FINALLY!!!!! A major TV news program calls out TD Canada Trust’s collateral mortgage. CBC Marketplace aired an episode called ‘Busting the Banks’ on January 25th. Hey, it’s only taken 2 years but who’s counting??… Lol! If you want to skip to the video link, just click here and scroll to the 8:00 min mark. (by the way, I should point out my contributions to this episode. I was contacted by the producers of CBC Marketplace for my opinions and advice during the filming of this episode….over the past 3 months, I assisted with some of the research. Hope you find the info useful).
During the program, CBC took a hidden camera into a TD branch….the reporter posed as a potential mortgage borrower…. Only when questioned for the 4th time did the TD banker disclose their mortgage was a collateral charge…. but they didn’t seem to explain the difference between a conventional mortgage and a collateral mortgage… The Banker only agreed that the collateral charge was a disadvantage. Read the rest of this entry »