Articles tagged with: canada
The Office of the Superintendent of Financial Institutions of Canada (OSFI) has raised concerns over lending practices similar to those that gave rise to the crash of the subprime mortgage market in the United States.
According to documents obtained by Bloomberg News, OFSI officials are concerned about increasingly lenders’ increasing liberal practices when it comes to writing mortgages and home equity credit lines. Those practices include not requiring proof of income for those big-ticket loans.
To put that all in context, subprime lending in the U.S. went from an historical rate of …