The Canadian government announced it will guarantee previously uninsured mortgages, allowing it to acquire these loans in a $50 billion state purchase program.
“These are extraordinary times and we are taking extraordinary measures,” Finance Minister Bill Morneau said in a statement. “As a result of this measure, banks and lenders will have more liquidity — which, in turn, will enable them to work on a case by case basis with Canadian businesses and individuals who face hardship at this time.”
So glad I busted my balls to save up that 20% down payment.
What exactly does that mean?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: