alt Hacker NewsThey didn't say 70 year mortgages, they said 70 years to pay off a mortgage, which is still a bit exaggerated (maybe), but would come from the contingent of people who got themselves into variable rate fixed payment mortgages for comically expensive properties, and that had a significant amount of interest remaining before the feds started cranking up interest rates.
If rates go up from 2% to 6+% while you're holding onto a $2m detached house, it's a bad situation to be in.
https://www.bankofcanada.ca/2022/11/staff-analytical-notes-2...
> If rates go up from 2% to 6+% while you're holding onto a $2m detached house, it's a bad situation to be in.
I find it mind boggling that banks will lend money to people that cannot sustain a 4% increase to their mortgage rate. Rates have been over 10% in the 80's!