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BNN: Flaherty urges ‘prudent’ mortgage lending

Blog by Brad Herman | March 5th, 2013

Finance Minister Jim Flaherty is warning Canada's biggest banks to be "prudent" when lending money to home buyers in a bid to prevent another mortgage war among the top lenders.

The terse message follows Bank of Montreal's move to cut its price on five-year fixed-rate mortgages to 2.99 percent from 3.09 percent.