Q: This is not a question but an observation. I do mortgage default work, and Goeasy got into the 2nd mortgage business in the past few years, and those loans in Ontario, at least, are underwater. On the two files I saw just this past week. They will suffer a complete loss because, unlike 1st mortgage loans with banks, they are not insured. I don't know how much of their portfolio is in the 2nd mortgages. As of their investor presentation from August 2025 and Q3 2025 results, 39% of their total loan portfolio is secured by hard assets, which include real estate, as well as automotive and recreational vehicles. The presentation does not indicate the % related to real estate loan porfolio.
5i Research Answer:
Thanks for the added insight. The unsecured portion of their loans, which this would likely fall...