- Reuters•3 days ago
Canada's finance department laid out possible ways to spread mortgage risk on Friday, kicking off consultations to force lenders to take on more responsibility for the loans they dole out amid fears the nation's hot housing market could end badly. The call for submissions to change the way mortgage risk is shared between banks and insurers - including the government-backed Canada Mortage and Housing Corp - comes after criticism from the IMF and OECD that taxpayers could be on the hook if a U.S.-style housing collapse happened in Canada. Under rules designed 60 years ago to encourage mortgage lending, banks and other lenders must take out insurance when borrowers put down less than 20 percent of a home's value.
- Bloomberg•13 days ago
Canadian banks and mortgage insurers are rallying against new government housing rules that they say will lead to higher mortgage rates, hurt small real estate markets and drive borrowers toward unregulated ...
- PR Newswire•20 days ago
"Today's announcement by the Minister of Finance demonstrates that housing and the housing finance system remains a top priority for the Government," said Stuart Levings, President and CEO of Genworth Canada. Key changes to the mortgage insurance rules are described below. Effective October 17, 2016, all insured homebuyers must qualify for mortgage insurance at an interest rate that is the greater of their contract mortgage rate or the Bank of Canada's conventional five-year fixed posted rate, which is currently 4.64%.
Genworth MI Canada Inc. (MIC.TO)
Toronto - Toronto Delayed Price. Currency in CAD
|Day's Range||29.20 - 29.65|
|52wk Range||22.14 - 36.35|
|1y Target Est||N/A|
|P/E Ratio (ttm)||7.53|
|Avg Vol (3m)||139,611|
|Dividend & Yield||1.68 (5.68%)|