TORONTO, April 27, 2017 /CNW/ - Mortgage Professionals Canada, the national mortgage association, notes with caution the government's plans to transfer regulatory authority for syndicated mortgage activity from the Financial Services Commission of Ontario (FSCO) to the Ontario Securities Commission (OSC). The association supports the efforts to provide further protections for investors in syndicated mortgage activity and looks forward to providing the industry's best practices to the government to assist in the development of these new regulations.
"We are committed to working with the government to ensure that the right balance of regulatory oversight is established for private lending in Ontario. We are also committed to finding the least disruptive process for our members regarding the transfer of authority for syndicated mortgage activity from FSCO to the OSC" said Paul Taylor, President and CEO, Mortgage Professionals Canada. "We will ensure that the government understands that private lending activities in Ontario, when done correctly, are a tremendous source of much needed capital that helps fund new developments and positively contributes to the housing supply issues facing Ontario."
Mortgage Professionals Canada reiterates its support for measures that the government announced last week that aim to increase supply, improve data collection and curb speculation within the Ontario housing market. However, the association remains disappointed that there is no new support for first-time buyers in the budget, and we suggest caution that a foreign buyers' tax may not have the desired impact that the government seeks.
SOURCE Mortgage Professionals Canada
For further information: Paul Taylor, President and CEO, Mortgage Professionals Canada, O: 416-644-5465 / C: 905-334-1165, firstname.lastname@example.org