U.S. mortgage delinquencies remain at record levels
One in 10 borrowers is seriously delinquent on their U.S. mortgage, with their payments at least 90 days past due or in foreclosure. That compares to one in 16 borrowers a year ago and one in 33 two years ago, according to the Mortgage Bankers Association.
Canadians' household finances in trouble, says Vanier Institute
A new study released by the Vanier Institute of the Family suggests average household debt is rising at an alarming pace and Canadians' mortgage and credit card payments are suffering.
From the Press: What people are saying about the new mortgage rules
A day after Finance Minister Jim Flaherty announced three changes to mortgage rules in Canada, it appears the overall response from the financial community has been favourable; however, questions still remain, including whether clients must qualify at five-year posted rates or five-year discounted rates. Here's a roundup of what's being said in the press:
Industry not surprised by Flaherty's mortgage rule changes
Federal Finance Minister Jim Flaherty announced three new rule changes connected to government-backed insured mortgages Tuesday morning, saying the government is "taking proactive, prudent and cautious steps" to prevent a housing bubble.
Fraser Institute endorses Australian model of mortgage insurance
The CMHC should be privatized to minimize taxpayer risk if a housing crisis occurs, conservative think-tank The Fraser Institute argued in a report released earlier this week.
Genworth already using potential new mortgage rule
The federal government is considering a new mortgage rule where clients who take out variable rate mortgages must be qualified based on a higher interest rate, according to the Globe and Mail - a practice Genworth Financial already has in place.
Flaherty has no plans to tighten mortgage rules: Globe and Mail
Following a report in Saturday''s Globe and Mail that banking officials have called for tighter mortgage rules to stave off a housing collapse, Finance Minister Jim Flaherty told reporters he does not see signs of a housing bubble in Canada.
U.S.-based firm pays borrowers to pay their mortgage
Lately some borrowers in the U.S. have been considering walking away from their mortgage, even if they have a means to pay it.
Competition bureau aims to make property listings cheaper
The Competition Bureau says today it will try to make it cheaper for sellers to list their homes on the Multiple Listings Service (MLS).
Mortgage market strong, housing bubble nonexistent: Carney
Bank of Canada governor Mark Carney said Canada is not experiencing a housing bubble and he doesn''t see the need for structural changes to the country's mortgage market, according to a report in Reuters.