Subprime lender MoneyConnect needs to liquidate some of its mortgage portfolio according to the Globe & Mail.
The former subprime lender halted its lending back in December. Now the company has reportedly asked mortgage brokers to get their MoneyConnect clients to move their mortgages to new lenders.
It’s apparently offering to waive prepayment penalties to customers who pay off their mortgages.
We haven’t seen the company’s statement so contact them directly to confirm all details.
What was that sound? It sounded like a bubble popping.