AIG has joined CMHC and Genworth in announcing the end of insured 40-year amortizations and 100% financing. That subdues minor speculation that AIG would buck the federal government’s June 9 announcement.
Andy Charles, president of AIG United Guaranty Canada, said today, “We support this direction and will amend our product line-up to reflect the new policy set out by the Department of Finance, commencing October 15, 2008.”
The industry is now focusing on Canada’s #4 insurer, PMI. PMI is apparently meeting with the Department of Finance at the end of the month to discuss the new restrictions and potential alternatives.
Scotia is out now too.
Canada Newswire link
But how am I going to afford my $500,000 starter-home now!? I make almost $100,000 a year and need a 50 year mortgage to get in on this market. Everyone tells me houses can’t go down. What am I to do?
Bob, how is life after politics?
Try renting.