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Mortgage Broker News | 05 Jul 2011, 09:00 AM Agree 0
The head of a large Ontario brokerage – and VP of the province’s mortgage broker association, IMBA – is lobbying for “better-defined” guidelines around “mortgage suitability” in the governing act, arguing it would help fend off competition from the banks.
  • Steve Holman | 06 Jul 2011, 02:34 AM Agree 0
    While the idea of having more certainty in suitability guidelines seems a good one, we should be careful what we wish for. Generally more prescription causes more gaming of the rules and creates scenarios that seem arbitrary and possibly unfair.
  • Glenn May-Anderson | 06 Jul 2011, 02:43 AM Agree 0
    Steve, agreed - however, suitability is something the investment world has had to deal with for some time, and they do so routinely and successfully now. I would rather see guidelines than just an arbitrary "suitability" clause. You're right - it's a balancing act.
  • Quan Le | 06 Jul 2011, 02:59 AM Agree 0
    This suitability guidelines are providing opening for new lawsuits. Nobody is taking personal responsibility anymore?
  • Doug Pfeiffer | 12 Jul 2011, 12:03 AM Agree 0
    I still believe in freedom, and the less regulation the better. In a free society, "All persons of full age and competent understanding shall be afforded the utmost liberty to freely contract, and those contracts, when entered into voluntarily, shall be held sacred and will be enforced by courts of competent jurisdiction." That is, stop letting the "government" decide where to pidgeon-hole everyone. There's nothing wrong in being unique.
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