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Good News, CMHC Competitors Decide Not to Tighten Rules, Maintain Home Shopping Affordability

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In a news releases today Genworth Canada and Canada Guaranty have both confirmed that they will not follow suit with Canada’s main mortgage insurer, CMHC, in tightening lending guidelines for mortgages. Genworth MI Canada Inc. (TSX: MIC) said: “it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit […]

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Finance Minister Tightens Insured Mortgage Rules Again In Less Than A Year

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Going Overboard, Who Is Captain Of Canadian Mortgage Ship? Today the Canadian Finance Minister (Flaherty) announced additional tightening of rules for government backed (insured) mortgages.  Last April 2010 he introduced rules that effectively reduced the ability for Canadians to leverage their homes and revenue properties.  Today he focused solely on Canadians’ homes.  The three sweeping

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