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Mortgage Broker News | 23 Sep 2014, 10:49 AM Agree 0
The Bank of Canada believes regulation and supervision – not monetary policy – are the keys to aiding economic recovery. Is this a hint at further housing finance tightening?
  • Lisa Holly | 23 Sep 2014, 01:14 PM Agree 0
    Financing guidelines are tighter than I have seen in 24 years of lending.

    Why not take a look at credit card debt first and limit those interest rates, give the public a bit of breathing room and a break from the mortgage lending nightmare we have experienced since 2008.

    We all need a break.

  • Janice Ashworth | 23 Sep 2014, 02:26 PM Agree 0
    I agree with Holly. The government needs to take a thorough look at Credit Card rates and limits. I personally had 3 credit cards from one institution that started with $5000 limits and were automatically increased to total credit available of over $100,000 at 18% or higher. This is a much bigger problem than our mortgage standards. Most people pay their mortgage before their credit cards when times get tough.
  • John Van Driel | 23 Sep 2014, 02:45 PM Agree 0
    Absolutely agree with the two ladies above. Where are CAAMP and IMBA when it comes to representing us to the Government Agencies who seem to be ignoring rampant credit card indulgency!!
  • AM | 23 Sep 2014, 03:45 PM Agree 0
    I also agree very strongly with the comments above. But I believe that car Loans that are so easily accessible should also be scrutinized. It is the "outside debt" load that most individuals have problems with. As Lisa Holly said above the borrower(s) will pay their mortgage before the credit card debt and unsecured loans payments and then their car loans.
  • Pam Nierlich | 24 Sep 2014, 08:59 AM Agree 0
    Credit Cards and unsecured line of credits with interest only payments are a big problem but lately I have seen some nasty trends in the car industry. 8 year amortizations on used vehicles, $40,000 income and a $54,000 veh loan, something wrong with that picture. Imagine the uproar if the government stepped in and restricted the amort of veh loans and set ratios of veh payments vs income.
  • Ron Butler | 24 Sep 2014, 11:03 AM Agree 0
    Please remember car loans, credit cards and personal LOCs are all area's that the government has zero involvement in other than regulate maximum interest and contract law. They are truly consumer products. The government is intimately involved in the mortgage business through CMHC and the federal backing of the other mortgage insurers. Likely we should stop lobbying for changes in lines of business we have very little to do with and focus on mortgages.
  • Layth Matthews | 24 Sep 2014, 12:49 PM Agree 0
    The other day while driving I said to my wife, "look at that nice XLE." and she replied, "yes, but ours is an APO (All Paid Off)."

    Just to add another dimension, vehicle loans are tough to regulate because access to vehicle ownership is often access to employment.

    Ironically, it's materialism that is the biggest obstacle to material wealth and well-being. It's hard to regulate the materialism out of people.
  • Angela Wong-Liao - Invis Inc | 28 Sep 2014, 05:03 PM Agree 0
    I fully agree that we have very tight mortgage rules and regulations, any further tightening can directly negatively affected our mortgage businesses. I hope our finance minister and OSFI think carefully for any further tightening. Mortgage financing and real estate is closely related and real estate prosperity is the heart of our country's economic prosperity.
  • Kuldip S Panesar Homeland Mortgage Corp. | 29 Sep 2014, 03:09 PM Agree 0
    Existing mortgage rules and regulations are very tight. Any further tightening of rules will have negative effect on the real estate industry and economic activities of the country. Federal Government and B O C will consider all consequences before taking any further step in this regard.
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