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CIBC executives acknowledged during quarterly conference call today they are considering sale of Firstline unit. The bank said Thursday the efforts to sell FirstLine are part of a bid to bring mortgage sales inside branches. “Until a strategic decision is made, we will continue to originate new mortgages in the FirstLine channel” CIBC said. http://www.theglobeandmail.com/globe-investor/cibc-profit-rises-eyes-sale-of-mortgage-broker-unit/article2362579/
Great post Rob. Working with Canadian families coast to coast to improve their finances and eliminate their debt, we have found that it's the small changes to spending habits, such as eating out less often, that consistenly enables cashflow they can redirect for achievement of specific and realistic goals such as eliminating their personal debts and mortgage years sooner. There is a free resource at http://bit.ly/lO1UVA that we have been told by many folks helps open dialogue with their partner/spouse to take action around improving finances.
A good story in Toronto Star quoting David Chilton and his new book The Wealthy Barber Returns Check it out @ http://bit.ly/ng1YV5
From our substantial experience in assisting consumers across Canada improve their finances if your primary goal is to qualify for a mortgage with less than 20% equity, the mortgage insurers are looking for new installment AND revolving credit that was obtained after a bankruptcy was discharged (or credit counselling or consumer proposal completed) Important that the credit is reported and ideally to both credit bureaus.
Australia is a great example of what happened when several non bank lenders could not compete and brokers were left with only big banks to do business with.-less choice for the consumer with industry consolidation is not good for brokers or consumers. Also it should be notes that bank commissioned mortgage specialist are technically bank employees and are exempt from provincial licensing as they come under federal bank act for regulation
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Mar 21, 2010