Risk management, proprietary lending criteria and operational efficiencies will boost the performance of [residential mortgage financing companies], said Home Capital Group at its inaugural Investor Day held yesterday.
Canada’s housing affordability has deteriorated in the early months of 2012, after two consecutive quarters of encouraging improvements, says the latest Housing Trends and Affordability Report by RBC Economics Research. Vigorous homebuyer demand pushed home prices higher during Q1 2012, driving up the costs of owning a home in Canada. “It became a little tougher […]
A debt-rating agency, DBRS, conducted a ‘worst case scenario’ study, which indicates Canadian households could tolerate a 40% drop in housing prices without having to default on their mortgages. Policy makers are increasingly concerned about what could happen if the record low interest rates began to rise or similarly staggering housing prices began to fall. […]
Barely two months after the fires were put out, BMO has reignited the cooling embers of the mortgage war among Canada’s largest banks. The bank announced, effective today, it is dropping the interest rates on a five-year mortgage to a historic 2.99%, a reduction of 50 basis points on the existing rate. The rate on […]
The race to offer lower mortgage rates just got more intense as credit unions decided to jump into the fray. Barely a week after BMO triggered a price war by dropping the interest rate on a five-year fixed-rate mortgage to an unprecedented limited-time offer of 2.99%, followed by TD Bank and RBC with similar offers, […]
The Securities and Exchange Commission is said to be close to a settlement with mortgage insurers Fannie Mae and Freddie Mac over allegations the two failed to properly disclose their exposure to low quality loans.