CIBC’s mortgage underwriting lapses and one senior’s search for roommates: Canadian real estate news for June 10
Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.
CIBC ordered by banking regulator to fix its mortgage underwriting lapses
CIBC has been under remediation orders from Canada’s banking regulator for more than a year after an audit of its mortgage portfolio uncovered breaches of rules that limit how indebted borrowers can be, James Bradshaw, Tim Kiladze, and Stefanie Marotta reported this week.
Thousands of clients are affected, many of whom had lines of credit that were secured against their homes. When these lines were combined with a mortgage, the total credit exceeded the acceptable thresholds for total debt obligations relative to