Interest Rate Update from Dave Larock
Last week our federal government made another regulatory change as part of its continuing effort to cool real estate markets across the country. This latest tweak caps the amount of mortgage volume that CMHC will guarantee for each lender under its National Housing Act Mortgage-Backed Securities (NHA MBS) program.
First, a little about the NHA MBS program, a somewhat complicated but hugely important securitization vehicle, which has given large Canadian lenders a viable alternative when they exceed their Canada Mortgage Bond (CMB) program allocations.
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