Finance Minister Jim Flaherty tightened mortgage rules to make it harder for people to buy or borrow on their homes. Flaherty said changes to CMHC rules would cut the maximum amortization period for mortgages to 25 years from 30. (The changes also limited refinancing loans to 80 per cent of the value of a home, from 85 per cent. The rules went into effect on July 9th.)

Date: 2012-06-21
Placeline: OTTAWA, Ontario.
Source: The Canadian Press
Length: 12 seconds

Transcript Prediction: << this will further reduce the total interest payments Canadian families make on their mortgages helping them build up value in their homes more quickly and pay off their Mortgage Debt sooner >>

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