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Mortgage Broker News | 01 Nov 2012, 09:49 AM Agree 0
Finance Minister Jim Flaherty’s comments that the full impact of the government’s mortgage rule changes “have yet to be felt,” have some brokers scratching their heads.
  • Elfie Hayes | 02 Nov 2012, 04:15 AM Agree 0
    Same rules of spending cuts that consumers are told to practice do not apply to Government spending.

    Remember Jim has a country estate in the heart of Whitby, why would he care if regular Canadians can't buy a house. He has no desire to lead by example. The Government keeps spending and we bear the brunt of the pain. Remember to vote differently next time folks!
    If this link does not work, cut and paste it into your browser!

    http://business.financialpost.com/2012/11/01/canadian-goverment-debt-has-risen-much-faster-than-household-debt-since-2008/
  • Christopher | 02 Nov 2012, 04:19 AM Agree 0
    This former ambulance chaser lawyer always leaves me scratching my head. I don't know who he was listening to (if anyone) before making the wrong changes to mortgage underwriting, but I suspect it was his barber.

    Proven ability to service debt (character/capacity) should be the first priority of underwriting, not how long it takes to pay off an asset(collateral) that increases, rather than decreases in value.
  • Phil McDowell | 02 Nov 2012, 04:48 AM Agree 0
    Although Default insured mortgage rules gets the media attention, watch for increased pressure from OFSI on lenders to underwrite income, credit, borrower equity and property values throughout the amortization of a mortgage. It's back to basics and opportunity for non-Federally regulated lenders/investors.
  • MP | 02 Nov 2012, 06:04 AM Agree 0
    I really think the government show crack down on credit card companies who give anyone with a pulse a credit card. I see way too many people with way too much unsecured debt.
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