| Dear Tracy,
Fall has arrived. The kids are back in school, the temperature is more tolerable, and it's apple and pumpkin picking (and eating) season. We are so blessed to live in Ontario with its abundance of local farmers offering fresh fruits and vegetables. Let's get out there and enjoy it!
When you get home, relax and challenge yourself with The Mortgage Quiz
over a cup of tea. What you learn today could help you avoid becoming involved in a class action law suit tomorrow. Read on...
Another (BIG) Reason to Work with an
Accredited Mortgage Professional!
Class Action Lawsuit Filed Against CIBC Mortgages
on Prepayment Penalties
(Source: Canadian Mortgage Trends, October 12, 2011)
No surprise here... "Consumers hate mortgage prepayment penalties largely because they don't understand them. Now, there is about to be a high-profile challenge of how mortgage penalties are calculated.
CIBC Mortgages Inc., a subsidiary of CIBC bank, has just been named the subject of a pending class action lawsuit. The intended suit claims that CIBC improperly calculated penalties for customers who broke their mortgages from 2005 to date.
Bridge says the lawsuit applies to most CIBC mortgages, including many of those originated in CIBC branches and through its related entities, such as FirstLine Mortgages and President's Choice Financial."
Read the original article in Canadian Mortgage Trends and supporting article published in Moneyville.
One of the things I have always taken personal pride in is offering clients education, insight and understanding. That's why you're reading this newsletter! Thank you!
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