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Mortgage Broker News | 07 Nov 2017, 08:15 AM Agree 0
A couple of industry veterans believe banks are intentionally given an unfair advantage
  • KJL | 07 Nov 2017, 09:11 AM Agree 0
    Cannot agree more with these 2 fine people. I have been barking about card debt for years. Pull your last 10 deals, especially if alt and have a look folks. Card after card after card ..... Has Haley says 19.9% and this is the cheapie cheapie .... Add in the annual fee and your yields on a 21 day billing cycle are large. Never mind the spot on the card statement that says if you pay the min - you will be paying for pretty much LIFE. The ol Feds are wrong in slapping us with mortgage BS, deal with the obvious and that is bank card and unsecured line debt. Put a halt on this and watch the bankers screech !!!
  • RBosch | 07 Nov 2017, 09:47 AM Agree 0
    Agree with both...I have said for years, the government needs to look at credit cards and the 'never, never' plans of the lines of credit. Delinquency has always been very low on mortgages so why keep attacking it. Just preventing people out from being able to refinance to better their situations(the ones with self-control)and new home buyers.
    Should also mention the people working within the industry whose incomes have decreased substantially and some even going for broke.
  • dm | 07 Nov 2017, 02:24 PM Agree 0
    I agree with both ! Let us look at the facts: Morneau Company manages Pension Funds , 99% or even 100% of all pension funds in Canada are invested in the Canadian Banks.The largest population in Canada today is over 55 and probably the last to have the cream of the crop pensions... Political for now... As we know Pension Funds are becoming less and less available to the average person. Manufacturing diminished.If you work for the Government, Teacher, Nurses ( fulltime), Police, Fire, Paramedics or provincial Long Term Care Facilities you have Pensions ....
    so both Morneau and Banks win! Who has more money to lobby the government, Banks! We have to educate more Canadians about what will happen to them and there children when they think it will be easy to borrow for a Line of Credit or a Mortgage for a home!Why has the reverse mortgage product just jumped in popularity????
  • GWT | 07 Nov 2017, 02:26 PM Agree 0
    Mortgage brokers encouraging mortgage debt will not resonate positively with government. Saying mortgage debt is not as bad as credit card debt only means that credit card debt too should examined. The government is saying that if a lender wants its mortgage guaranteed by public funds, the lender has to meet criteria intended to minimize the mortgage failing. Lenders are free to go outside the criteria and, by then not having access to the guarantee, take the risk themselves. It is only logical that the party assuming the risk (the public as represented by the government) gets to state the terms on which it will take the risk. The only worthy argument lenders can make is how the criteria the government is imposing does not minimize the risk to the public's guarantee.
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