Job Loss at BMO shows Mortgage Specialists not Working Out for the Bank
It doesn’t seem like it was that long ago when RBC cut dozens of jobs and decided to outsource, and caused a global controversy over the move. They soon apologized afterwards and spoke of trying to keep jobs in the country, and we seem to have largely forgotten about it. Now, Bank of Montreal is…
Read moreCMHC Raises Fees, Private Insurers Benefit
Last week when Finance Minister Jim Flaherty was agreeing with comments made by the IMF about CMHC, he said that the government-backed organization planned to raise its risk fee, although he wasn’t specific about just how much it would rise. Now, CMHC has made the announcement that their risk fee will be going up to…
Read moreFlaherty Says IMF is Right about CMHC
Last week the International Monetary Fund came out saying that Ottawa should back away from government insured mortgages taken on by CMHC. And while some may have expected the Finance Minister to come back swinging, he actually told a group of industry insiders on Friday that he agreed with the global organization, and said that…
Read moreWhy are Big Bank so Eager to Offer Mortgage Vacations?
We’d all like to take a paid vacation now and again. And while your boss might not be offering it, many of the big banks have started offering ‘mortgage vacations,’ although they’re not structured in exactly the same way. With mortgage vacations, you pay a little extra every month on your mortgage and that extra…
Read moreNew CMHC Stats Show Refinances Have Been All But Eliminated
Last week CMHC came out with some pretty impressive stats regarding defaulted mortgages and the organization’s profits for the quarter. But while the company focused on these stats in their release, there was another one – that was quite shocking – that they didn’t bring to light. That’s the fact that the mortgage rules that…
Read moreMaybe CMHC doesn’t need Privatization After All
Last week the International Monetary Fund made headlines when they came out saying that Ottawa should scale back on the amount of insured mortgages through CMHC. But now the Crown organization, the Canada Mortgage and Housing Corporation, have released some of their own stats that show taxpayers’ money is not at risk. In order for…
Read moreToronto Market Being Helped Out by Mom and Dad
Earlier this year, CAAMP came out very vocally against Finance Minister Jim Flaherty saying that the mortgage rules that were put in place weren’t helping the market, but they were in fact hurting first-time buyers; and it was those buyers that needed help. Now, they’ve gotten it, and the help hasn’t come from the government….
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