Recent action taken by the Financial Services Commission of Ontario (FSCO) against Fortress Real Estate Developments Inc.
Mortgage Professionals Canada fully supports the recent action taken by the Financial Services Commission of Ontario (FSCO) against Fortress Real Estate Developments Inc. relating to syndicated mortgage investment projects in Ontario. We are committed to continuing to work with FSCO to educate consumers on syndicate mortgage investments. We expect that our members follow all regulations and ensure appropriate policies and procedures are in place to safeguard consumers. Syndicated mortgage investments, when done right, can be a good investment, provide necessary capital into the market and help build much needed housing in the province.
We are aware of recent media reports that indicate that the RCMP is investigating the matter and offer our support in their investigation. We are confident that the allegations are an exception in our industry and do not reflect on the quality and professionalism of the mortgage broker community. Our industry has zero tolerance for unscrupulous behaviour in our community and we support further efforts by the regulator to strengthen consumer protections for these investments.