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Feds Look At Mortgage Changes

The Federal Government is still getting big pressure to change the criteria it takes to get a mortgage, but it looks as if they have dropped the idea up upping the down payment needed.

Feds look At Mortgage Changes Blog Transcription

Hey there! Rob Reynar here checking in, just wanna talk about some proposed changes to the way mortgages are doled out in this country. Jim Flaherty the Finance Minister had talked about raising the amount of down needed on a mortgage in order to make sure that people in this country weren't over extending themselves, that was clearly not a good idea. You shouldn't  have to double the amount you need now. That's not a sign of financial strength but what is, is making certain mortgages a little tougher to get. Say a variable over a fixed rate if the variable rate goes up, can you still make the payments? If you want a variable mortgage maybe it'll be a little tougher to get it. I think that is more in line with where the Federal Government should be looking if they're thinkging of toughening banking rules. But I guess the question is because the real estate market is so hot and interest rates aer so low, does the Federal Government need to tighten the way mortgages are doled out in this country? Love to hear from you on this, R-E-Y-N-A-R, Talk to you soon, buh bye!   

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