Whose team is this guy on?
Found yet another article on the pending government changes, but what was surprising was a fellow mortgage broker Mike Averbach who said “Overall, the changes aren’t expected to have a huge impact on the majority of mortgage applications. For those of whom it will impact, Averbach said this: “If you’re really struggling trying to get into the market and you require a 40-year amortization to get in, perhaps you shouldn’t be in it in the first place.” Why would he say this? Lots of young people who are career strong and asset poor fully deserve to be in homes and can support home ownership, who use 40 year amortizations to enable their dream. To add insult to injury I think I might go crazy if I hear another “expert” justifying that these changes were needed to ward off a US style meltdown. PLEASE, the fundamental issues that caused the US crisis are COMPLETELY different then anything in the Canadian mortgage industry, and once and for all I wish someone would just tell us the real reason they made these changes?Ok, rant over
