Quote:
Originally Posted by Slava
Ya I knew that the credit unions were regulated provincially, but I guess I assumed that mortgages were federally regulated or something and didn't see the distinction. Thats crazy that there is that much of a difference in that case. I mean if the credit unions are able to guarantee 100% of deposits with no limit that's one thing, but mortgages that are different in terms of restrictions and risk seems completely different.
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Ya it's quite an unfair advantage for the CU's in a lot of situations, and I know for a fact it drives a lot of the big banks BDM's nuts. From a brokers' standpoint though, it's a nice option to have in the back pocket.