Financial Post- Why the mortgage wars can rage more freely: No Flaherty,no Carney

Why did the Bank of Montreal risk a (verbal) slap from Finance Minister Joe Oliver for daring to chop its five year mortgage rate below 3%? Because they knew the mortgage war would be different this time On previous occasions when the banks publicized rates below the government's favoured minimum, they found themselves on the receiving end of angry calls from Mr. Oliver's predecessor Jim Flaherty, who resigned on March 18. Mr. Oliver seems in no mood to quarrel with Bay street and ready to largely leave the mortgage market to its own devices.

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Michael James

Michael James

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