‘Accident waiting to happen’: Zero-down mortgages in Canada stoke U.S. subprime-like fears

 ‘Accident waiting to happen’: Zero-down mortgages in Canada stoke U.S. subprime-like fears

Many of those who are approved for loans today are taking on debt loads that were once unthinkable

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They’re the kind of exotic mortgages that one typically associates with the reckless, go-go housing market that gripped the U.S., circa 2005: Put down 5 per cent cash and get 3 per cent back; or, wilder yet, put down nothing at all. So when these products — and others like them — started popping up in the normally cautious Canadian…

Read full article…financialpost.com