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Mortgage Broker News | 05 Oct 2010, 01:33 PM Agree 0
The federal government has no plans to tighten mortgage rules again, said Finance Minister Jim Flaherty, cooling the speculation surrounding his meeting with the country’s leading economists yesterday.
  • AB Mortgage Broker | 06 Oct 2010, 08:02 AM Agree 0
    Jim, some people you just can't help. I've always said, you can't fix stupid! That said, I think your efforts would be better served trying to reform the loose credit card policies. Credit Cards are way to easy to obtain and bankruptcy is way too easy to claim!!
  • DanP | 06 Oct 2010, 11:20 PM Agree 0
    The Finance Minister and his Economist entourage need to take a reality pill. The mortgage industry, and credit industry as a whole, already has checks/balances in place to control financial capicity, it's called a Debt Service Ratio. Most credit/mortgage borrowers go through that pre-qualifying calculation and cannot buy/refinance if does not meet TDS benchmarks. If the Minister really wanted to help the consumer, he might be better served by addressing weak job market issues (more "full time" rather than more partime), better annual increases, etc... The problem is not simply one of the debt, it's the stability/reduction of household income. Many consumers are now living off their Cards (to make ends meet)that, at one time, they qualified for. Like Hmmm's comments, maybe the Minister should mandate credit card rates to be cut in half?? Wonder how banks and C.C.companies would react to that "consumer assists policy" ??
  • Chris Genova | 06 Oct 2010, 11:57 PM Agree 0
    I worked for one of the big banks and their whole attitude (at the branch) was give the clients as much credit as they can (MAX MAX MAX) gotta hit them targets, Boss needs a trip, don't care if they go Bankrupt not the branches issue just jam that credit down their throats, If we don't the next bank will so we might as well have the volumes!
  • Sue | 07 Oct 2010, 12:40 AM Agree 0
    The cost of owning a home in my area is cheaper than renting. Everyone needs a place to live. The day to day expenses are what increase peoples debt. Increase in Hydro,gas, taxes, property taxes, HST, for examples leave people turning to credit to pay the short falls at the end of the month. We need to stabalize outside factors and teach people to make a budget.
  • mortgagewise | 07 Oct 2010, 02:08 AM Agree 0
    I think the Finance Minister is focused exclusively on the Vancouver and Toronto markets and not the overall Canadian housing market. Most markets are not overheated and, in fact, are seeing declining prices. The Vancouver and Toronto markets are hugely influenced by Asian buyers, immigrating to Canada and for a large part, are indifferent to housing costs as they are bringing large monetary sums with them. If supply is limited and demand is up, up go prices. If the Minister wants to impact potential "bubbles", we all would be better served if he came up with a plan to impact those markets without cutting the housing throats of the rest of Canada.
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