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Newsletter
Mortgage broker opens doors
2007
Overview
[Pierre Martel] has overseen the creation of Multi-Prets' newest division, Solutions Hypothecaires Ideal, which negotiates higher-risk (or subprime) loans for clients who might not qualify for, or want, standard mortgages. While growth of the \"subprime\" market has been depicted as a U.S. phenomenon - now backfiring because of a slump in housing prices and overextended consumer credit - it's also an emerging segment of the Canadian industry, Martel said. For Multi-Prets, it's already five per cent of its Quebec business, \"and growing.\" As quickly as it's grown, Martel said there's still plenty of potential for Multi-Prets within Canada. In the U.S., mortgage brokers handle about 80 per cent of residential mortgages, he said. In Canada, they only handle 31 per cent of these mortgages, while in Quebec, they account for 25 to 30 per cent of the total.
Publisher
Postmedia Network Inc
Subject
