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Canada's mortgage brokers find ways around new lending rules

from Financial Post

Canada's new mortgage rules risk pushing borrowers deep into the shadow lending market, with brokers set to line up secondary loans with private lenders as a means of circumventing tests on borrowers' ability to repay debt. Canadian officials have become increasingly alarmed by systemic risk from record household debt levels and a frothy housing market. In the latest bid to cool the red hot Vancouver and Toronto markets, Ottawa's new rules require lenders to stress test borrowers' ability to pay back loans at levels higher than current rates. more

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