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Atrium Mortgage Investment Corporation Will Not Be Directly Affected by Federal Government's Housing Reforms
Toronto, Ontario--(Newsfile Corp. - October 6, 2016) - Atrium Mortgage Investment Corporation ...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"\nAtrium Mortgage Investment Corporation Will Not Be Directly Affected by Federal Government's Housing ReformsToronto, Ontario--(Newsfile Corp. - October 6, 2016) - Atrium Mortgage Investment Corporation (TSX: AI) commented today on the impact to its business from the Federal Government's housing reforms announced on October 3, 2016.Mr. Rob Goodall, CEO of Atrium noted, \"The reforms announced by the Federal Government relate to insured residential mortgages and will have no direct impact on Atrium. We don't lend on insured mortgages; our primary focus has always been providing financing to real estate investors and developers. Therefore, our clients and borrowers will not be directly affected by the reforms.\" The Federal Government announced three reforms that relate to insured loans: (1) applying a more strenuous stress test effective October 17, 2016 for purchasers of residential property applying for insured mortgages; (2) from November 30, 2016 restricting residential mortgages that are eligible for government-backed insurance; and (3) consulting about lenders assuming some risk on government-insured mortgages. None of these will have a direct impact on Atrium or its clients.About AtriumCanada's Premier Non-Bank Lender™Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters.Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information about Atrium, please refer to regulatory filings available at www.sedar.com or investor information on Atrium's website at www.atriummic.com. Forward-Looking Statements This news release contains forward-looking statements. This information can be identified by words such as \"will,\" or sim...