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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