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CAAMP Head in Ottawa

Jim Murphy, CAAMPpresident of the Canadian Association of Accredited Mortgage Professionals (CAAMP), was in Ottawa today.

He had a series of meetings with members of the House of Commons Finance Committee and with Finance Minister Jim Flaherty’s office.

CAAMP has been providing data to the government to assist in its review of the mortgage finance system.

The position that CAAMP is conveying to policy-makers is reflected in this statement, which it issued today:

“Based on our research and knowledge of the sector, we see no reason to tighten or restrict access to residential mortgages at this time.”

Its reasoning is spelled out here.

Pretty much everyone (including CAAMP) agrees on two things: It’s in no one’s long-term interest to lower lending standards or juice the housing market to a point where default risk (now at a 2-year low) becomes an immediate threat.

The concern, says CAAMP, is that “reduced access to capital (through additional rule making) will make it more difficult for people who can legitimately afford to buy a home.”

Rob McLister, CMT