Thursday, July 19, 2012

Must listen to...

Garth Turner on the Howe Street channel.


How we got here and how it is changing big-time!


For those who think 'we are different'. Garth explains the situation where banks gave cash-back mortgages...ie they gave someone with no skin in the game, the 5% deposit and the CMHC (tax-payer) insured the other 95%!


So no incentive for the lending institution to be sensible since they are throwing the risk right at the CMHC. The mortgage broker gets a commission IF the deal is done, not for being cautious. The bank manager builds up his book. The CMHC gets to pump up it's chest and the buyer, seller and realtor are all happy.


So who loses? We all do, when this ponzi scheme come apart.
Posted by at

38 comments:

  1. AnonymousJuly 19, 2012 at 11:56 PM

    http://www.mises.ca/posts/articles/a-portrait-of-the-2011-cmhc/

    ReplyDelete
  2. AnonymousJuly 20, 2012 at 7:02 PM

    Anymore sell/list stats to share?

    Came across this one ... "Centum LaBuick.com Inc are the first to introduce the 50-year mortgage produce which is now available in Canada."
    http://www.michelleludo.com/blog/hail-to-the-50-year-mortgage-or-not/

    ReplyDelete
  3. AnonymousJuly 20, 2012 at 7:25 PM

    Be careful when you comment on Garth's site. If he doesn't like what you have to say, he not only blocks your comment he submits your email to spammers.
    I have been reading and commenting since VHB days ae "Jim".
    I am an I.T. professional, and have recently verified my suspicions vis a vis Garth.

    ReplyDelete
    Replies
    1. monkeysTalkJuly 20, 2012 at 8:59 PM

      get entertained elsewhere then

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      Delete
  4. AnonymousJuly 22, 2012 at 2:05 PM

    cMonsterhc, C, F & H knew what's going on behind the door for all the years, and threw out a bone or two in a timely manner.

    "Tim Geithner and other U.S. authorities were aware of international rate-fixing as early as 2007"
    http://www.thedailybeast.com/articles/2012/07/13/rate-fixing-scandal-hits-u-s-fed-drops-libor-bombshells.html

    Fed's Libor Documents Reveal Cozy Relationship Between Regulators, Banks
    http://www.huffingtonpost.com/2012/07/13/new-york-fed-libor-documents_n_1671524.html

    ReplyDelete
  5. AnonymousJuly 22, 2012 at 3:05 PM

    This e-petition is a drop of water in the Ocean. But the lessons learned finally "sunk-in". http://epetitions.direct.gov.uk/petitions/35478

    ReplyDelete
    Replies
    1. fish10July 22, 2012 at 7:30 PM

      Too late unfortunately. Like in the US the financial industry pays a lot of the election war chest for those who are going to subsequently regulate and legislate over it.

      Delete
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    TheMET (Concord Pacific), Metroplace & Silver (both Intracorp), and Moda (Polygon) are not yet sold out. Station Square will be launched soon. Seriously, have the buyers check out the teeny firehall around the corner? A fire on the 10th floor blocked traffic on several streets for hours and that was not the first one last year.
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