The second measure would make federally insured mortgages available to at least 17,000 more home buyers a year.

The council made available mortgages at fair interest rates for the purchase of properties in need of refurbishment.

The sole new tax would cancel a present tax rebate to banks making small mortgages.

This keeps people 'happy' by making mortgages cheap and convincing people their 2bed mid-terrace is worth millions.

If banks aren't forced to make mortgages, what is the purpose of CRA ratings?

And the banks, he said, cannot be held completely accountable for making mortgages that in hindsight proved to be bad investments.

"But we're making a commitment to provide at least $100 million over the next two years to make low- and no-down-payment mortgages available to moderate-income borrowers."

"They bought them on spec and the banks made mortgages," he said.

And our prime source of business is still concentrated on making first mortgages to customers in those communities.

In part, that is because home lenders are reluctant to make new mortgages on some co-op apartments, condominiums and waterfront houses.