Flaherty Complained About Bank of Montreal Mortgage Rate Cut
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Canadian Finance Minister Jim Flaherty told Bank of Montreal officials he didn’t like the company’s reduction in a five-year mortgage rate to 2.99 percent at a time he is warning households about excessive debt.
“I spoke with them about that this week and expressed my concern,” Flaherty told reporters in Ottawa today. “I thank those Canadian financial institutions that have not chosen to reduce their rates further.”