My 4 letter word solution to the U.S. housing crisis...
Yes, Obama...this one's for you.
And the four letter is word is.....CMHC (U.S Division). We should gift the idea of creating a Canada Mortgage and Housing Corporation for the U.S.
That's right. Seeing as sharing is such a common part of our everyday life, maybe we should let our struggling neighbours to the south borrow our conservative approach until they get back on their feet.
No more NINJA (no income, no job=approved) loans. A strict adherence to NOT allowing anyone to borrow more than 33% of what they make per month. No less than 5% down for buyers and 10% down for self employed persons.
As to the issue of how competitive our realtors up here in Canada are, if you consider the fact that average prices have gone up steadily in Toronto during the 2007-2010 difficult years in the United States....perhaps its just irony that the tax payer who actually pays for these law suits is able to do so thanks to the stability of this market.
Posted by Paul Indrigo
on June 8, 2011