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Flaherty: No more room for rule changes

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Mortgage Broker News | 22 Oct 2012, 11:00 AM Agree 0
Brokers have heard it before, but the Finance minister is saying it again – this time with more conviction – arguing the government simply has no more room to play with the mortgage rules.
  • George Janho | 23 Oct 2012, 10:41 AM Agree 0
    there is no room for more changes because there are no mortgages being done period. Ina slowdown economy the Government has elected to kill the market in order to protect the big banks instead of losening conditions thus allowing the economy to recover faster. Now homeowners cannot use the equity on their homes to alleviate debts but have to pay high interests on their credit cards,reduce their living standards and making the big banks wealthier. Good job Mr. Flaherty
  • Derek Rowley, RMA | 23 Oct 2012, 02:24 PM Agree 0
    Well said George and I totally agree.

    Derek
  • Frank Colavecchia | 24 Oct 2012, 05:33 AM Agree 0
    Mr. Flaherty is barking up the wrong tree with all the mortgage changes. Instead of tightening up the mortgage rules and is really concerned about household debts he should tell the banks and credit cards to stop issuing credit cards like bon bons at Christmas. Why do conusmers have 3-4- 9 credit cards ? Why are credit card limits automatically increased ?Why aren't banks or credit cards following the same rules of affordability ? Why, because they are making billions of dollars in interest knowing credit cars holders can't pay out balances in full.
    Mr. Flaherty should sit down and ask mortgage agents/brokers who refinance these clients what the real problems are.

    Credit cards are the real problems...
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