Posted AT 8:27 PM EST on 10/07/08
Mortgage wisdom
During the continuing drama of the U.S. subprime mortgage meltdown, Canada Mortgage and Housing Corp. has appeared oblivious to its lessons. It insures mortgages where home-buyers borrow the entire purchase price. It insures mortgages that are amortized over as long as 40 years. And when former Bank of Canada governor David Dodge chastised CMHC for this approach, arguing that interest-only mortgages drive up prices and inflation, its officials disregarded his warnings.
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