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Mortgage Broker News | 31 May 2013, 12:00 AM Agree 0
Refis through CMHC seem increasingly a thing of the past, with Q1 results pointing to an almost-70 per cent drop – a year-over-year decline dwarfing any dip in new mortgage volumes.
  • Annette | 31 May 2013, 09:31 AM Agree 0
    The question is: Are we seeing the phase out of CMHC? There is no question that the Govt is very concerned about their/our exposure with the CMHC insured mortgages in the event of a market collapse. Especially with Lenders insuring even the conventional mortgages. These moves are as much about covering their own bottom line as they are about the consumer.
  • John Panagakos | 31 May 2013, 11:41 AM Agree 0
    My Last letter to Jim Flaherty and his response was to my request to bring back the 90% refi was. " we are not insuring consumer debt , consumer debt is not the mandate of CMHC. So its now better off to sell your home that has built up equity pay off your debts! at a cost of realtors fees and land transfer tax and buy the similar house back next door with 5% down. Recently one of my high profile clients was forced to do that since he could not refinance his debt at 90% . What gives this does not make scene. Give me a break Jim Flaherty!
  • Vic Lehan, Mortgage Architects | 01 Jun 2013, 10:39 PM Agree 0
    At 85% LTV refi's died as far as I could see in my area. At 80% LTV that was a kick to see if there was still some life.
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