Canadian News:
#1 — Globe | Canadian banks boost mortgages
Two of Canada’s largest banks are raising rates on some fixed-rate mortgages, a reminder that mortgage rates can go up before the central bank’s key interest rate does.
[...]
#2 — Globe | Justin Trudeau’s exuberance lands him in trouble
Justin Trudeau admits he was in a mood yesterday when he took to the national airwaves to debate Conservative MP Shelly Glover and NDP MP Nathan Cullen.
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#3 — Globe | Kenney kicks off overhaul of Canada’s refugee system
Canada will accept 2,500 more UN-selected refugees every year as part of a series of reforms aimed at streamlining the process that provides shelter to people fleeing dangerous situations in their homeland.
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#4 — CBC | Man gets 13 years in toddler shooting
An Alberta man was sentenced to 13 years in prison Monday in the shooting a toddler on a reserve near Hobbema, Alta., in April 2008.
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World News
#4 — Fox | More Guantanamo Detainees Are Returning to Terror Upon Release
Senior U.S. official confirms new addition to growing list of more than 100 released Guantanamo Bay detainees who have returned to terrorism.
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#5 — Fox | Nine Charged in Bullying of Massachusetts Teen Who Killed Herself
NORTHAMPTON, Mass. — Nine teens have been charged in the “unrelenting” bullying of a teenage girl from Ireland who killed herself after being raped and enduring months of torment by classmates in person and online, a prosecutor said Monday.
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#6 — Times | Police hunt ‘Black Widow’ suicide bomb gang
Police in Moscow say that the two women suicide bombers who blew themselves up on packed underground trains this morning were accompanied by other women.
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#7 — Times | Prime Minister apologises to Joanna Lumley over Gurkha slur
The Prime Minister has said “sorry” to the Gurkha campaigner Joanna Lumley after Defence and Veterans’ Minister Kevan Jones criticised her for abandoning her fight for Gurkha’s rights.
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#8 — Times | Iraq election results in doubt as winners face disqualification
Iraq’s election results could be called into question today, as a committee that seeks out members of Saddam Hussein’s Baathist regime is set to call for the disqualification of some candidates who won parliamentary seats on March 7.
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Notes:
This new category will not appear everyday. Just when needed and events start to get ahead of me.
Re: #3 — “United Nations selected refugees”. Give me a break.
The UN does NOT run this country and they need to receive a “rocket”. Jason is way off base here and it’s far past time that our government told this organization to “F**k Off” in big capital letters.
Re:#7 — “DON’T YOU EVEN TOUCH, JOANNA!
End of message (laughing).
#1 with mortgage rates going up in Canada, I expect we could see a similar situation happening up here as compared to what happened in the states, when homeowners who were mortgaged to the hilt, walked away from their homes when they could no long afford to meet their monthly mortgage payments.
Re: #3 — That’s the difference up here in “Canadar”, UV. Barney Frank and Obama never got a grasp on our banks and we don’t have bad mortgages in the “great white north”. It’s not going to happen here so take a pill and go to bed.
Tomorrow will be a better day.
I dont believe that Jack and would be interested to hear from a financal expert like Cynapse on this subject.
I know of many young couples in my area who have $200,000+ mortgages and are just able to meet their monthly payments. Plus with hydro rates going up and then the HST being added come July 1st, there could be serious consequences.
I can still remember interest rates taking off in the eighties and many homeowners in the GTA taking a walk.
But I hope your right.
This “Afternoon Update” was a fast idea and I pulled it together today because I was bored. It appears that it is taking off from Sitemeter so I think I will keep it going where possible.
The number of entries will vary day to day but I’ll try to find something to interest all readers. That’s the best I can do.
Re: #5 — “I dont believe that Jack and would be interested to hear from a financal expert like Cynapse on this subject.”
I remember those days UV but I survived because I locked my mortgage in for five years and survived. To the best of my understanding most young people today have done the same as they contemplate “the devil they know”.
I’m certain interest rates will rise in future but five years is a long time and if the mortgage is “locked” all will be well as Canada weathers the storm.
This is good news in my view which happened in my locale over the last week. Three vet plates were awarded on their windshields a thank you note with a Tim Horton’s (!0 dollar) gift card. Young people are going up to vets hugging them and thanking them for their service in the past.
I do believe citizens are getting that our troops work over there has more than merit, regardless of the losses which are not losses. I thought it important to report happening in the local area.
Jack — The problem is facing those whose mortgages are coming up for renewal now and the coming months plus throw in the rising cost of hydro, water, insurance plus the HST being added.
And lets not forget those homeowners who were recently laid off, salary reductions and others who had to accept lower paying jobs.
Not a pretty scenario, especially here in Ontario where the economy is still rather weak..
