Bank of America settles Fannie and Freddie
Fannie Mae and Freddie Mac, the U.S. government mortgage lenders, accepted US$2.8-billion from Bank of America to settle claims of the bank providing faulty loans.
Harper hints at tighter mortgage rules in 2011
Prime Minister Stephen Harper hinted the government may adjust mortgage rules in 2011 to help Canadians avoid going deeper into debt.
FSCO seeks comment on mandatory continuing education proposal for mortgage brokers
The Financial Services Commission of Ontario (FSCO) has released a proposal that would see continuing education (CE) become mandatory for mortgage brokers. The proposal is out for public comment until February 28. In spring 2011, FSCO plans to release its decision on its website.
Ratesheet.ca responds to questions and concerns
The introduction of Ratesheet.ca, an online mortgage rate auction site, received several comments and feedback on MortgageBrokerNews.ca this week. Vik Palan, Ratesheet.ca president, wanted to address some of the concerns.
Flaherty responds to banks' comments
While he still hasn’t ruled out tightening mortgage rules next year, Canadian Finance Minister Jim Flaherty thinks it is up to banks and not government to slow lending as household debt continues to rise, aided by low interest rates.
Banks required to do more stress tests for debt
Canadian banks and insurers will be required to do more testing on the risks consumer debt places on their balance sheets, said the Office of the Superintendent of Financial Institutions (OSFI) on Monday December 20.
Ratesheet.ca, a mortgage rate auction website launches
The mortgage rate auction website, Ratesheet.ca launched on Sunday December 12 to provide a competitive bidding system for potential mortgage clients.
Banks won't impose own tighter mortgage rules: TD
Canadian banks are not likely to impose stricter mortgage qualifying rules on their own to curb the nation’s rising household debt, TD chief executive officer Ed Clark told The Globe and Mail.
Further tightening of mortgage rules not necessary say brokers
Finance Minister Jim Flaherty warned again on Monday the government could tighten mortgage rules further if needed, after a report showed the country's household debt levels have soared.
Australian government bans pre-payment penalties
Australian Treasurer announced changes to finance laws, banning unpopular mortgage fees and cracking down on price collusion between major banks in a bid to boost competition in the sector.