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Mortgage Broker News | 18 Mar 2014, 05:06 PM Agree 0
Brokers may not know whether to laugh or cry following Flaherty's announcement Tuesday.
  • Angela Wong-Liao - Invis Inc | 18 Mar 2014, 07:28 PM Agree 0
    It is a mixed feeling for me as I admired and respected Mr Flaherty's dedication and commitment to ensure that Canada will not follow the footstep of the American style financial crisis in 2008. Mr Flaherty had tightened the mortgage rules several times and in my opinion, it is a prudent approach but obviously the tightened mortgage rules affected my mortgage business directly and indirectly. All the best for Mr Flaherty's new endeavor in the private sector.
  • Sandy Tyers | 19 Mar 2014, 03:31 AM Agree 0
    I thought Jim Flaherty was a good Finance Minister. As a Realtor of over 35 years, I agreed with his changes pertaining to mortgages and home ownership in Canada. Over the years I saw too many people get in over their heads financially as minimum down home buyers. Good luck to Mr. Flaherty, and thanks. Sandy Tyers
  • Ron Butler | 19 Mar 2014, 10:16 AM Agree 0
    I think it is sometimes missed that long term politicians like the Finance Minister (nearly 20 years both provincially and federally) forego the big money top bankers and corporate lawyers earn and settle for $200K per year incomes (which is good but not bank exec good) so as he approaches his 65th birthday he is entitled to take his shot at a couple of multi-million dollar paydays. After all the USA Treasury Secretaries will make many times that when they leave office.
  • Paolo Di Petta | dipettamortgage.com | 19 Mar 2014, 10:18 AM Agree 0
    Personally, I wasn't a fan of his - but he did make some changes that were headed in the right direction.

    There's a saying: "Better the devil you know than the devil you don't". My concern is looking forward to his replacement.
  • Nick Hamblin | 19 Mar 2014, 12:51 PM Agree 0
    Appropriate resignation , he has been dancing to the Big 5s tune for the last 2-3 years ensuring his transition to the most profitable boardrooms in the country. Better to do it now while he still has a Conservative government to influence than to wait until he is in opposition and has little or no sway. Farewell to the Marionette, whose strings will the Big 5 be pulling next? Joe Oliver ?
  • David Cooke | 19 Mar 2014, 02:39 PM Agree 0
    In 2006, Flarherty allowed CMHC and the other insurers to go to 40 year amortizations. |When the banks started worrying about defaults, he abruptly cut the maximum amortization to 35 years without clarifiying if people with pre-approvals would be able to grandfather this for the next 120 days. He put the mortgage industry in turmoil. He then made another cut to 30 and then to 25 years, putting us back to where we were when Ralph Goodale was finance minister. It appears that he created the problem and then retreated, claiming that he was solving the issue with his prudent management of the economy. Anyone who can remember back 7 years ago knows better.
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