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How Long Should People Hold a Loser?
Would you get in trouble for not telling a broker or bank that you don't have dependence so you can borrow more? Very timely. I just attended a compliance meeting for a group of mortgage brokers and there was a report that they interviewed or they surveyed 11,000 people who have a mortgage. One in eight had lied on their application specifically around dependence to get more borrowing capacity. Some people don't mean to lie, but it's just something that they've missed. So that's fair. But in an extension to that, the mortgage broker will get in trouble. They could lose their license over that. That's the risk that business will carry out.
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