Vancouver Sun: Regulator tracks rise in mortgage fraud complaints in B.C. as house prices jump

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June 19, 2017 | Sam Cooper

Quoted from the article:

In an interview, NDP MLA David Eby said he was concerned by the findings in Postmedia’s investigation. He said he believes Ficom hasn’t kept up with risks from the growth of shadow banking and loan fraud because the B.C. Liberal government understaffed Ficom. He said millions in fees from regulated industries, money that was intended to fund Ficom auditors, was instead put into general provincial revenues by the Ministry of Finance. A new NDP-Green government would make sure these fees go to staffing, Eby said, to “make sure we have sufficient auditors in place at Ficom, to make sure B.C. citizens are protected from a shock related to shoddy lending or fuzzy collateral.” 

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