DAVID COOPER/TORONTO STAR FILE PHOTO The credit crunch crisis has forced the Canada Mortgage and Housing Corp. to buy up $25 billion in mortgages from Canadian banks. Julian Beltrame THE CANADIAN PRESS OTTAWA–The federal government is buying up $25 billion in residential mortgages to give the chartered banks additional cash to issue loans, Finance Minister Jim Flaherty announced Friday. "This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses," said the finance minister. The extraordinary measure means Ottawa, through the federal government and the Bank of Canada, will have injected a whopping $45 billion in additional cash into the financial system in an effort to counteract the tight credit squeeze that has paralysed markets throughout the world. Flaherty insisted...
[read full story]
Your Web Site
