Posted AT 3:44 AM EST on 02/09/08
Flaherty won't budge on mortgage bonds
Finance Minister Jim Flaherty is resisting further pressure to expand a lending program that was set up to grease the wheels of the Canadian mortgage market. The big banks have been pressing Ottawa to enhance the Canada Mortgage Bond program in the wake of the financial crisis, because it's a relatively cheap way for them to fund mortgages.
Canada Mortgage and Housing Corp. said in July that it would expand the program to include a bond with a 10-year maturity.
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