Canada Mortgage and Housing Corp. has been asking realtors for months to keep consumers in the dark about whether the properties it sells are part of a foreclosure, according to a document obtained by The Financial Post.
[np_storybar title=”CMHC backing fewer loans” link=”http://business.financialpost.com/2012/01/30/cmhc-backing-fewer-loans/”]Canada Mortgage and Housing Corp. is cutting back on mortgages it insures as the Crown corporation edges closer to a $600-billion cap imposed on it by the federal government, the Financial Post has learned.
A CMHC spokesman confirmed that it had approached a number of lenders at the end of 2011 about reducing its “bulk or portfolio insurance” after third-quarter results showed the agency had committed to back $541-billion in mortgages.
Continue reading. [/np_storybar]
The move, said to be part of CMHC national policy, upset Quebec realtors who refused to play ball, worried about an ethical breach.
The Quebec Federation of Real Estate Boards, which oversees the…
View original post 598 more words