Click here to join our mailing list to receive the latest news and updates as they happen. Unsubscribe any time.

Subprime a US-only Problem

Bob Ord, CEO of Mortgage Architects, reaffirms in this Toronto Sun article that Canada should be immune from the subprime fiasco hammering our neighbours to the south.

For one thing, Canadian lenders are “paid for the deficiency on sale, and can pursue wage garnishees.”  50% of Canadian mortgage defaults therefore end up “curing” themselves.

That’s not to mention the fact that Canadian mortgage delinquencies are currently about 3%, versus 14% in the U.S. (according to the story).