Thursday

Xceed is not offering uninsured mortgage products anymore

Xceed - a Toronto-based lender- suspended a line of uninsured mortgage products due to the credit crunch in the United States. Xceed, which lends to borrowers unable to meet traditional mortgage criteria, sent a notice to about 3,000 mortgage brokers. The move by Xceed adds to evidence that the subprime mortgage crisis may be spreading from the U.S. to Canadian lenders. Lenders such as Xceed represent about 5 percent of the Canadian mortgage market. The retreat may help large Canadian banks and companies such as Home Capital Group Inc. according to a report published by the Globe & Mail.

3 comments:

Mortgage Calgary said...

It will be interesting to se what kind of effect the US mortgage market has on Canada in the long run.

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Darin said...

U.S. mortgage market is having its effect now , thats for sure. About 3 Canadian lenders have closed shop recently.

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