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.
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Last modified: April 25, 2014
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.