TORONTO, Jan. 17 /CNW/ - "Canada's housing sector is one of the
principal pillars of the Canadian economy and today's measures outlined
by Finance Minister Jim Flaherty are part of reassuring Canadians that
their primary asset is well protected," said Jim Murphy, AMP, President
and CEO of the Canadian Association of Accredited Mortgage
In particular, CAAMP supports measures that strengthen owners' equity in
their homes as well as those that encourage the reduction of their
mortgages. CAAMP is also pleased that no change was made to the down
payment requirement as it recommended.
Murphy added that "rather than reducing the amortization period to 30
years from 35, as the Minister has announced, we would have preferred
that the government had required those people seeking 35 year
amortizations to meet the same qualifying standards as those with a
shorter amortization. We hope the government will revisit this one
feature as the economy strengthens."
Canada's housing market grew rapidly in the past decade, along with the
economy. CAAMP is currently working on an updated economic analysis of
the mortgage market, prepared by Will Dunning, CAAMP's Chief Economist.
The report notes that "there is always risk in the mortgage market. In
Canada's situation, the major risk factor is loss of ability to pay
(especially due to job loss). A secondary risk factor is unaffordable
increases in payments. This research report concludes that this is a
negligible risk factor at present and in the near-to-medium future.
Recent discussions about the mortgage market have focused on this
"Revisiting the Canadian Mortgage Market - The Risk is Minimal (Update
from January 2010 Report)", will be released and available on www.caamp.org on Wednesday, January 19, 2011.
CAAMP is the national organization representing Canada's mortgage
industry. With over 12,000 mortgage professionals representing over
1,700 companies, its membership is drawn from every province and from
all industry sectors. This diversified membership enables CAAMP to
bring together key players with the aim of enhancing professionalism.
In 2004, CAAMP established the Accredited Mortgage Professional ("AMP")
designation to enhance educational and ethical standards for Canada's
mortgage professionals. Established in 1994, CAAMP has taken a
leadership role in Canada's mortgage lending industry and has set the
standard for best practices in the industry. CAAMP's other primary role
is that of consumer advocate. On an ongoing basis CAAMP aims to educate
and inform the public about the mortgage industry. Through its
extensive membership database, CAAMP provides consumers with access to
a cross-country network of the industry's most respected and ethical
SOURCE Canadian Association of Accredited Mortgage Professionals
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