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Scotia Mortgage Authority says it is "now No. 2 in the broker-originated mortgage market in Canada." [CIBC's FirstLine is #1.] (CAAMP)
Last week’s CMHC fixed-rate mortgage buyback was once again undersubscribed, indicating that banks are decreasingly reliant on the government for mortgage funding. Then again, it might have been due to CMHC setting the interest rate too high suggests Jim Murphy, President of CAAMP. “Some of the lenders may not have found the pricing of this to be very attractive,” he told Canadian Business. Indeed, CMHC’s last buyback offer had an interest rate 1/5% above competing CMB costs. (Some background: The government set up these buybacks as a way for lenders to access cheaper capital in a tight credit market.)
