July 6, 2017 / 1:09 PM / a year ago

Canada's financial regulator OSFI calls for ban on bundled loans

TORONTO, July 6 (Reuters) - Canada’s main financial regulator on Thursday proposed new rules for residential mortgages including banning co-lending arrangements, or bundled mortgages, that sidestep rules designed to clamp down on risky lending.

The Office of the Superintendent of Financial Institutions also proposed rules requiring a stress test for all uninsured mortgages and that the maximum amounts lent out against a property’s value are adjusted for local market conditions. (Reporting by Matt Scuffham; Editing by Jeffrey Benkoe)

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