Long Amortizations Survive…With 20% Down

Long Amortizations Survive…With 20% Down When the government cut maximumamortizations in 2008 and 2011, most big lenders reduced amortizations on all of their mortgages. They didn’t need to apply the changes touninsured mortgages, but many did anyway. Not this time. When the Department of Finance trimmed the insured amortization limit to 25 years on July 9, most […]

Interest rates to remain low into 2014: CIBC

The CIBC says Canadians may enjoy historically low interest rates into 2014. The bank released its new outlook for the global and Canadian economies, and all indicators point to weakening conditions and rising risks. It says Canada’s economy will barely keep its head above water with growth rates of 2.1 per cent this year and […]

Consumers rein in debt burden, but housing ‘overshooting’: CIBC

Canadians consumers are reining in their debt burdens amid repeated warnings on household borrowing from Bank of Canada Governor Mark Carney and other policy makers. The growth of consumer debt has eased as of March, rising at the slowest pace since 2002, Canadian Imperial Bank of Commerce(CM-T70.03-0.63-0.89%) said Wednesday. “For the first time in more than a […]

Canadians Dominate World’s 10 Strongest Banks

Banks from Citigroup Inc. (C) in the U.S. to BNP Paribas SA (BNP) in France are racing to shed assets and raise money ahead of new global capital rules that start taking effect in 2015. For Canadian lenders, these moves have created the opportunity to go on a shopping spree. Canada’s six largest banks have spent $37.8 billion since […]

Report hints at why BMO went to 2.99%

New analyst reports are hinting at why BMO moved to offer that trendsetting 2.99 per cent rate, at the same time suggesting the offer may come back to bite it – and, indeed, the industry. The big bank trod out that historical interest rate early last month, kicking off three weeks of the unprecedented originations […]

Mortgage brokers undercut banks

Mortgage brokers are once again undercutting the banks and some are willing to buy down your rate — eating part of their commission in the process — to gain customers. Steep mortgage discounts from the major banks have all but disappeared from the market, leading mortgage brokers to make sacrifices for market share amid new […]

B.C. lawyer tackles CIBC over mortgages

Garry Marr, Financial Post · Oct. 21, 2011 You just made the largest purchase of your life based on borrowing more than you ever have before. Are you really going to bother reading that 25-page contract with all the rules on your mortgage? The answer is usually no. The truth is you should. The ambiguity in […]

OSC says Coventree withheld looming ABCP crash from investors

JACQUIE MCNISH AND JEFF GRAY After weeks of scrambling to resuscitate the ailing asset-backed commercial paper (ABCP) market in the summer of 2007, a senior executive with Coventree Inc. sent an ominous e-mail to company officers. Warning that the Caisse de dépôt et placement du Québec would likely stop supporting the troubled market, Coventree’s head of capital markets David […]

Ottawa urged to invest in energy mega-project

The Canadian Imperial Bank of Commerce is urging the federal government to fast-track energy mega-projects to provide a much-needed boost to job creation in a sluggish economy. Canada’s potential for energy development would allow governments to forego deficit-financed stimulus spending that would drive the federal and provincial governments deeper into debt, CIBC vice-chairman Jim Prentice […]

Mortgage debt threatens boomers’ retirement plans

Mortgage debt threatens boomers’ retirement plans Nearly half of Canada’s baby boomers are still paying down their mortgage and view their level of debt as an obstacle to reaching their financial goals. A poll released Wednesday by CIBC and conducted by Harris-Decima said that as the country’s largest demographic moves closer to retirement, 46 per […]

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