Rules, Rules, Rules
“Today’s … Read more
“Today’s … Read more
On Friday, September 19, 2008 the Department of Finance issued its final mortgage insurance guarantee parameters and accompanying explanatory notes. The final guidelines follow the initial announcement on the financial guarantee for mortgage insurance providers issued July 9, 2008 by the Department of Finance.
There are two noteworthy changes from the draft parameters:
1. Elimination of reference to a Total Debt Servicing (TDS) number, replaced by a principles based approach;
2. Reduction in minimum credit score to 600 from 620. Three percent “basket” for flexibility remains;
These modifications follow discussions with stakeholders, including CAAMP. CAAMP through its submission focused its comments on the minimum credit score and welcomes the decision by the Department of Finance to adjust the credit score.… Read more
The great National Post had an article today that said about 25% of Canadian’s polled do not agree with the federal goverment steping in and changing the mortgage rules. In case you have forgotten click here to see an earlier post.
I have to mention that the poll was conducted by Angus Reid for ResMor Trust Company. Surprisingly 45% agree with the new rules, and when you factor in current renters, the support falls to 25%. This is the group that is affected the most by the new changes. As it takes away a lot of options for them when it comes time for them to look at get out of renting and buy a home.
Our fantastic government apparently thinks that we were too close to acting like our neighbors to the south. It is true we had a … Read more
Pat Sawler
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