The latest round of mortgage rule changes kicked in last week and lenders wasted no time in adjusting their product offerings, in some cases by adding new rate premiums and in others by pulling products altogether. Today's post answers five key questions relating to these questions.
In Part Four, I propose three tweaks that I think our policy makers should make to these latest rounds of mortgage rule changes. Not that they asked mind you - I haven’t found any industry insiders who were consulted before these changes were announced, but here’s hoping they’re open to suggestions and that they read my posts!
In today’s post, Part Three, I’ll explain why I support the view that more changes were necessary and I’ll offer my take on the longer-term impacts that these specific changes will have on our borrowers, lenders, and housing markets. Then I’ll close by offering my opinion on whether our policy makers got these changes right.