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• El Bastardo 2019-02-22 12:05:47 PM Keep hallucinating. This has nothing to do with Franklin. It very much has to do with the poor execution, the lack of knowledge of the principals involved, the lack of transparency, the lack of enforcement, the lack of oversight, the low bar to entry to qualify the idiots that peddled this stuff including Clarence. You think throwing/raising more funds for a lot of these projects would magically transform into profitable ventures? Is that the trick? Hope you get an extraordinary multiple on exit? This shit was basically private equity. The reality is the suitability lacked for many both in terms of riskiness and time horizon. Surely an institutional investor that does this has a commitment tied up for years and may be more...but guess what...their balance sheet can stomach it along with the long pay out and lack of liquidity. A senior with net liquid assets of $200K that piled most of it into this shit doesn't have the same flexibility as an institutional investor. Mortgage brokers had no business recommending these because they weren't done in the context a client's portfolio. I got a few brokers to pitch to me pretending to be a clueless investor and all MADE meaningless comparisons to equity indices and other shit to make it appear as if they were knowledgeable and sophisticated investors. They were all hacks...people that don't understand the basics of finance....telling me shit like "oh syndicated mortgages have no volatility...do you get that with your mutual fund portfolio? Get your 8% with your name on title, it's secured...yadda yadda"...when they failed to understand there was no secondary market, which means no pricing, which means no volatility. Duh? I had one moron tell me he worked at U.S. major investment dealer in Toronto (never existed in Canada)...complete bullshit.

• 2019-02-22 11:17:17 AM and really, FAAN did all the work to exit these projects? It's that easy?

• 2019-02-22 11:16:09 AM Point is, peanuts or not, many of the people in this forum may have had their investments returned had it not been for Mr. Franklin's meddling, which he is so proud of and promotes regularly.

• El Bastardo 2019-02-22 10:53:03 AM Peanuts compared to the amount still under construction. Perhaps you should consult 'the facts' here: http://faanmortgageadmin.com/wp-content/uploads/2019/01/Project-Summary-Appendix-as-at-October-15-2018-Final.pdf So while 3 may have exited, it wasn't because of their action(s) - likely the action from FAAN. Otherwise who knows what would happen-more extensions? Soft defaults? More sob stories about the media not addressing their laughable 'successes'? More sob stories about projects being 'winterized'? . In that document it shows 43 projects. 28 alone are shown to be classified as 'Development' or 'Pre-Construction' which means they did/have not progressed-have not started demolition/servicing/excavation/hard construction. That's over half of the portfolio of projects. On top of this, if you survey start dates or 'age' and get estimates available from public sources like their website, you will find a wide range in the age of the projects under 'Development' with some as old as 8 years. Perhaps you should revisit the 'glamorous' facts presented by the buffoon that is Clarence. These guys execute poorly. They're all hacks. He has ZERO facts. He himself is a hack. His videos are laughable. None of his slide content presents any figures or analyses. It would be great to tie in appraisal data for the 43 projects shown and see value versus the amount of third ranking loans or lower...which from the data is about 62% of the BDMC loan portfolio.In some of these 'exits' they laud, they didn't even pay some of the interest owed.

• Homebody 2019-02-22 10:35:12 AM But hey, to the ten thousand buyers in the last few years who are now underwater, sorry! Thanks for taking a massive hit so that luxury homes are now more affordable!