Canada vs US Mortgages

It seems there is still a lot of misinformation going on in the general public regarding the sub prime mortgage meltdown in the us and how Canada compares. For the start if you default on a mortgage in Canada you need to pay that money back or declare bankruptcy. In the us you can give the keys back in the morning and buy another home in the afternoon. In the us mortgages were unregulated and basically a free for all for documentation. In Canada we our a highly regulated mortgage industry with strict guidelines. People actually need good credit, be working and qualify within guidelines to get a mortgage in Canada. That was not happening in certain sates in the us. So, what does this mean, we do not have the same problems here in candid as the us. This is why there is not a sub prime mortgage problem in Canada.