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Report: OSFI has the wrong end of the stick

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Mortgage Broker News | 30 May 2012, 03:00 PM Agree 0
A new report is backing up broker concerns OSFI is about to fix what ain’t broke – this new research identifying already-reduced amortizations, low arrears and high levels of homeowner equity.
  • Phil McDowell | 01 Jun 2012, 01:30 AM Agree 0
    Is it possible OSFI is just planning to conduct an economic "Fire Drill"? If they set up the conditions of accelarated forced sales, driving down property values during relatively solid economic times, the resulting damage they will be able to point to and say"See-told you so!". Then, OSFI/Dept of Finance can then revise policies to what they are now and call it a stimulus. Then we will have had a test run on the effects of a serious recession. It's an effective way to smarten us up before an uncontrolled down turn occurs. And, may just get that PHD thesis done by the egg-head who wants to conduct this test. Not saying this is fact, it is just a question.
  • Peter Dale | 01 Jun 2012, 01:48 AM Agree 0
    Your article is correct: who does know what re-qualification means. Equally important, however, is who is going to do it. If brokers are forced to re-qualify their clients, who is going to pay them for their time?
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