The former head of CMHC has spoken his heart out about the wrong practices that were going on which are directed towards the real estate agents, policymakers, and lenders which encouraged many Canadians to take on the mortgage debt, it seems like few people shed tears as Evan Siddall left the responsibility of being the Director of Canada mortgage and many of the housing corporations which happened in the month of April as he has been there for seven years teaching all of them about the wrongdoings and to tell them about the repercussions of greed.
Excessive Mortgage Debt CMHC White Flag
It is obviously understandable that the people in the industry are not happy about what he preaches as he is the one who is trying to make them understand not to be a nuisance to the people and in a broader perspective what he has done is completely fine as he has exposed the unfair practices that go on in the industry as he is looking after the interest of the Canadians who are facing an increase in the Mortgage debts.
He has also come into the bad books of the Canadian bankers as he has written a direct letter in the month of August as he has criticized the lenders as they were avoiding CMHC when it comes to private mortgage insurances as the criteria were tightened to prevent the borrowers from taking too much debt.
it seems like that there is total chaos in the market as now the successor of Mr. Siddall naming Romy Bowers is trying to do damage control as he has already removed the eligibility criteria which was a restriction that was put in place by Siddall and he has also lowered the credit score and has raised the debt ratios and now the borrowers are allowed to qualify for the insurance.
Even the Coronavirus has played its part and it seems like that CMHC has seen some big losses in these times of quarantine and the institution needs to be saved as it is getting stuck in between malpractices and politics that is surrounding the institution.
