“In one example, an Ontario casino worker that owned three homes also claimed to earn $345,000 in 2020 analyzing data remotely for a Beijing company.”
An HSBC branch in Aurora that should write about $23 million in home loans a year wrote $88 million in 2020. The whistleblower counts at least $500 million in loans across more than 10 Toronto-area branches to borrowers claiming jobs in China that nobody verified. HSBC’s answer is that it is “at the forefront” of fighting financial crime. Income checks exist to keep house prices tied to real wages, and the banks skipped them while the commissions rolled in.