Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Lender Calls – Q3 Roundup + MORE Dec 21st
Canada’s biggest non-bank lenders have all reported third-quarter earnings. In their earnings calls they outlined how they’re coping with Ottawa’s recent changes to the mortgage qualification and insurance rules. Per usual, we’ve combed through their transcripts in order to se.... More »
Fixed or Variable? Floating-Rate Mortgages Losing Their Lustre + MORE Aug 6th
It can be one of the most difficult choices for mortgage borrowers—fixed rate or variable? Thanks to historically low spreads between the two, that choice is becoming easier for many. “If you’re in the trenches shopping for a new mortgage, I’m going to tell you something I’ve rarely to.... More »
Weekly mortgage digest: Fixed rates trending downward ahead of expected BoC cut Jul 23rd
This week’s digest highlights the past week's key mortgage news, including the downward trend in fixed mortgage rates as lenders respond to lower bond yields..... More »
The Latest in Mortgage News: Half of Canada’s Big Housing Markets Are Unaffordable Sep 30th
A new study of 15 major urban centres across Canada shows that housing unaffordability continues to be a major concern in nearly half of those markets. A median-income earner wouldn’t qualify for a mortgage large enough to fund their home purchase in seven key markets, including the Greater Va.... More »
Toronto housing bubble: Is it ready to pop? + MORE Nov 25th
The Toronto real estate market has experienced remarkable growth over the past two decades. The average home price in Toronto surged by a staggering 489% from 2000 to 2022, according to the Toronto Real Estate Board (TRREB). This rapid price growth has raised concerns about the future of affordable .... More »
The RMG Mortgage — 2013 Mortgage of the Year
– canadianmortgagetrends.com
There are so few mortgages that are unique, widely available and serve essential niches, and RMG Mortgages has one of them. To appreciate the uniqueness of its product, we have…
Spotlight on Mortgages: Tapering Round 2 Knocks Out Emerging Markets
– ratesupermarket.ca
The U.S. Fed announced the second round of tapering for their bond buying program on Wednesday, a signal the country is ready to wean itself off cheap money. Emerging global economies, however, may not be ready to go cold turkey.
While the latest $10-billion scale back to quantitative easing is a positive sign for U.S. economic growth (it will now spend only $65 billion monthly on its own bonds), such optimism has been somewhat shadowed by a growing worldwide deflation crisis – currency values have dropped around the world, and global stock markets have plummeted $1.7 trillion.
The Global Impact
It’s indicative of just how greatly the U.S. economy impacts the rest of the world – the cost of borrowing there really is the benchmark for global currencies and the accessibility of money in other countries.
When the U.S. kept its monetary policy loose, this in turn benefited these emerging markets – it promoted investment there, and allowed them to keep their own costs of borrowing down and stimulated their economies…
Lender News of Note
– canadianmortgagetrends.com
Here’s a quick look at lenders who launched (or re-launched) mortgage products in the past few weeks. Optimum’s Opti-85 Returns After pulling its Opti-85 bundled mortgage from the market last…
NY judge approves Bank of America $8.5B settlement of losses from mortgage-backed securities
– canadianbusiness.com
ALBANY, N.Y. – A New York judge has approved the $8.5 billion Bank of America settlement over investor losses from mortgage-backed securities, concluding that trustee Bank of New York Mellon acted reasonably.
Critics of the settlement argued that it represented only a fraction of the losses.
State Supreme Court Justice Barbara Kapnick writes in her ruling Friday that BNY Mellon “did not abuse its discretion” in entering the agreement and “did not act in bad faith.”
According to court papers, the claims arose from “a massive collapse in value” of mortgage loans in New York trusts in 2007 and 2008.
The claims were against trust creator Countrywide Financial Corp. and trust servicer Bank of America, which bought Countrywide in 2008.
Bank of America spokesman Lawrence Grayson says they’re reviewing the 54-page ruling.
The post NY judge approves Bank of America $8.5B settlement of losses from mortgage-backed securities appeared first on Canadian Business.
Critics of the settlement argued that it represented only a fraction of the losses.
State Supreme Court Justice Barbara Kapnick writes in her ruling Friday that BNY Mellon “did not abuse its discretion” in entering the agreement and “did not act in bad faith.”
According to court papers, the claims arose from “a massive collapse in value” of mortgage loans in New York trusts in 2007 and 2008.
The claims were against trust creator Countrywide Financial Corp. and trust servicer Bank of America, which bought Countrywide in 2008.
Bank of America spokesman Lawrence Grayson says they’re reviewing the 54-page ruling.
The post NY judge approves Bank of America $8.5B settlement of losses from mortgage-backed securities appeared first on Canadian Business.
Mortgage Careers of the Week
– canadianmortgagetrends.com
Company: Canadian Association of Accredited Mortgage Professionals (CAAMP) Position Title: Vice President, Member Services Years of Experience Required: Minimum 5 years of relevant sales, business development and marketing experience in…
