CMHC Decides To Copy Stupid U.S. Mortgage-Lending Policies

Posted: April 23, 2008 in Your Shelter
Tags: , , , , , ,

” The changes apply to rental properties with a maximum of four units, but even The Donald had to start somewhere. … CMHC [Canada Mortgage Housing Commission] will underwrite it up to 100 per cent. “
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Comments
  1. canuck99 says:

    Translation: further erosion of “CMHC ethics” (sorry for the oxymoron). Because lazy lending practices like this one has worked oh so well lately in the good ol’ USA we Canadians will start offering zero down for as many as four homes–WOW! That’s just what people should be doing during uncertain times–piling on leverage like no tomorrow. Will somebody with spine either shut down the CMHC or make these practices illegal? … And if there are still home buyers keen to buy at the obscenely-high price-to-rental ratios that are plaguing the Greater Vancouver area do yourself a really big favour and ask yourself: why are realtors so desparate to offer me four homes for nothing down? Maybe, just maybe, these homes are a tad overpriced. …

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