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ADMS 1010 Final Winter2010.pdf

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York University
Administrative Studies
ADMS 1010
Alex Browning

YORK UNIVERSITY FACULTY OF LIBERAL ARTS & PROFESSIONAL STUDIES SCHOOL OF ADMINISTRATIVE STUDIES AP/ADMS 1010 3.0 A BUSINESS IN THE CANADIAN CONTEXT FINAL EXAMINIATION – WINTER 2010 April 10, 2010 7:00 – 10:00 p.m. ________________________________________________________________ WEIGHTING OF GRADES SECTIONS M,N,O,P, SECTIONS T Q, R,S,U,V,W MID-TERM ASSIGNMENT 40% 35% PARTICIPATION 10% FINAL EXAMINATION 60% 55% TIME ALLOWED: THREE HOURS INSTRUCTIONS: 1. This is an OPEN BOOK FINAL EXAMINATION. Electric aids, including cell telephones, pagers, electric dictionaries, etc., are not permitted. 2. There are two Parts to this final examination. Answer the two questions in Part 1 and the two questions in Part 2 for a total of four questions in as much detail as possible. All questions are equally weighted. 3. Extensive use and visible reference to course theoretical content are expected and necessary for a satisfactory grade. 4. Number and answer each question separately. 5. When directly quoting from a source, cite the author(s) and page number(s). 6. Write only in pen. PART A – PROPOSED REGULATIONS TO MORTGAGES ANSWER QUESTIONS 1 AND 2 – BONUS QUESTION 3 On February 16, 2010, amid a growing clamber from the banking sector for some sort of government action to prevent a bubble and dissuade Canadians from taking on too much debt, Canada’s Finance Minister Flaherty unveiled three changes effective April 19, 2010 intended to help prepare borrowers for interest rate increases widely anticipated later this year. In particular, it was announced that effectively April 19, 2010, government backed mortgages will face three new restrictions: 1. All mortgage applicants for a five year fixed rate mortgage will have to qualify when calculating gross debt service and total debt service ratios. 2. The maximum refinancing level for a high ratio mortgage in Canada will be lowered from 95% to 90%. 3. The minimum down payment for a non-owner occupied
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