Re: #2 — I don’t know why Taber keeps pushing the sympathy button for Justin Trudeau. Is she “in love?”
Could it be that she has an ulterior motive as the “old broad” relives her golden years?
Could it have to do with “sex” (gasp)?
Tune in tomorrow for the next installment in “As The Stomach Churns”.
It’s a happening thing.
If the Liberals are planning to run this country on any sex appeal out there, they are in fact totally screwed. No pun intended.
As the theory goes, contraction of finances means no one’s ‘in the mood.’ Poor Jane, it doesn’t stop the bloody giggling as we get served up the news or non-news as it were.
You’re exactly right, Jack. Why would any nation turn over the selection of who it will and who it will not accept as a refugee to as corrupt and morally bankrupt an organization as the UN has proven itself to be? Threats, bribes, family ties, you name it will get people onto the UN’s most favoured ‘Canadian express list’. Many genuine refugees will be trampled underfoot. If this announcement is to be taken at face value then Canada has surrended her sovereignty and to a certain degree her national security to the UN.
Property rights expunged from the CPC constitution; record spending; Harper proclaiming the necessity of deficit spending; Nicholson about to make Canada into a police state (soldiers in the streets doesn’t sound so silly anymore); Section 13 of the HRC code no longer a priority, in fact an increase in funding for the HRC; and now allowing one of the most dysfunctional POS organizations on this planet to choose who gets to live here.
Incrementalism means taking conservatives to the left. I think this government has completely lost the Conservative plot. If Liberals would only go back to their classical liberal roots I think a lot of Conservatives voters would follow them.
Re: News Item #1 … nothing to say for obvious reasons … except this -
http://www.zerohedge.com/article/guest-post-elusive-canadian-housing-bubble
Re#3: In Canada we had no politicians instructing banks that they must give mortgages to home buyers who did not qualify. Nor did we have a corrupt organization like Acorn promoting such insanity. Nor have we had any quasi government lenders like Fanny May and Freddy Mac playing shell games to cover the corruption.
No doubt there will be those who will not be able to meet their commitments and will loose their investments. There may even be a crises. If so it will have been the fault of the lenders alone and they can bail them selves out. I can’t imagine that it could be so bad that even Iffy and the lefties could make it appear that a Government take over of banks would be justified.
Nor have we had any quasi government lenders like Fanny May and Freddy Mac playing shell games to cover the corruption.
http://www.cmhc-schl.gc.ca/en/corp/ca/ca_012.cfm
Our mandate as Canada’s housing agency involves us in a wide spectrum of activities, from helping low-income families, persons with disabilities, seniors and Aboriginal Canadians access affordable housing, to ensuring housing markets function efficiently to allow as many Canadians as possible to access home-ownership on their own.
CMHC delivered solid housing finance solutions: See a video clip featuring Jacques Descoteaux, Desjardins’ Senior Vice President, Treasury speaking about Desjardins’ close working relationship with CMHC and the value of CMHC’s securitization programs in light of the global credit crisis.
============
Helping a few poor people get a home cannot sink an economy. Triple securitizing bad debts can.
This “Afternoon Update” was a fast idea and I pulled it together today because I was bored. It appears that it is taking off from Sitemeter so I think I will keep it going where possible.
It’s great Jack!!
Thanks again,
Pat
#16 Cy: I read CMHC until my eyes crossed. If you seriously contend CMHC is playing a shell game which endangers our economy would you be so good as to give me a reference which will bypass the propaganda and get to the crux of the issue?
Look at the link in #14 ….
In 2007 the Harper government allowed the CMHC (Canada Mortgage and Housing Corporation) to dramatically change its rules. The down payment requirements were reduced to zero percent and the amortization period was extended to 40 years. These changes were included in the first Conservative budget in May of 2006. In August of 2008, these rules were tightened under the mantra of instituting yet another barrier to lax lending to safeguard the Canadian financial system stability. Under the changes implemented in 2008, the minimum down payment was set to 5 percent and maximum amortization period was reduced to 35 year.
And did this explosive growth in credit go on bank books for the most part? You know it didn’t
http://en.wikipedia.org/wiki/Canada_Mortgage_and_Housing_Corporation
Mortgage Securitization has accounted for 90.5% of all growth in total Canadian mortgage credit outstanding since 2007.
The Canadian mortgage securitizaton market has grown from
* 100 billion in 2006
* 130 billion in 2007
* to 295 billion by mid-June 2009
CHMC plans to expand securitization of debt to 370 billion by the end of 2009 as per the Government of Canada request.
This is all insured by a scant $26 billion dollars in assets. If there is any serious interruption in mortgage payments and bonds go south under CMHC’s watch, guess who’s picking up the bill for this crown corporation?