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Mortgage Broker News | 16 Jul 2015, 08:50 AM Agree 0
Stingy – that’s how brokers may characterize the 10 bps drop by banks yesterday, and leaving the door open to monolines.
  • Jake Abramowicz | 16 Jul 2015, 09:55 AM Agree 0
    First of all it is seize not cease.

    Second - how can the headline ask if Monolines are ready to cash in then the first comment from Dustan says they can't, since their Prime rates are linked to the big banks?

  • Ernie MacDonald | 16 Jul 2015, 10:34 AM Agree 0
    Why is no one talking about the fact that the Bank of Canada has cut it overnight rate by 50 bps in 2015, and the banks and mortgage lenders have only passed on 30 bps to the clients. Am I the only one that is mad about this!!! The BOC dropped the over night rate to help boost the economy, and the banking industry as a whole has kept 40% of it for them selves. Last time I looked the banks weren't hurting, but the economy is. A little backlash and bad press may get the banks to pass on the entire 25 bp drop the their clients. Lets get talking about this!!!!
  • Debbie | 16 Jul 2015, 10:43 AM Agree 0
    I agree Ernie. Greedy banks are still making record breaking profits even in this tough time. Mortgage rates this low and still making money off them. I agree they have to profit, but they would still make money if they followed the BoC.
  • Ernie MacDonald | 16 Jul 2015, 10:48 AM Agree 0
    Thanks Debbie. You can be sure the banks will take the full increase when the BOC raises the overnight rate!
  • John Van Driel | 16 Jul 2015, 11:03 AM Agree 0
    Letters to National Post Editor, or Globe & Mail would work better. Here, you're preaching to the choir!!
  • Jesse D | 16 Jul 2015, 11:49 AM Agree 0
    Hopefully, 1 lender will opt to drop the full amount, forcing the rest to do the same. It is unfortunate the banks are trying to make more money off this move but that's why they are in business, not to help people but to make money.
    It would be nice if the qualifying rate drops enabling more potential VRM clients to get in on it.
  • Ron Butler | 16 Jul 2015, 12:35 PM Agree 0
    Nobody dropped the full amount last time no one will drop the full amount this time.
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