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« Mortgage Investors Demand Risk Premiums | Main | Subprime's Recovery May Take Months »

August 30, 2007

More Canadian Lenders Halt Subprime Products

mortgage-effect The snowball is picking up speed.  More Canadian lenders are joining their competitors in discontinuing higher risk subprime mortgages.  This week HSBC and ResMor became the latest to join the trend.

This statement comes from a big lender we work with:

"Commercial paper is practically impossible to sell on the marketplace and sub-prime lenders are shutting their doors. It is getting very difficult for us to encourage investors to take on the added risk of the sub-prime portfolios."

If you have challenged credit, or don't have much to put down on a high-risk property, we again encourage you to contact a good mortgage planner and explore your options NOW.

Posted at 01:44 PM |

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Canadian Mortgage Trends (CMT) delivers the latest mortgage news in Canada for homeowners, online mortgage brokers, and real estate professionals. Legal Information: Consult a qualified mortgage advisor before making any mortgage decision based on information you read here. Similarly, if you see a financial or tax strategy discussed here, always consult a licensed and qualified investment or tax advisor to ensure the strategy is right for you. Mortgages, investment, and tax strategies mentioned on this website are not appropriate for everyone. In many cases, they may not be feasible at all and/or entail serious risks. While reasonable effort is made to ensure the accuracy of information and data contained herein, accuracy, facts, completeness, and suitability can not be guaranteed. Past performance is not a good predictor of future performance. Results, rates, strategies, and terms are not guaranteed and CMT and its affiliates assume no liability for any losses that may occur from your reliance on such information. The information on this site reflects purely our opinions, and not necessarily the opinions of any other party. CMT is a news site, and not affiliated with most of the people or companies mentioned. Information herein is not intended to be, nor does it constitute, mortgage advice, investment advice, tax advise, financial advice, recommendations, or solicitations to buy or sell securities. CMT personnel and related parties may have an interest in the mortgages, services, companies, products, or securities mentioned on this site. Please contact us if you require clarifications of the above. CMT is owned and operated by McLister Enterprises Inc. Contact us at (800) 280-2460. Thank you for reading CMT. Copyright 2007. All rights reserved.