CMHC drops mortgage insurance for condo developers – The Globe and Mail

http://www.theglobeandmail.com/report-on-business/economy/housing/cmhc-drops-mortgage-insurance-for-condo-developers/article19040448/

Correct me if I’m wrong about mortgage insurance, but….

It’s got to be the biggest government sponsored gimmick in the world.

When a mortgage holder goes bust, every vulture in town has their hands up your ass and at the ready to pull that rug claiming lordship of property and parts thereof.

Which part am I not understanding that CMHC Insurance protects who exactly other than state sanction terrorism of mortgage holder along with banks turning blind eye and jumping into the septic tank for the ride.

Foul smelling bunch.

And what, consumers gleefully play along.  Spell it out  once and for all.

Who’s profiting with all those huge expensive towers spewn across city landscapes.  Bet ya, they had CMHC insurance too.  Ah… greed.

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