Syndicated Mortgage talks continue

Further to the direction provided by Council at its August 2008 meeting, a subcommittee of mortgage brokers who deal in syndicated mortgages has been struck. The subcommittee began its work shortly before Christmas and had a second meeting on January 20.

As detailed in the September 2008 Regulator, Council has directed RECA administration and the committee to:

• further explore RECA being the regulator of syndicated mortgages in Alberta
• undertake a comprehensive study of all aspects of regulating syndicated mortgages and other issues associated with the regulation of syndicated mortgages and report back to Council at a future date on the findings involved if RECA were to regulate all syndicated mortgages;

Already, the committee has been studying possible legislative wording, though it – and council as a whole – has not made a decision regarding whether RECA will be the regulator of syndicated mortgages in Alberta. It remains entirely possible that the Alberta Securities Commission will fulfill that regulatory responsibility. However, the committee is committed to exploring all aspects of this issue.

It is anticipated that Council will initiate further consultation with industry members and other stakeholders, with the goal that a plan of action is in place by Fall 2009.

 

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