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.
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
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