Tag: "Mortgage"

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Citigroup paying $75M to settle charges of misleading investors over mortgages

By on Jul 30, 2010 in Legal Issues

Banking titan Citigroup Inc. is paying US$75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. The Securities and Exchange Commission announced the settlement with Citigroup on Thursday. It says the company repeatedly made misleading statements in calls with analysts and [...]

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Homeowners are more financially fit

By on Jul 29, 2010 in Canadian Economy

Homeowners are in the best shape when it comes to financial fitness in Canada. Sixty five per cent of homeowners pay off their credit card balances each month (vs. 48 per cent of non-homeowners). Furthermore, a quarter of those homeowners with mortgages have managed to make a lump sum payment or accelerate their mortgage payments [...]

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Genworth to spend $325M in share buy back plan

By on Jul 23, 2010 in Company News

Genworth MI Canada Inc. said it plans to spend up to $325 million to buy back its shares under a Dutch auction process. “Our board of directors believes that the recent market price of the company’s common shares does not fully reflect the value of our business and future prospects,” chairman and chief executive Brian [...]

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First time home buyers do their homework

By on Jul 13, 2010 in Real Estate

Researching mortgage options. Getting pre-approved. Estimating utility costs. First time home buyers are savvy when it comes to shopping for a home – but are their aspirations too high? The majority of home buyers say they expect to pay less than the asking price and they prefer newer and detached homes to older and semi-detached [...]

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Companies to offer job loss mortgage coverage

By on Jun 23, 2010 in Canadian Insurance

Nova Scotia companies Fraser & Hoyt Benefits and Propel Insure are collaborating to offer Canadian home buyers job loss insurance coverage on their mortgages.   "We identified a gap in the limited coverage available to current home buyers and current home owners and aligned with Fraser & Hoyt Benefits to create a comprehensive insurance package [...]

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Risks remain in wake of mortgage broker breaches

By on Jun 18, 2010 in Risk Management

Several mortgage brokerages improved some privacy and security measures following a string of major data breaches, but failed to implement controls to raise the alarm about any future suspicious activity, a privacy audit has found. The audit by the Office of the Privacy Commissioner of Canada (OPC) was launched after the brokerages reported 14 data [...]

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MCAN Mortgage reports Q1 results

By on May 21, 2010 in Financial Reports

MCAN Mortgage Corp. said its profits dropped by 25 per cent to $4.8 million in the first quarter, primarily due to lower mortgage interest and fee income. The Toronto-based company earned 33 cents per share for the period ended March 31, down from 45 cents in the year-earlier quarter when net earnings were $6.4 million. [...]

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Battle of the sexes: home buying edition

By on May 14, 2010 in Trends

A BMO Bank of Montreal survey revealed significant differences between men and women when it comes to the home buying process, including how much they are willing to pay and the type of mortgage they choose. The survey found that among future first time home owners:     -   Men (44 per cent) are more likely [...]

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Genworth MI Canada reports Q1 profit

By on May 12, 2010 in Financial Reports

Genworth MI Canada earned a first-quarter profit of $84 million, up from a year ago, helped by an improved economy and housing market. The residential mortgage insurance company said the profit amounted to 71 cents compared with a profit of $74 million or 71 cents per diluted share a year ago. “We delivered solid first [...]

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81% of new home buyers OK with mortgage debt

By on May 10, 2010 in Canadian Economy

The vast majority of recent Canadian home buyers are OK with their current mortgage debt, according to a new online survey. The survey of 2,500 active mortgage borrowers found 81 per cent of them were comfortable with the level of their current mortgage debt. The poll was conducted by Canada Mortgage and Housing Corp., a [...]

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Four-in-ten Canadians retiring with debt: RBC Poll

By on May 10, 2010 in Canadian Economy

Four-in-ten Canadians (39 per cent) over the age of 50, who have assets of at least $100,000, retired with some form of debt and one-quarter (22 per cent) entered retirement with a mortgage on their primary residence, according to the first annual RBC Retirement Myths and Realities poll, which examines Canadians’ expectations and experiences in [...]

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Credit unions could pose challenge to banks

By on May 06, 2010 in Canadian Economy

Credit unions are continuing to grow in the Canadian retail banking landscape and could present a competitive challenge to the nation’s banks in the domestic market over time, says Moody’s Investors Service in a new report. Credit unions currently account for a 16% share of domestic deposits and a 19% share of residential mortgages , [...]

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Higher rates not worrying many mortgage holders

By on May 05, 2010 in Canadian Economy

With mortgage rates already on the rise and the prospect of higher rates coming, new research from Investors Group reveals that Canadian mortgage holders may be overly confident that they can take higher borrowing costs in stride, and that mortgage payments won’t be an obstacle to retirement. According to Statistics Canada, more than 4.8 million [...]

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Ontario Teachers finalize Canadian AIG sale

By on May 04, 2010 in Sales, Mergers & Acquisitions

An investor group, led by the Ontario Teachers’ Pension Plan and including National Mortgage Guaranty Holdings, has completed the acquisition of AIG United Guaranty Mortgage Insurance Company Canada from American International Group (AIG). The terms of the transaction were not disclosed. The mortgage insurance company has been rebranded to Canada Guaranty Mortgage Insurance Company and [...]

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SEC accuses Goldman Sachs of fraud

By on Apr 21, 2010 in Legal Issues

The U.S. government has accused Goldman Sachs & Co. of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering. The Securities and Exchange Commission announced on April 16 civil fraud charges against the Wall Street powerhouse and one of its vice-presidents. The agency alleges [...]

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Nearly one in five struggle to afford their homes

By on Apr 09, 2010 in Canadian Economy

A new study from an Ottawa-based economic think-tank suggests that about 20 per cent of Canadians are struggling to afford the homes they’re living in and that national productivity is suffering as a result. The Conference Board of Canada says three-quarters of Canadians are living in homes they can afford, while about five per cent [...]

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Canadians expecting higher mortgage costs in 2010

By on Apr 01, 2010 in Canadian Economy

A majority of Canadians expect to see higher mortgage rates over the next year, according to RBC’s annual homeownership survey. The bank says 64 per cent of Canadians expect high rates, with about the same number of mortgage holders concerned about higher rates. Three-quarters, or 73 per cent of homeowners, feel strongly that homebuyers need [...]

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Fannie Mae asks for federal aid

By on Mar 11, 2010 in Featured, Financial Reports

View the video here on your mobile device. Fannie Mae needs another $15 billion in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned its losses will continue this year. The rescue of Fannie Mae and sister company Freddie Mac is turning out to be one of [...]

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Average Canadian family debt reaches $96,100

By on Feb 25, 2010 in Canadian Economy, Featured

View the video here on your mobile device. The average Canadian family’s household debt climbed to $96,100 last year, according to a study released by the Vanier Institute of the Family. The study estimated the average debt-to-income ratio for families at 145 per cent. The institute said that’s the highest ratio ever recorded by the [...]

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