Posted AT 7:52 PM EST on 08/10/08
Mortgage lenders grapple with credit crunch
Confusion is spreading through the mortgage market as lenders already grappling with soaring borrowing costs are now figuring out how to deal with a surprise rate cut by the Bank of Canada.
Banks were already been dealing with soaring borrowing costs before the central bank cut its key lending rate. This week Canadian Imperial Bank of Commerce decided to stop offering variable products to new mortgage applicants through its FirstLine Mortgages division until further notice.
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