The Canadian Press August 5, 2008 at 7:18 AM EDT Home Capital Group TORONTO — Home Capital Group Inc. profit was $26.6-million in the second quarter, an increase of 20.6 per cent over $22-million in the same period last year. Basic earnings per share were 77 cents, up from 64 cents for the second quarter […]
The Associated Press August 4, 2008 at 8:39 AM EDT LONDON — — HSBC Holdings PLC [HBC-N], Europe’s largest bank by market value, reported Monday its steepest fall in profit since 2001 as costs for bad U.S. mortgage loans mounted. Net profit for the first half of the year plunged 29 per cent to $7.7-billion (U.S.) from $10.9-billion […]
LORI MCLEOD Globe and Mail Update July 31, 2008 at 7:49 AM EDT As the financial industry sits down with Ottawa this week to assess tighter mortgage rules, another lending product could find its way into the spotlight – cash-back mortgages. Keen to avoid a U.S.-style housing bubble, the federal government recently cracked down on […]
https://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.png00Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2008-07-31 20:48:272008-07-31 20:48:27A zero-down mortgage by any other name?
The Canadian Press July 30, 2008 at 10:53 AM EDT TORONTO — First National Financial Income Fund reported “record profitability” in the second quarter, with revenue rising 23 per cent to $76.9-million from a year earlier and net income up 28 per cent at $30.1 million. Canada’s largest non-bank originator and underwriter of mortgages raised its […]
GE exits Canadian mortgage business LORI MCLEOD REAL ESTATE REPORTER July 30, 2008 The global credit crisis has claimed another victim in the Canadian mortgage industry asGeneral Electric Co. winds up its mortgage operations here. After three years in the business, GE Money Canada said it will stop taking new mortgage applications tomorrow. It’s the latest […]
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 […]
https://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.png00Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2008-07-28 22:03:492008-07-28 22:03:49U.S. to post record $490-billion budget deficit!
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 […]
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 […]
https://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.png00Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2008-07-24 22:02:572008-07-24 22:02:57The worst is over? Think again
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 […]
https://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.png00Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2008-07-24 08:18:162008-07-24 08:18:16Investors sue CIBC over subprime exposure
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 […]
https://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.png00Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2008-07-23 22:57:502008-07-23 22:57:50Batman The Dark Knight Movie
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 […]
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 […]
https://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.png00Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2008-07-21 21:01:552008-07-21 21:01:55Is this what they mean by Freedom 55?
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 […]
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 […]
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 […]
https://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.png00Pat Sawlerhttps://craigburn.com/wp-content/uploads/2015/03/craigburn-logo2-e1426637601970.pngPat Sawler2008-07-15 21:35:402008-07-15 21:35:40BoC remains on hold as inflation fears rise
Home Capital hikes dividend!
The Canadian Press August 5, 2008 at 7:18 AM EDT Home Capital Group TORONTO — Home Capital Group Inc. profit was $26.6-million in the second quarter, an increase of 20.6 per cent over $22-million in the same period last year. Basic earnings per share were 77 cents, up from 64 cents for the second quarter […]
HSBC posts steep profit drop!
The Associated Press August 4, 2008 at 8:39 AM EDT LONDON — — HSBC Holdings PLC [HBC-N], Europe’s largest bank by market value, reported Monday its steepest fall in profit since 2001 as costs for bad U.S. mortgage loans mounted. Net profit for the first half of the year plunged 29 per cent to $7.7-billion (U.S.) from $10.9-billion […]
A zero-down mortgage by any other name?
LORI MCLEOD Globe and Mail Update July 31, 2008 at 7:49 AM EDT As the financial industry sits down with Ottawa this week to assess tighter mortgage rules, another lending product could find its way into the spotlight – cash-back mortgages. Keen to avoid a U.S.-style housing bubble, the federal government recently cracked down on […]
First National profit rises 28 per cent
The Canadian Press July 30, 2008 at 10:53 AM EDT TORONTO — First National Financial Income Fund reported “record profitability” in the second quarter, with revenue rising 23 per cent to $76.9-million from a year earlier and net income up 28 per cent at $30.1 million. Canada’s largest non-bank originator and underwriter of mortgages raised its […]
GE Money Pulls up stakes!
GE exits Canadian mortgage business LORI MCLEOD REAL ESTATE REPORTER July 30, 2008 The global credit crisis has claimed another victim in the Canadian mortgage industry asGeneral Electric Co. winds up its mortgage operations here. After three years in the business, GE Money Canada said it will stop taking new mortgage applications tomorrow. It’s the latest […]
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 […]