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Mortgage Bytes

  • Bank-of-Canada CIBC economist, Benjamin Tal, thinks the Bank of Canada may postpone any potential rate increases.  He says, “If you are shopping for a house and mortgage, you basically saved yourself 25 basis points because of (the U.S. mortgage) crisis.”
  • How big is Countrywide (America’s biggest mortgage lender who’s flirting with insolvency)?  Countrywide funded $463 billion of mortgages in 2006.  That’s 2/3’s of all mortgages in Canada combined!  Here are some FAQs about Countrywide from Holden Lewis.
  • Is Saskatchewan due for a mortgage meltdown?  Star Phoenix story
  • Subprime lender, Xceed, expects no disruption in funding new mortgages for at least “several months,” despite troubles at its main financier.
  • Here’s a Guide to the Credit Crunch by the Globe & Mail