Quote:
Originally Posted by The Fonz
Didn't the federal government subsidize mortgages down from that level to a net 12% in the 80s?
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Not to my knowledge. After the NEP in the early 80s in Calgary, many people saw the PV of their home drop below the equity value, and ended up selling their home for a dollar to get out of their mortgage.
I recently met a person, who was working for RBC at the time, who said the number of foreclosures he was working on went from one to twenty.