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The BDMC acknowledged that it had reached a compromise with the Financial Services Commission of Ontario (FSCO) and would cease all mortgage intermediation work. The BDMC said it had collected C$920 million for property development from over 14,000 people. BDMC has entered into an agreement with FAAN Mortgage Administrators to manage and manage outstanding mortgage syndications in Fortress properties on behalf of BDMC.
Mortgage syndication, which bundles the resources of individual creditors to fund property developments, has gained ground in Canada as individuals sought ways to make better profits from their deposits with low interest rate banking deposits. Over the past ten years, more than 20,000 small savers have invested up to C$1.5 billion (US$1.2 billion) in revolving credit facilities, mainly in Ontario, according to government regulators.
Approximately 90 per cent of these assets, according to the source, have ended in a lost or run the threat of doing so, and fortress development accounts for more than half of the investment. On Friday, the regulatory authority said that it had withdrawn the broker licences of Petrozza and three other persons, urging them to stop all mortgage brokerage immediately.
BDMC's main broker, Ildina Galati-Ferrante, gave up her broker licence and had to stop all mortgage brokerage work.
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