Mortgage Bytes II

• 80% of Canadians expect to retire in debt says Desjardins Financial.  A lot of it will be mortgage debt. 
• 90% say they are deeper in debt than five years ago.
• This Ohio ruling sets a surprising mortgage precedent
• By 2012, online real estate ad spending will exceed ad dollars spent in newspapers.
• Canada's newest mortgage lender, Street Capital, plans to serve both the prime and subprime markets primarily through the broker channel.
• Virgin has launched a new P2P mortgage lending service in the U.S.  They plan to "manage" mortgages between family members, service vendor take back mortgages, and facilitate reverse mortgages.  The company has no current plans to offer the service in Canada.
• Xceed Mortgage has eliminated its rate premiums for refinances, extended amortizations, and high-LTV owner-occupied condos.  Xceed, formerly a subprime lender, is now also getting into prime mortgages (at very competitive rates).  It's an effort to bolster their business--which took a hit when subprime mortgage funding dried up this summer.
• Ontario brokers will need to meet provincial educational requirements next year. FSCO is allowing conditional licenses, though, for brokers who agree to complete this education by 2010.