Genworth Financial $50billion increase is good for Consumers
The Federal govt controls hi-ratio mortgage lending…. (mortgages that are greater than 80% loan to value)… There is a $600 billion limit for Canada Mortgage and Housing Corporation (CMHC… a federal corp). And a $250 billion limit for Genworth Financial Canada (a private corp).
Last year, the govt reported CMHC was fast approaching it’s $600 billion limit and that it had no intentions of increasing that limit. Then last month, the federal govt announced they would increase Genworth’s limit to $300 billon. This gives Canada’s mortgage lenders some breathing room as it now appears as though there is enough room to cover mortgages for a few years…
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