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(Ben Nelms/Bloomberg) Ottawa moves to limit foreign money in housing while tightening rules for residents too Canada's subprime mortgage providers are increasingly teaming up with unregulated rivals to sidestep rules designed to clamp down on risky lending. The result of these partnerships are so-called bundled loans, which pair a primary mortgage with a second loan from unregulated groups called Mortgage Investment Corporations (MICs). Bank of Canada warns about huge mortgages, growing housing debt The arrangements have proliferated, mortgage brokers told Reuters, as regulators have tightened lending standards to shield borrowers in case a decade-long housing boom goes bust. The practice has grown fast because it allows borrowers to make down payments of just 10 per cent, dodging federal rules that require either 20 or 35 per cent down on mortgages not backed by government insurance, according to industry experts. Packaging two loans together allows the regulated lender to skirt those rules. Affordability falls, mortgage bundling rises The rise of bundling reflects declining affordability after a long run-up in home prices, and could present a danger of defaults should prices fall. Such high loan-to-value mortgages are common when housing markets are about to implode, said David Madani, an economist with Capital Economics who has long forecast a housing crash. "This is what happens at the late stage of a housing bubble — the quality of lending goes down," he said. CMHC stress test says house prices could drop 30% on interest rate spike Bundled loans, however, do not violate any laws, a spokeswoman for the Office of the Superintendent of Financial Institutions (OSFI) said in a statement.
For the original version including any supplementary images or video, visit http://www.cbc.ca/news/business/mortgage-lenders-bundled-debt-1.3930774
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