Comments on: Mortgage crisis spreads beyond sub-prime

By: Toronto neighbourhoo

Toronto neighbourhoo — Sun, 24 Feb 2008 09:18:24 +0000

It is without doubts that our local economy is affected by the US. It has to be. They are our neighbour and our largest trading partner. As you mentioned in your article "Eighty-five percent of Canadian exports are destined for the US and about fifty-nine percent of its imports come from the US", so that's quite an influence. I am not as familiar with the situation in Vancouver as you are, but here in Toronto neighbourhoods it looks probably similar. Some brokers used predatory lending to sell to people thet were not good candiates for mortgages, appraisals were over inflated to close on home, and resale values fell. Easy.

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By: Anonymous

Anonymous — Thu, 14 Feb 2008 09:08:52 +0000

“The outlook for the economy has worsened in recent months, and the downside risks to growth have increased,” Bernanke told the committee. “To date, the largest economic effects of the financial turmoil appear to have been on the housing market, which, as you know, has deteriorated significantly over the past two years or so.” Bernanke also said that the “virtual shutdown” of the market for subprime mortgages — given to people with blemished credit histories or low incomes — and a reluctance by skittish lenders to make “jumbo” home loans exceeding $417,000 have aggravated problems in the housing market. I'm sure that lenders don't have a problem lending large amounts to people that can pay it back. I suspect they just don't want to give jumbo loans to deeply in debt people earning $35k a year so they can buy speculative overvalued property. Whats wrong with that picture?

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By: Mold City

Mold City — Thu, 14 Feb 2008 09:04:48 +0000

Forgot the link to the full story: http://www.msnbc.msn.com/id/23164148/

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By: Mold City

Mold City — Thu, 14 Feb 2008 09:04:23 +0000

Federal Reserve Chairman Ben Bernanke told Congress Thursday that the country’s economic outlook has deteriorated and signaled that the central bank is ready to keep on lowering a key interest rate — as needed — to shore things up. If stupidity got us into this mess, why can't it get us out?

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By: Re-diculous

Re-diculous — Thu, 14 Feb 2008 08:17:11 +0000

Some better RE value perhaps?

http://www.ushomeauction.com/auction-registration…

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By: Michael Randallbard

Michael Randallbard — Wed, 13 Feb 2008 21:51:04 +0000

"I was driving by broadway and cambie I saw road block and a seen of recent explosion at 686 WB" Keep trying....if you try and try again (your suicide bombing stunt) you will succeed one day. We are standing behind you....way behind you.

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By: patriotz

patriotz — Wed, 13 Feb 2008 19:01:39 +0000

Wrong. RE prices are determined by the buyer, not the seller. What the seller thinks their house is worth is irrelevant.

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By: scullboy

scullboy — Wed, 13 Feb 2008 17:10:44 +0000

Whoops, that's STFU. Hey, this is fun! Why bother replying to a helmet wearing 'tard? Only one response will do: STFU!

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By: scullboy

scullboy — Wed, 13 Feb 2008 17:09:40 +0000

Hey Krrish SFTU.

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By: Krissh1

Krissh1 — Wed, 13 Feb 2008 16:50:59 +0000

Ohh Krissh, how clever of you to post as an anonymous poster.

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