Real Estate Market in BIG trouble. 40% of borrowers not making payments

One of Canada's largest Private Mortgage Lenders Romspen is halting withdrawals saying they have a liquidity crunch as investors lose faith in the Canadian Real Estate Market. The Managing Director said, "40% of borrowers are not making their payments". The company specializes in lending for commercial and residential construction and prides itself on saying yes when other companies say no. They also talk about their 8% yield. I wonder how many pension funds are invested in this.

Most of their projects are located in bubble-orientated real estate markets like Toronto and Vancouver. They also have projects in Texas and California.

You won't hear any news like this on any of the mainstream media organizations like City News, CTV News, CBC News, and Global News. They are keeping all this under wraps because they don't want to scare people and show you how broken the financial system is.

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