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Missed Deadline Puts Rates in Limbo

Asset-Backed-Commercial-Paper The restructuring of Canada’s troubled asset-backed commercial paper market has been pushed back, again–this time until the end of January.  It’s the 2nd time the restructuring deadline has been missed.

As a result, some non-bank lenders may continue to have higher capital-raising costs through at least early 2008. That reduces the odds of any material reduction in mortgage rates before the Bank of Canada’s January 22, 2008 meeting.