Long Weekend Surprise from CMHC – Limiting the MBS ceiling at $350m for each bank

Somehow all the federal or federally regulated organizations like to let the rabbit loose from their hats before long weekends. CMHC followed the long venerated tradition this time too. On August 1st it sent a note to the lenders stating that it will be rationing its backstop

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Water damaged the basement? Should you let your Mortgagee (Bank or Lender) know?

Generally it is the borrower’s responsibility to let the lender (and If default insured then the default insurer as well e.g. CMHC or Genworth) know about any damage or modification in the property. Standard Charge Terms clearly define the responsibility of a borrower or mortgagor. A homeowner

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