Don't worry, the
http://www.thestar.com/article/1124551--mortgage-cmhc-firstline-ottawa-self-employed-new-immigrants-housing-marketIn the United States these stated income loans were called "liar's loans", and they were widely used by realtors, mortgage brokers, construction workers, and the poor to speculate on housing. But Canada doesn't have any of those "subprime" lending practices, right? So says our national media, over and over again. But the Americans know this game:
http://www.bloomberg.com/news/2012-01-30/canada-s-subprime-crisis-seen-with-u-s-styled-loans-mortgages.htmlHat tip to AG Sage, for recording these for posterity. Here's your prudent Canadian banks. I wonder if anyone got a cash back mortgage with no job. I might have tried, but I have a job.