There was a very interesting story that appeared in the Globe and Mail this weekend. While reading the article I couldn't help but thinking there are definitely some things the authors dont quite understand with respect to how the mortgage industry works in Canada, nor how some of the programs eg. 100% financing, 40 year amotizations are underwritten.
www.canadianmortgagetrends.com has done and excellent job at presenting the objections/points that anyone in the mortgage industry would have with the story presented by the Globe and Mail.
For a better understanding of these issues and a clear explanation of the difference between subprime and high risk, pelase read the points made by Canadian Mortgage Trends - click here
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