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Latest News
Canadians Remain in Denial about Personal Debt: Ipsos Reid survey + MORE May 30th
Despite debt levels continuing to rise, Canadians are looking to a brighter financial future.
Following data released by credit rating agency TransUnion, a new Ipsos Reid/BDO poll shows that the average Canadian’s non-mortgage debt level rose to $21,348 in the first quarter of 2016. That is a 2.7.... More »
Sloppy Journalism + MORE Nov 6th
In the media’s race to break down last month’s mortgage rule changes, accuracy has seemingly taken a backseat to fast-published, under-researched commentary. Here’s a case in point, a Globe story that ran October 17. (And yes, I hate to criticize my own because the Globe has.... More »
Where to Buy Real Estate in Canada 2026: Calgary + MORE Apr 30th
When most people think of Calgary, they picture cowboys and oil. They’re not wrong, but they’re about a decade behind. Since 2018, Calgary’s tech sector has grown by 78%.
The city’s food scene spans everything from Ethiopian and Korean spots to farm‑to‑table restaurants,.... More »
Rates are going up… for now… is this the end of low rates? + MORE Jan 14th
Next Wednesday will be the first Bank of Canada meeting date to set the Target rate, which directly affects Bank Prime rate and Variable rate mortgages. It’s almost a certainty that the Bank of Canada Governor, Stephen Poloz, will raise the rates.
POSITIVE DATA MEANS HIGHER RATES
Th.... More »
Quebec’s legal battle between CNQ and title insurers leaves brokers and homeowners in limbo ahead of mortgage renewal wave + MORE Nov 27th
Quebec-based mortgage brokers and homeowners are caught in limbo due to an ongoing legal battle that is unlikely to be resolved before the renewal tsunami hits..... More »
JPMorgan paying $5.1B to resolve US claims over mortgage securities sold to Fannie, Freddie
– canadianbusiness.com
WASHINGTON – The $5.1 billion that JPMorgan Chase has agreed to pay hardly ends its legal troubles over mortgage securities it sold.
It’s merely a down payment.
JPMorgan still faces heavy financial burdens. The bank has set aside $23 billion to cover legal costs — and it may need it all.
In a statement Friday night, JPMorgan called its latest settlement an “important step” toward resolving allegations over mortgage-backed securities it sold. The $5.1 billion would resolve federal claims that it misled Fannie Mae and Freddie Mac about risky home loans and securities they bought before the housing market collapsed.
Fannie and Freddie were rescued in a taxpayer bailout in 2008 as they sank under the weight of mortgage losses.
Between 2005 and 2007, JPMorgan sold $33 billion in mortgage securities to Fannie and Freddie, according to their regulator. That was the second-most sold to Fannie and Freddie ahead of the crisis, behind only Bank of America. The securities soured after the housing bubble burst in 2007, losing billions in value…
It’s merely a down payment.
JPMorgan still faces heavy financial burdens. The bank has set aside $23 billion to cover legal costs — and it may need it all.
In a statement Friday night, JPMorgan called its latest settlement an “important step” toward resolving allegations over mortgage-backed securities it sold. The $5.1 billion would resolve federal claims that it misled Fannie Mae and Freddie Mac about risky home loans and securities they bought before the housing market collapsed.
Fannie and Freddie were rescued in a taxpayer bailout in 2008 as they sank under the weight of mortgage losses.
Between 2005 and 2007, JPMorgan sold $33 billion in mortgage securities to Fannie and Freddie, according to their regulator. That was the second-most sold to Fannie and Freddie ahead of the crisis, behind only Bank of America. The securities soured after the housing bubble burst in 2007, losing billions in value…
Spotlight On Mortgages: October 25, 2013
– ratesupermarket.ca
Is it a good time to go with a variable mortgage rate? It’s the age old question lingering on the minds of home buyers; variable options offer traditionally lower pricing, but are subject to any fluctuation of the Prime rate. However, this week’s Bank of Canada announcement has thrust the consideration back into the spotlight; abandoning their rising rate bias may indicate variable rates have gained a few more years of low-interest certainty.
In the announcement on October 23, the Bank maintained their Overnight Lending Rate, which sets Prime, at one per cent where it has been since September 2010. The monetary policy analysis points to slowing economic growth in Canada and on a global scale, spurred by recent economic and political setbacks in the U.S. As a result, the BoC has backed away from previous attempts to predict a timeline for a stronger economy, meaning current stimulus measures could remain in place until 2015 or 2016, and not end next year as previously anticipated.
As a result, variable mortgage rates may become a more viable possibility for buyers looking for a longer term rate commitment…
BMO Power Team Moves to DLC
– canadianmortgagetrends.com
Frances Hinojosa, Glenn MacLaren and Peter Lirantzis used to sell against brokers as BMO mortgage specialists. Now they are brokers, having just left the bank to join Dominion Lending Centres…
