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Politics : Canadian Political Free-for-All
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From: DeplorableIrredeemableRedneck10/26/2009 11:00:42 AM
1 Recommendation  Read Replies (2) of 37216
 
40 year mortgages are gone, but those on the books stay on the books. Having said that, in 4 years the last of them would have amortized down to 35, os that is just a blip. The zero down are still around disguised as cash back mortgages. Having said that, the man appears to be out of his element and does not mention that CMHC and GE the private inusrer which obviously means they are not govenment backed) tightened their credit guidelines over a year ago and required clients to have much higher credit scores before they would qualify. No doubt there are mortgages at issue from the high flying era of two years ago, but most of those are GE insured (as the were the prefered self employed/stated income insurer of the day) Obviously those are the ones that default as they are the highest risk. As such GE would take the hit and not CMHC and by default the government.

This appears to be a fear mongering article designed for the knee jerk impact the media loves so much as it is what gets people to read the article. We love to love fear. Being a journalist by trade, this gentleman would certainly know how to play on that and it appears he has done so.

Poorly researched and definitely biased to drive fear into the reader. You just fell for it...

These are not NIJA mortgages and NO there is no Canada made housing bubble
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