THE DAVISVILLE / LEASIDE INSIDER

THE DAVISVILLE / LEASIDE INSIDER

Tuesday, February 16, 2010

Jim Flaherty tightens mortgage rules!

Finance Minister Jim Flaherty Tuesday announced tighter lending standards for mortgages, saying that while the housing market is healthy and there's no solid evidence of a bubble, the moves are needed to “help prevent negative trends from developing.”

Under the new rules, all borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower rate and shorter term.

Source: Ottawa — Globe and Mail Update
Jeremy Torobin and Bill Curry
Published on Tuesday, Feb. 16, 2010 8:17AM EST
Last updated on Tuesday, Feb. 16, 2010 12:44PM EST

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