Les eh Si oe i 0 fae Soe NEWS photo Tom Burley BRYAN GARLAND installs asbestos tiles on the roof at the recently completed Somerset Green complex at the 2900 block Lonsdale Avenue in North Vancouver. FEDERAL INSURANCE FUND Improved mortgage options announced A NUMBER of changes designed to strengthen the Federal Government’s Mor- tgage Insurance Fund and to reaffirm equal access to mortgage funding at the lowest possible cost for con- sumers across Canada was announced recently. These changes, some of which require legislative ac- tion, include: A reduction in some underwriting premiums and fees to encourage greater use of mortgage loan insurance and improve access to homeownership. For the first time, second mortgage insurance is of- fered to fund renovation work or additional mortgage requirements. By providing this insurance, and reducing the necessary financing at the lower first mortgage in- terest rates. INSURANCE Legislative changes will be sought to provide insurance on chattel mortgages to assist homeownership of mobile homes used as resi- dences on short-term leases. To further encourage the supply of money for mor- tgages, insurance will now be provided for pools of ex- isting low risk, non-NHA insured mortgages for the purpose of issuing mor- tgage-backed securities. Other features of the changes announced requiring legislation include streamlin- ing claims settlements and default. procedures and the introduction of techniques to reduce claim losses. ““The private and public sectors have an important role to play in the mortgage insurance business,’’ said Stewart McInnes, minister responsible for Canada Mortgage and Housing Cor- poration (CMHC). ‘‘Services and price will be competitive with the private sector and the consumer will benefit. The private insurer must meet his financial goals and the government, through CMHC, must continue to ensure that financing for mortgage loans is available, on an equal basis, for all Canadians no matter where they live,” said the minister. According to McInnes, the key to reducing consumer costs is CMHC’s ability to balance its insurance port- folio between high and low- risk activities. This will be achieved by seeking a greater penetration of the non-in- sured mortgage market, through the introduction of portfolio insurance and more competitively priced low-risk insurance. NHA LOANS Mcinnes added that he will undertake’ negotiations with industry and the pro- vinces to find ways of shar- ing the additional risk on NHA-insured loans for resource-based communities. “These changes, which were developed from a special review of NHA in- surance by CMHC in 1986, will go a long way to ensure the long-term viability of the Mortgage Insurance Fund and guarantee that Cana- dians can obtain mortgage financing at a reasonable cost — particularly where that financing is not available under normal market conditions,’ said McInnes. “At the same time, these new initiatives deinonstrate the government’s commit- ment to a fiscally-responsible public mortgage loan in- surance program, to healthy competition within the in- dustry, and to the needs of consumers, lenders and builders.’’ NO CHANGES “For many Canadians,”’ said McInnes, ‘‘the National Housing Act made the dif- ference between owning a home and not. It has served this country well and the ini- tiatives we are taking here today will ensure that it will continue to do so for many years to come.” No changes are scheduled to take effect until at-least May 1. The minister also noted that the federal government would continue to work with provincial and municipal ini- tiatives to provide shelter for low-income groups within the limits of federal gov- ernment spending con- straints. See Government Page 70 67 - Friday, April 3, 1987 - North Shore News MEMBER NORTH AMERICA'S LET’S TALK BUSINESS Your Business is our Business Looking for well established Businesses CLOTHING? We have one in Capitano Mall for Ladies Fashion R with excellent lease and rent, and asking only m $39,900. Vendor anxicus for offers. You might Bm be able to pick il up for a song!! DELICATESSEN? PRICE REDUCED — NOT VOLUME! 4 Business has doubled since the present owners J took over. Reap the benefit. Not a thing to do, H just continue the business, and watch your in- B vesiment grow! Perfect for husband and wife team. Central Lonsdale tocation. Busy lunchtime H — nice and easy all day tong. A real ‘‘dilly of a deli"! BAKERY? HOW SWEET IT IS! ithas kept the owner and family in dough for over 8 yrs. Excellent mall location and foot traffic. Great potential for wholesale and catering. Price reduced! Don't miss out on a chance to make good dough!! “MODERN BAKERY” ON DOLLARTON Vendors take lwo months off. Work 5 day week. Lots of roam to increase —- perhaps double sales? Gross showing $125,000 a yr. right now!! FLOWERS? You florists out there, here is your chance to move into Park Royal South Mail. Excellent visibility! Perfect for ‘tone person” shop, Ask- ing only $45,000. FOR FURTHER INFORMATION ON THE ABOVE BUSINESSES, > PLEASE CALL SIEW LIN LEE 980-9234 OR VERA HOLMAN 988-3151 7 v4 WHERE THE AIR IS FRESH AND THE SCENE SERENE Drive to this weekend retreat. 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