Dear Mr Evan Sidall-CMHC & Big 6 – Fix Moral Hazard

May 28th, 2017 · 2 Comments · Mortgages

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Dear Mr Sidall,

I have seen a marked change in CMHC’s attitude since you took office. Thanks for that. Canadians have gone completely and totally house crazy and it’s really not necessary or beneficial in any way. A house is a place to live and honestly the cheaper the better. The idea that you need a giant house is frankly wrong minded, unecological and silly. Canadians are way overhoused as housing is the new status symbol. Granite all the way the way baby…

@416_House_Bear

I digress, my request is as follows. I know it’s hard with the way CMHC takes a full 365 days to recognize a mortgage default, and the fact that up until last month prices were raising in an insane irrational manner and so unless the house caught fire it could practically be sold for a profit and so losses were low, but you are the boss of CMHC. Please request the files of some defaulted mortgages from the lender and look for signs of mortgage fraud. This would be in the insured portfolio. Then call the CEO’s of the big 6 (I imagine they are on your Rolodex) and tell them that you are not insuring fraudulent mortgages they issue.

The banks must be held responsible for proper due diligence on the loans you insure. To be honest I would prefer a 10% deductible on the insurance, but you can’t have everything. As a taxpayer, I want all of our interests aligned and I think that if the taxpayer loses, the banks should lose too. If their paperwork is a great as they all claim, then there should be no problem.

Many Thanks,

Rachelle Berube

P.S. I do love real estate, it is my career, but we’ve gone way too far.

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2 Comments so far ↓

  • Richard

    Two tenants rent on an apartment, but paying separately in reality. One moved out on June 15 and I paid some money to have bought the balance of the month. I rented to new tenants to move in on June 27. Can the existing tenant refuse entry for the new tenant? The existing gave me the notice to terminate on July 1. 2017.