Once you understand enough about how tight CDN lending guidelines actually are – then you are ready for this literary journey into the craziness of the US Sub Prime experience.
Canada, at it’s very loosest, never had lending guidelines approaching levels of ‘money for anybody‘ that the US did.
In the US the barriers for borrower qualification were driven downward as Wall Street’s appetite for mortgage-backed securities grew insatiably. This book takes you through the story of the very few people who were able to see the fundamental flaws within the US long before anything could be done to correct it.
An excellent read, or listen.
All of Mr. Lewis’ works are revealing, interesting, and worth perusal.
This book should be mandatory reading for every Mortgage Professional. A key take away is the ability to explain in a few short sentences to clients, the differences between the US and Canadian systems. In particular, why the Canadian system is significantly more stable than the US system was or even is today,
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