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Mortgage Broker News | 12 Sep 2011, 09:39 AM Agree 0
Broker channel associations and lenders must lobby government on behalf of homeowners effectively orphaned by fleeing subprime lenders and blocked from switching to A lenders because of the new refi rules, said a mortgage professional grappling to keep borrowers in their homes.
  • Eric Putnam, Debt Coach Canada | 14 Sep 2011, 03:50 AM Agree 0
    Unfortunately the issue of "orphaned" subprime mortgages has been around for several years. Check out the CMP post from spring of 2010 at http://www.mortgagebrokernews.ca/site-search/subprime-mortgage-mess-on-the-horizon-financial-post/43659?

    There was a committee of former subprime lenders that met with the federal government to create a fund to asssit these borrowers with no success obviously. To help differentiate themselves from the banks mortgage professionals can become more proactive in assisting consumers with financial challenges beyond just arranging a mortgage by taking a more holistic approach. By following proven strategies those borrowers that are declined today will become some of your most loyal long time clients who will refer many others to you for mortgages.
  • alberta | 14 Sep 2011, 04:06 AM Agree 0
    it is sad, but true the government allowed these sub-prime companies into Canada and while a lot these people have improved their credit and do qualify credit wise and income they do not qualify for the loan to value ratio. Now the government thinks that is too bad, but if more people lose their homes the government is to blame as they have a way to help these individuals. Remember that these home owners are not asking for a handout they are just asking to be treated fairly. so yes lets see if we can put some pressure on the government to give these home owners a fighting chance.
  • AB Mortgage Broker | 14 Sep 2011, 04:10 AM Agree 0
    I agree with Michael. I have personally written Jim Flaherty and sent back a political answer. Jim doesn't get it! Personally, I think Jim is a puppet of which someone else is pulling the strings. What the big banks want, the big banks get! It's just too bad it's tying the hands of the consumer.
  • Kevin J Power, President Power Mortagges Inc. | 14 Sep 2011, 04:38 AM Agree 0
    It is a truly unfortunate that this has happened and the fingers can be pointed in many directions. When these products were introduced and only available through through a major national brokerage. I asked the question of some of the agents about what was happening on the maturity of the term on these mortgages. No-one had an answer and there did not seem to be much concern about it either.
  • Betty Talbot- CENTUM Omni Mortgage Corp | 14 Sep 2011, 06:45 AM Agree 0
    I agree with Eric, there have been discussions about these mortgages numerous times, but no solutions to the dilemma; unfortunately unless something is done to help these people, they will be forced into bankruptcy or power of sale....
  • Melissa | 09 Apr 2013, 02:10 PM Agree 0
    For some of us it is too late .. having lost my home and due to that a consumer proposal was required for protection effectively destroying my credit, also my common law marriage
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