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Doug Mehus
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This is probably a good move but I don't understand why the federal government won't cap maximum amortizations at 25% and go back to what it was before. Doing so will two things: (a) will make it harder for new borrowers to qualify for mortgages and thereby potentially getting into trouble and (b) make it harder for existing borrowers to qualify at renewal or, at a minimum, if they apply for additional funds to be advanced (believe you call this an "equity take-out"). This would, in turn, help to reduce home prices in some markets which are artificially inflated by quite a bit. I'd also go a step further and require 20% down with CMHC/Genworth/Canada Guaranty mortgage insurance. Another thing that would be beneficial would be for the government to perhaps sell CHMC, or spin it out in an IPO, which would allow them to get out of guaranteeing the private mortgage insurers up to 90%. Cheers, Doug
Well said, VanBroker. I work in a bank branch and I was thinking the same thing - that seems about all it's good for! :) Cheers, Doug M.
Rob, Where do these top # 10 fall in relation to the "Big 5" banks for new mortgage volume? Obviously, if this just the broker channel, there's got to be lots more mortgages in the non-broker channels. I realize the "Big 5" will always hold more mortgages than the non-bank lenders but in terms of growth, what percentage of all new mortgages does the broker channel make up and of the non-broker channel, how do the lenders rank? Any chance you think some of the non-bank lenders like First National might launch their own internal sales force and allow customers to go through them directly? Cheers, Doug
I'm curious to know why some banks have stopped using Genworth or aren't partnered with companies like Canada Guaranty. Are the private mortgage insurers taking on riskier mortgages than say CMHC or is it the opposite, CMHC takes the riskiest? Do they not provide as good of a default guarantee than say CMHC? Is their paperwork sloppier or, the opposite, are they too stringent and onerous? Doesn't the government guarantee private mortgage insurers anyway? Any information would be appreciated. Cheers, Doug
Would you mind posting the rest of the market share leaderboard, specifically the top 10 and preferrably the top 15 or 25 lenders? Thanks so much! Cheers, Doug
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May 25, 2011