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Canada tightens mortgage rules

By Rob Gillies
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TORONTO (AP) — Canada is clamping down on mortgage rules in response to concerns over household debt and a hot housing market, the country’s finance minister said Thursday.

Finance Minister Jim Flaherty said the government is cutting the maximum term of government insured mortgages to 25 years from the current 30 years. It is also dropping the limit that Canadians can borrow against their home equity.

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