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Gail Vaz-Oxlade recently answered a series of questions and raised the issue of whether registering a mortgage against your home as security for a line of credit is sufficient protection against real estate fraud. She briefly alluded to the case law on real estate fraud and how registering a line of credit against your home may be self-serving for the banks. This post builds upon Gail’s comment so all credit is due to her for letting me off the hook of thinking of a new topic.

Title fraud consists of: (i) impostor pretends to be a homeowner; (ii) transfer title to himself/herself; (iii) obtains a mortgage pretending to be the current owner (relying on the fact the financial institution does not conduct its due diligence to run a title search); and (iv) disappears with mortgage funds.

The obvious concern is that the true homeowner has lost title to the home but is now responsible for the mortgage obligation.

Without reciting the jurisprudence on this matter, and to simplify this as much as possible for informational purposes, the law in Ontario for all transfers made after October 19, 2006 works under a legal doctrine known as “deferred indefeasibility (the case law and laws outside Ontario take a similar approach but please refer to appropriate information and/or advice if you live elsewhere).

What this doctrine means in plain English is that the true owner continues to hold title in the property if the fraud is discovered. Thu

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A person who applies loan from a certain company is subject to a period of payment. This depends to the terms they applied for. Some lenders will offer their debtors many terms or mode of payment. Others may apply short-term loan or a long-term loan. When we say short-term loan, this pertains to a loan application of a debtor which is payable within 1-3 months only while a long term loan can be amortized into 3 months up to 1 year or more depending on the creditor’s policy. Lending companies planned to have long-term loan offers to their debtors because they will earn more interest from long-term debts rather than those short-term loans. This is how they compare debt yield as they observe the mode of payment of their debtors. The longer the term is, the more they will gain interest and will give them eventually a reasonable income in the run of these terms.

Debt yield is the computation of income of creditors to the loans that they gave to their debtors. T

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I put down my pen on this topic, assuming youd had your fill of examples of the Senate of Canadas Report on the Business Development Bank of Canadas 10 year Statutory review (see prior post BDC snows the Senate part 5 Mar 18-11). But, just yesterday, BDC was back on Parliament Hill once again, expousing on the state of innovation in Canada. Different BDC team presenting this time, but the messages were familiar.

During this new hearing, Toronto Senator Irving Gerstein asked BDC Executive Jerome Nyca how much BDC capital goes directly into VC investments and how much goes into VC funds.

Mr. Nyca replied (pg. 24 from the transcript):

In our strategy going forward we expect to do about $130 million in investments. It is about $80 million to $90 million direct and the balance is indirect. In any given year, we will do between $20 and $50 million of indirect. [Editor’s Note: If BDC does $130MM a year of VC investments, and $80-90MM is direct, than $40-50MM must go into funds, no?

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I’ve tried something new at Get Rich Slowly lately.

Several years ago, my friend Sparky gave some feedback about the site. “There are lots of great discussions in the comments,” he said, “but you never really make that obvious on the blog itself. If there’s a good conversation, you should let everyone know.”

I’ve never done that — until now. And I’m still not really doing what he wanted. What I’ve been doing instead over the past month is posting follow-ups to certain posts. So, for instance, Donna Freedman wrote about having it all, but not all at once, and a great conversation broke out in the comments. So, I responded the next day with an article about how to spend your money, which then prompted a reader story about saving for something close to home.

Or, two weeks ago Robert Brokamp spurred debate by arguing that college is a rip-off. Crystal responded by sharing how she avoided student loans (which caused a debate about what qualifies as a student loan). This Sunday, I’ll p

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Reducing your credit card debt s not as easy as creating it. You can amass a huge amount of debt overnight but you may find it impossible to reduce credit card debt overnight. Most people incur huge amount of debt due to their reckless spending habits and fall in trouble when the monthly financial statements come in their mailboxes and they can’t get a track of their money. If you’re someone who is looking for ways to reduce your credit card debt without causing any harm to your credit score, here’s help for you. Follow the points mentioned above and get back a grip on your personal finances.

1.      Determine how much debt you owe: The first step that you need to take is to determine how much debt you owe your creditors. As you have incurred debt on your multiple credit cards, you must make sure that you have a clear idea of the entire amount with the interest rates and the due dates of each account. Make a lis Read full post…

We’ve all heard the ubiquitous GEICO car insurance commercial, about how fifteen minutes could save you fifteen percent on your car insurance, right? Well, as popular as those commercials are, it turns out there are plenty of things you can do in fifteen minutes that have the potential to save you a lot of money. Shopping around for car insurance, for starters, is a great way but don’t limit yourself to just car insurance. Here are a few other places where spending fifteen minutes can save you lots of cash.

The Fair Credit Reporting Act gives you the right to review your credit report every 12 months at each of the three credit bureaus . Take advantage of it. Go to AnnualCreditReport.com and request your credit report so that you can review it for errors and omissions. Making sure your credit report is correct has a huge impact on your credit score, which is what lenders and other businesses use to decide whether or not, and at what cost, to do business with you. If

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Wisconsin recently passed a new bill which will lower coverage limits for Wisconsin auto insurance according to an article found in the Badger Herald by Andrew Averill. Coverage limits were previously raised in hopes that it would save money, but the Democrats had other ideas for lowering premiums.
As of now, Wisconsin law requires auto insurers to cover $50,000 for bodily injury, $100,000 for 2 or more people, and for property damage it’s $15,000. The new bill changes the limits to $25,000, $50,000, and $10,000 respectively. This is a big difference and should have an impact on Wisconsin cities and perhaps other northern cities such as Seattle auto insurance will be influenced.
Jeff Fitzgerald, the assembly speaker in Wisconsin, saws the previous law ended up increase auto insurance rates for good drivers and even limited options for consumers. He believes the new law will help people shopping for auto insurance by giving them more choices in coverage plans. Read full post…

One step forward, one step back. That’s the story of the American consumer as the U.S. economy digs itself out of its most recent recession.

Economic analysts who feared that an improving economy and aggressive monetary policy would likely lead to inflation may be proven right. With costs of commodities such as oil and wheat jumping in recent months, many consumer-goods suppliers, food-service companies and other entities are saying price hikes will be necessary to offset the increased costs of raw materials.

And this week, the U.S. Labor Department said February consumer prices increased 2.1% from a year earlier, the largest such jump since April 2010.

Such inflation takes the buzz out of an improving job market that was expected to help out the average family. Earlier this month, the U.S.

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