« September Rate Hike Now Questionable | Main | Mortgage Bytes »
MCAP has re-launched its line of "alternative" mortgages under the Eclipse name. Eclipse mortgages all feature low qualification and credit score requirements. In fact, as long as you have 25% down, there's no minimum credit score required at all, and you don't even need to prove income.
Contact us or your favorite mortgage planner for more information.
You can follow this conversation by subscribing to the comment feed for this post.
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.
Melanie,
MCAP suspended the "No Beacon, No Income" product last week.
GMAC Residential Funding announced they were reducing nonprime exposure.
Xceed had the carpet ripped out from under its feet when Coventree couldn't sell its ABCP. Coventree was one of Xceed's main sources of funding.
Although there was no direct comment on tightening lending standards, I think Xceed is focusing hard on diversifying its business into CMHC A insured mortgages which it started offering last summer.
Credit for Canada's weakest borrowers is starting to dry-up, even though the Canadian real estate market is strong, employment is good, and product offerings are not nearly as risky as the U.S. was in 05/06.
Jim
Posted by: James Day | August 27, 2007 at 10:08 AM
Hi Jim,
You scooped us! :) We need to hire you. Haha.
We had a story planned on this for today. You're absolutely right about the credit tightening hitting Canada. We're sensing more of it each day.
Thanks for the note as always,
Melanie
Posted by: Canadian Mortgage | August 27, 2007 at 12:09 PM