The Canada Mortgage and Housing Corporation is a taxpayer backed subsidy to the Canadian banking business. The government shuold sell off the CMHC and let the private sector take over the task of insuring risky mortgages.
Why should my hard earned tax-dollars back up risky mortgage bonds?
Why does the government need to be involved?
Some facts:
About the CMHC
History
The Canada Mortgage and Housing Corporation DOES NOT serve the interests of the Canadian public. It is in the back pocket of the banking, development, and real estate industries. The economic analysis and products they offer only serve the interests of a select few wealthy individuals and corporations. These people recognize the massive risk they are offloading onto the unsuspecting Canadian taxpayer (that is you and me) and will do everything in their power to keep the status quo.
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This is a blog to create awareness about the Canada Mortgage and Housing Corporation and put pressure on our elected officials to sell off the CMHC. The CMHC was established to help people afford housing. Now it enables rampant speculation on housing via their mortgage insurance products backed by taxpayers.
Purpose of the CMHC - National Housing Act
The purpose of this Act, in relation to financing for housing, is to promote housing affordability and choice, to facilitate access to, and competition and efficiency in the provision of, housing finance, to protect the availability of adequate funding for housing at low cost, and generally to contribute to the well-being of the housing sector in the national economy.
2 comments:
I agree wholeheartedly. The banks chalking up billion dollar per quarter profits make all the money with risk assumed/backed by the taxpayer. Why? Can the banks not insure their own risk? Maybe they would be less eager to lend. 30-40 year mortgages are not in the taxpayers best interests. yes they lower monthly payments, however the lifetime of interest payments... you might as well rent because surely dont own a house, you are merely renting money from the Banks as the new landlord.
Sell CMHC to the yanks and pay down our National Debt.
Then legislate that mortgages can be no longer than 25 years and High ratio fees are to be paid monthly NOT tacked onto the mortgage. If you pay down your mortgage to 80 percent then you stop paying the high ratio fee.
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