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vancovuer real estate market: Warnings about risky mortgages ignored - 12/21/08 05:29 PM
The Globe And Mail published an article today "Federal officials told CMHC it could burden borrowers" that may have more far reaching consequences on home owners.
"Canada Mortgage and Housing Corp. officials ignored warnings from senior Finance Department and Bank of Canada officials during the past two years that its active business in high-risk mortgage insurance could overburden consumers.
According to sources familiar with the discussions, CMHC executives did not heed the warnings and continued to underwrite larger volumes of insurance policies for risky home loans with 40-year amortizations and minimal down payments.
The sources said the federal agency's executives disagreed … (4 comments)

 

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