Thursday, February 11, 2010
Why Change The Mortgage Rules?
The rules that banks would like to put in place to slow down mortgage lending due not make sense. Why ask the government to change mortgage rules that they could do themselves? The Canadian banks have a 75% market share in the Canadian mortgage world. The banks set the rules on how the mortgage money is lent out and so far they are doing a great job. Foreclosure rates on mortgages are still at very low levels. The Canadian banks can change the rules on mortgages anytime and do not need government approval to do so.