Quote:
Originally Posted by snootchiebootchies
Why would this harm people who are looking to get into the market? Millennials likely are not going to have uninsured mortgages. Wouldn't it harm the foreign buyer who typically likes to put down a large down payment?
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I don't know actually. I think there are way better ways to address foreign buyers...like a 15% foreign ownership tax or a vacancy tax. But the real hit will be with renewals I think. You'll be yanked out of the market for no reason at all and essentially trapped at your bank. Owning your credit is the dream for banks. Not really so good for mortgagors though.