Quote:
Originally Posted by Fire
It's The reason Canada came through the recession in good shape compared to other countries is because of better regulation of the banks.
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Quote:
Originally Posted by Slava
It wasn't just low rates in that instance, it was the fact that the mortgages were to people who ought not to have had mortgages in the first place. Things like 'NINJA' mortgages, No Income No Job. The rates escalated in many cases as well, so that was another factor.
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The government regulated and officially clamped down on NINJA mortgages and cash back zero down mortgages just recently in 2012. I have the impression that the banks had better internal standards regardless but I have no actual evidence to point to. But I thought I saw a sign outside ATB promoting a zero down option a few months back.
http://www.canadianmortgagetrends.co...erwriting.html