof How speculators inflated the Toronto housing bubble https://www.macleans.ca/economy/realestateeconomy/how-speculators-inflated-the-toronto-housing-bubble/

• Omer Quenneville 2018-10-15 7:15:48 PM I've always advised against HELOC's. It is an expensive way to spend your equity. Most of my clients walk away from HELOC's after they have blown a lot of their equity. Lenders know it is like candy on the shelf and most can't help but spend it, lenders count on it. The lenders tell you it is free to set up and low cost money, nothing can be further from the truth. As I always say "the bank is not your friend", if they recommend something it is usually in their best interest not the clients.

• Anonymous Coward 2018-10-13 12:16:04 PM Donna. OSFI is not "the government" and they couldn't care less about "great clients". Their mandate is to ensure the integrity of Canadian banking system. In essence, they enact regulations to promote lending practices among Chartered Banks that do not pose undue risk to that system. If a "great client" wants to go to an alt lender, then that "great client" has some learning to do with respect to making rational and prudent financial decisions.