Quote:
Originally posted by fotze+May 12 2005, 03:19 PM--></div><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>QUOTE (fotze @ May 12 2005, 03:19 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin-Sample00@May 12 2005, 08:59 AM
ya, unfortunately thats one way..but the other way will also be for your wife/girlfriend/fiance. to wait until she has two years in with two years of financials..then you could go from there.
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Can you explain the point of the CMHC, or as I like to call it "The biggest goddamn scam in Canada".
Why in the bejesus do those poor vulnerable banks need insurance on a mortgage. What risk is there. A person pay's his mortgage off for a while, the bank is profiting right there, they default, the bank get's the house that has gone up in value, they sell the house then in essence get another mortgage out of it. How can they lose.
Is there car loan insurance premiums? A far riskier debt.
And why call it a fee, it's a homebuyers tax.
Another rant another day. [/b][/quote]
well fotze, we could talk about this one all day.
and I for one would tend to agree with you.
CMHC was set up to provide protection for the banks...*ahem cough cough*
like they need protection, in an environment, when people had less than 25%
to put down on their mortgage.
I believe at the time, there was some vulnerability with respect to property values.
but its now written into the Bank Act, so I dont think you are gonna see them disappear any time soon.
GE Capital does the same thing and is a competitor to CMHC.
For all intensive purposes, they do the same thing.