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With interest rates higher, stress test should be abandoned

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  • Posted Thursday, Nov 29, 2018 4:55 pm

With interest rates higher, stress test should be abandoned

Two years ago, in October 2016, the government, through the Office of the Superintendent of Financial Institutions (OSFI), turned the red flags into alarm bells and instituted a mortgage stress test, which modified mortgage insurance rules for high-ratio mortgages with a loan-to-value ratio greater than 80 percent. The stress test was effective in reducing the proportion of new high-ratio mortgages with loan-to-income ratios above 450 percent, from 20 percent in the fourth quarter of 2016 to six percent in the second quarter of 2018 ... [CLICK HERE]

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