Results 1 to 2 of 2

Thread: CHMC raising rates, again. Effective June 1/2015

  1. Default CHMC raising rates, again. Effective June 1/2015

    The new rates go into effect June 1 and mean mortgage default payments for people with 10% down or less will increase by 15%. The premium in that category will rise to 3.6% of the value of the mortgage from 3.15% which CMHC says amounts to about $5 on a monthly mortgage.

    See article here.
    http://business.financialpost.com/pe...s-than-10-down
    Brad S Taylor
    RE/MAX Realty Professionals
    Email: bradtaylor@realtybybrad.com
    Website: www.realtybybrad.com
    Mobile: 403.703.1508
    Office: 403.259.4141

  2. #2

    Default

    IMO,
    CMHC are about to get caught for relying on "Bank Submitted" financial information when approving mortgage insurance.
    CMHC have no review of their own... and never did... and still don't .... they just rely on the Bank loans officers submitted information when approving, and Loans/Mortgage "professionals" are performance based.
    I personally know of at least 3 instances in the last year... where there is no way in hell those people qualified anywhere close for CMHC insurance, 2 at chartered Banks and 1 at a Credit Union.... and all 3 were somehow miraculously "approved" for CMHC Insurance.... basically offloading the risk from the institutions balance sheet.
    One of which is now in arrears, and will be headed to foreclosure.
    Sound familiar ?
    I think we have a far closer to the U.S. situation of 2009 brewing than many believe ?

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •