One-on-One With Mortgage Tycoon Stephen Smith

Billionaire Stephen Smith is like the Magnus Carlsen of the mortgage business—at the top of his game and always thinking multiple moves ahead.

Starting from zero (he declared bankruptcy in 1984), Smith capitalized on various industry trends to methodically build a mortgage empire. Today, his holdings include stakes in First National, Canada Guaranty, Home Trust, Equitable Bank, and Fairstone Financial.

We video-conferenced with Mr. Smith last week on a range of topics, including:

  • How tighter mortgage regulations helped make him rich(er)
  • Where he'd invest $20 million today
  • Whether fintech lenders are a threat
  • How his latest Home Trust - Fairstone deal could impact mortgage brokers
  • How OSFI's loan-to-income (LTI) limit could change lending
  • How much additional mortgage regulation we need
  • Immigration's influence on housing
  • Whether Canada will ever see a liquid non-prime securitization market
  • What keeps him up at night.

So let's cut to the chase. In the exclusive video that follows, you'll get to know the humble grandmaster of Canadian mortgage entrepreneurship—possibly the most accomplished individual in our industry's history.

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