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Mortgage Broker News | 03 Feb 2011, 10:09 AM Agree 0
The Canada Mortgage and Housing Corporation (CMHC) rebuked the C.D. Howe Institute’s claims this week that the government should scale back its role in the mortgage industry due to growing risk.
  • Lance H | 04 Feb 2011, 04:24 AM Agree 0
    I wrote to CD Howe myself already, pointing out lots of other wrongful assumptions in their report (like the Gov wouldn't bail out the privates if they went bust??? and if so, isn't the taxpayers exposure the same then??), along with a host of other items. . . . you go Kate!! :)
  • Leo Lee | 04 Feb 2011, 05:38 AM Agree 0
    90% private mortgage insurance (Genworth, Canadian Guarantee) in backed by the government of Canada; CMHC 100%. The secondary market will just not accept mortgage-backed securities without government guarantee. Without the secondary market, there will be no liquidity. We will just be left with the balance sheet lenders - the big bad banks.
  • mortgage needs | 04 Feb 2011, 09:16 AM Agree 0
    - existing and new ? Thanks for the input Leo. As you point out, even the existing private ones are not genuinely private with 0% govt. backing. Lenders big and small are having it pretty good - and that's why some of those high ratio lending rates are lower than conventional rates. The real estate market may not have held up without government support/ assistance.
  • Understandingcmhc | 06 Feb 2011, 05:03 AM Agree 0
    Question from somebody who's getting ready to buy:

    When the CMHC approves insurance for somebody on 5/35 does the insurance cover the entire 35 years or is it set according to the term of the interest rate? i.e - if I set my interest payment on a 5 year term do I have to pay for insurance again at the end of the 5 years?
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