WealthOne Bank of Canada is one of the most competitive near-prime lenders. So, it was concerning to hear that it's under Finance Minister Chrystia Freeland's microscope.
Her scrutiny of the company was reported by the Globe this weekend. In a nutshell, the DoF made the company jump through all sorts of hoops due to alleged concerns about national security and potential money laundering. Among other things, Freeland's office forced the bank to cut ties with three key investors with apparent links to the Chinese government.
This begs the question, is any of this relevant to mortgage borrowers and brokers?
We spoke today with WealthOne President & CEO Paul Leonard to learn more. Here's what he told us.