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Latest News
Is the COVID-19 emergency over? An economists prosepective. + MORE Sep 14th
I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation. It was good to hear real financial experts make sense of what has happened and what will most likely hap.... More »
Housing sales fall in most markets across Canada - The Globe and Mail + MORE Jul 17th
The Globe and MailHousing sales fall in most markets across CanadaThe Globe and MailHouse sales fell in a majority of markets across Canada in June, suggesting the real estate sector is cooling just as interest rates are starting to climb and Ottawa is proposing tougher mortgage rules. Sales fell in.... More »
How The Great Canadian Shrinking Family Will Affect The 2014 Housing Market + MORE Jan 4th
Canadian homes are shrinking – but not in square footage! Rather, the number of people occupying the average home is dwindling.
According to the Canadian Housing Observer released by Canada Mortgage and Housing Corporation (CMHC) the average Canadian household has a population of 2.5. That.... More »
Pace of construction in Ottawa still too high, according to CMHC + MORE Jan 31st
Home builders need to further scale back construction to cool overheated markets in Ottawa and other centres, says Canada Mortgage and Housing Corp. A quarterly market assessment released by the federal government’s housing watchdog Wednesday said rising vacancy rates and high inventories of n.... More »
Q2 2018 Bank Earnings – Mortgage Morsels Jun 8th
The majority of Canada’s Big Six banks beat expectations for second-quarter earnings, despite slowing real estate activity and tighter lending rules for uninsured mortgages. Both RBC and Scotiabank posted 6% year-over-year increases in their residential mortgage portfolios, although the other .... 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…
