Quote:
Originally Posted by MillerTime GFG
On the topic of CMHC...
"CMHC considers deductible for mortgage claims"
http://www.mortgagebrokernews.ca/mar...ms-204546.aspx
Somewhat surprising to me, as mortgage insurers such as CMHC underwrite every deal in a similar fashion to what the lenders do. The volatility in AB has already made deals harder to fund, and a move like that would further that trend. I'd be interested to see what kind of premium they're considering. |
That is interesting and makes sense. It bugs me how banks push the high ratio mortgage and are less likely to give you a deal if you actually have a decent down payment. They should shoulder some of the risks when it comes high ratio defaults as well. I also read there was a proposal to make the banks pay the premium, and not just have the borrower roll it into the mortgage. I'm sure the bankers will fight this.