Deleted by moderator
Hi,
Why are you flooding your real estate articles into a simple question about Mortgage shopping?
You have one going about real-estate with dozens of link, keep your posts to that. You can reply to generic real-estate articles, but don't post articles in response to specific questions like these.
I'll be deleting your posts in this thread.
Quote:
Originally posted by rahul_singh23
Mortgage fraud inquiry nets hundreds
http://money.cnn.com/2008/06/19/real_estate/mortgage_fraud/?postversion=2008061910
WASHINGTON (CNN) -- Hundreds of people have been arrested in a sweep by law enforcement officials targeting crooked mortgage brokers, real estate agents, and other industry officials, Justice Department officials said Thursday.
Losses in the fraud cases total about $1 billion, one official said. The official refused to be named because the results of the investigation have not been announced publicly.
More than 400 people have been charged, of whom nearly 300 have been arrested, the official said.
The investigation by the FBI and Justice Department began March 1, government officials told CNN Thursday.
Most of the arrests came Wednesday, federal law enforcement officials said, in Miami, Houston, San Antonio, Baltimore, Chicago, and other cities.
Officials indicated the suspects were involved mostly in small-scale schemes.
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Are you there?
http://www.fin.gc.ca/news08/08-051e.html
The Government of Canada today announced adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The new measures include:
Fixing the maximum amortization period for new government-backed mortgages to 35 years;
Requiring a minimum down payment of five per cent for new government-backed mortgages;
Establishing a consistent minimum credit score requirement; and
Introducing new loan documentation standards.
Today’s announcement marks a responsible and measured approach by the Government to ensure Canada’s housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada.
The new limits are planned to take effect October 15, 2008. This would allow existing mortgage pre-approvals with the common 90-day duration to be used or expire. Certain exceptions would also be permitted after October 15. The Government will work closely with all stakeholders to ensure timely and effective implementation of these measures.
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Big Question:
1. How are these changes going to effect titanic housing market?
CBIC, BMO have followed ING and dropped 40-year mortgages.
Q: why banks are going so fast even they have couple of months for selling 40 yrs mortgages? How's going to effect RE market?
http://www.thestar.com/Business/article/458918
The Bank of Montreal and Canadian Imperial Bank of Commerce are following in the footsteps of ING Direct Canada by immediately purging 40-year mortgages from their offerings, making them the first of Canada’s “big five” banks to take that step since Ottawa decided to tighten mortgage rules.
Toronto-based BMO made the announcement late today, noting the maximum amortization period for residential mortgages will be set at 35 years. CIBC issued a similar statement a short time later.
For its part, BMO said it is also requiring a minimum down payment of 5 per cent for new mortgages from now on. However, it will continue to process applications from those clients who have already applied for 40-year amortizations and lower down payments.
For Variable I got prime -.95
U should contact
Surrender (National Bank) 4168392827
My relatives got prime -1.1 ofcourse his amount was about 50000 - 75000 more than mine from another Mortgage broker..
Location: carl sagan's universe
Posted on: 29-08-08 08:26:33
Hi dudewheresmycar,
when did you get the rates prime - .95% and ur relatives prime-1.1%?
Please do let us know.
Thx
3 months back for both..
I tried contacting the broker who got my rel 1.1 , but he was not replying, os i went with my guy..
Quote:
Originally posted by investpro
Hi dudewheresmycar,
when did you get the rates prime - .95% and ur relatives prime-1.1%?
Please do let us know.
Thx
