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Pat Sawler
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U.S. to post record $490-billion budget deficit!
WASHINGTON — A Bush administration official said Monday the next government will inherit a record federal budget deficit for next year that approaches $490-billion (U.S.). The official said the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the […]
Economic woes hit U.S. credit card business!
JONATHAN STEMPEL Reuters July 27, 2008 at 9:00 AM EDT NEW YORK — Even as Washington Mutual Inc. lost billions of dollars from risky mortgages, the largest U.S. savings and loan could rely on its credit card business to turn a profit. No longer. The thrift’s $175-million (U.S.) second-quarter loss from its card unit stemmed from […]
The worst is over? Think again
As taken from the Globe & Mail. See my comments below. The stock market would have you believe that the worst of the financial mess is over, and that it’s time again to buy, buy, buy. But Barry Ritholtz, who writes The Big Picture Blog, thinks the buying frenzy of the past week is a head […]
Investors sue CIBC over subprime exposure
A group of investors has become the first to launch a class-action lawsuit againstCanadian Imperial Bank of Commerce, alleging misrepresentations about the bank’s exposure to the American subprime mortgage market. The claim alleges that the bank misrepresented its total exposure to U.S. subprime loans by saying it “was ‘not a major issue’ when, in […]
Batman The Dark Knight Movie
I just got back from seeing the new Batman movie, and I’ve got to tell you it was good. It was not just good, it was scary good. Probably one of the best action movies that I have seen ever, and I have seen a lot of movies. Anyway you may be wondering how does this apply […]
Death of 40-year mortgage!
I could not have said it better my self so here is the article in it’s entirety. Cheers, Pat Entrepreneurs’ flexible finance scheme quashed Tony Wanless, Financial Post Published: Monday, July 21, 2008 Dean Bicknell/Canwest News ServiceFor sale signs lined up along the street on Country Village Landing N.E. for condos in this Calgary, Alta. neighbourhood. When […]
Is this what they mean by Freedom 55?
Why you should get that mortgage off your books Garry Marr, Financial Post Published: Saturday, July 19, 2008 Thank goodness the federal government stepped in this month and banned mortgages with a 40-year amortization. To read the rest of the article that this is taken from go here, http://www.financialpost.com/story.html?id=665065 The article goes on the say that the writer […]
Sub-prime lender Wells Fargo beats expectations!
Reuters July 16, 2008 at 8:27 AM EDT NEW YORK — — Wells Fargo & Co. [WFC-N], the fifth-largest U.S. bank, reported better-than-expected quarterly results on Wednesday and raised its dividend despite a 23 per cent decline in profit caused by deteriorating credit. You may be wondering why is this important? Well let me tell you. Wells Fargo […]
Mortgage insurers push to keep zero-down loans!
Garry Marr, Financial Post Published: Tuesday, July 15, 2008 Private mortgage insurers are pushing for ways to keep no-money-down mortgages alive and are set to meet with Department of Finance officials in the next two weeks to discuss possible options, sources indicate. The move comes after Ottawa cracked down on mortgage practices that allowed consumers to enter […]
BoC remains on hold as inflation fears rise
BREAKING NEWS FROM THE GLOBE AND MAIL KEVIN CARMICHAEL Tuesday, July 15, 2008 OTTAWA — The Bank of Canada left its benchmark interest rate at 3 per cent and predicted raging oil and food prices would cause inflation to surge past 4 per cent by early next year. Governor Mark Carney and his five deputies […]
Glad you're not affected by the USA mortgage meltdown? Think again!!
Are you worried because of all the instability in the U.S banking system? The sub prime melt down, foreclosures and the long list of banks closing their doors. Do you think that we are immune up here in Canada? Well we are and we aren’t, let me explain. Well thanks to the fact that our […]
Say goodbye to 40-year mortgages!
ELLEN ROSEMAN The 40-year mortgage, launched just over two years ago, will probably expire in October. Back in April 2006, Genworth Financial Canada was the first to insure residential mortgages in Ontario that were paid back over 40 years. Soon, all of Canada’s mortgage insurers will have to underwrite mortgages paid back over 35 years […]
Bank of Canada urged to raise interest rates
The Canadian Press July 10, 2008 at 4:04 PM EDT OTTAWA — The Bank of Canada should move to head off inflation in the country by raising interest rates next week for the first time in a year, says a consensus view by a deeply divided panel of nine economists associated with the C.D. Howe Institute. […]
Ottawa tightens mortgage rules to avoid 'bubble'
I just finished reading this on the Globe and Mail site. I am putting it here because I do not agree with it. Please feel free to send me your comments. Thanks Pat LORI MCLEOD AND KEVIN CARMICHAEL From Thursday’s Globe and Mail July 9, 2008 at 8:16 PM EDT OTTAWA — […]
Why you will not see mortgage rates on this site!
At least two-dozen times a week we have people call us and ask, “What’s your rate on a 5 year fixed rate?” Most times when we try to get additional information from the potential borrower. Unfortunately, for both the caller, and us they don’t want to tell us anything. “I already know what I want, […]