Brokers welcome freeze on mortgage rule changes
Finance Minister Jim Flaherty is offering brokers a respite from any new mortgage rule changes like those introduced in March, suggesting he’s happy with slowing demand stemming from those spring amendments.
Broker: ‘Habitual refinancers’ facing forced listings
There's strong indication new mortgage rules have begun to cull the number of “habitual refinancers” said one 20-year veteran of the broker industry, suggesting a spike in the number of forced listings should soon follow.
Broker: Clients now suffering collateral damage from collateral mortgages
Broker fears that growth in collateral mortgages could darken their business horizons have come true, said one broker, pointing to his own impaired capacity to service clients.
2011: The Road Ahead
Consumer awareness and confidence in brokers, broker-lender relationships and the threat from government of more mortgage rules are some of the issues John Tenpenny heard about when talking with prominent industry members
DLC president bends the ear of Finance Minister
Dominion Lending Centres president Gary Mauris was one of the participants Wednesday at a pre-budget consultation held in Regina by Finance Minister Jim Flaherty. The following is a summary of the day, submitted by Mauris.
Ottawa tightens mortgage rules
Finance Minister Jim Flaherty announced a second tightening of mortgage rules in the past 12 months as Canadian household debt became a growing concern at the end of 2010 and historically low interest rates continued to persist.
Have your say with Finance Minister Flaherty
Gary Mauris, President of DLC is seeking advice from everyone involved in the mortgage industry as he prepares to attend a pre-budget consultation roundtable with Canadian Finance Minister Jim Flaherty Jan. 19 in Regina, Sask.
Britons turn to credit cards to make mortgage payments
In what could be a warning of things to come for Canadians who may struggle their mortgage payments if interest rates rise, it has been reported that more than 2 million people in Britain have used credit cards to pay their mortgage or rent, an increase of almost 50 per cent in a year, according to the housing and homelessness charity Shelter.
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 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.