There has been no change in the list of best mortgage rates since last week. The extremely low rates at the beginning of this year increased somewhat, and they have now stabilized. They remain low.
The Financial Post announced that Equifax, a consumer credit company, uncovered about $400 million worth of mortgage fraud in Canada for 2011. We can only guess the number of frauds that weren’t uncovered, but $400 million is an eyeopening number according to John Russo, vice-president and legal counsel for Equifax Canada Inc.
“Mortgages are the biggest bang for the buck,” he says. “So when credit gets tougher to get, that leads to more people falsifying documents, giving false pay stubs, inflating their income, kind of fudging things to get a home.” Mortgage fraud occurs mostly in large urban areas — Quebec, Ontario, Alberta, and BC, adds the Criminal Intelligence Service Canada.
The mortgage brokers of Canada‘s second largest bank, Toronto-Dominion, started enforcing lending policies on new immigrants and the self-employed immediately, according to a report by Dow Jones. TD will no longer allow equity lending applications whose loan-to-value eclipses 75 per cent and will require including the customer’s stated gross income and complete liability and asset information.