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A budget to encourage debt

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111 Comments

From the CBC:  Budget backs mortgage, vehicle lenders.

The 2009 federal budget extends a multibillion-dollar measure intended to make it easier for consumers to find a loan for the biggest purchase they will ever make — a house.

A second measure is aimed at making it easier to buy cars, trucks and equipment.

But neither plan will put money directly into the hands of buyers: both will operate by having the government purchase loans from financial institutions, making it easier for lenders to make new loans.

The measures are aimed at addressing the credit crunch, the reluctance of lenders in some markets to make loans amid the current financial turmoil.

Discuss.

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dd

Vansanity that was some temporary bs (US, don't know on UK). Short, buy puts, straddle a butterfly or whatever you're into.

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T-1000

Canadian banks are still on the hook for:

– Non-CMHC home mortgages (in the U.S. the worry is now shifting to Alt-A and prime mortgage defaults)

– Bone-headed commercial mortgages (many to developers)

– Trading losses on proprietary at their subs

– Backstopping some of their funds

– Credit card defaults

I still believe their downside isn't all in.

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Vansanity

Nice catch RennieWhereRU?

Re: Shorting banks, I'm pretty sure they banned options on financial stocks months ago. I know they did it in the UK and US, I'm not 100% on Canada though.

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patriotz

I don't think the banks are "low risk" – no companies are in this climate – but the bank's aren't holding the bag on the mortgages. You and I are.

What the hell was this guy/girl thinking paying $535,000 for a piece of shit on 12th Ave?

Maybe that there was a Starbucks coming at 12th and Clark? 🙂

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mrfloatieshelper

no-lympics:

PS , another poster named SKYE was very sharp finding out that there 26 sewage outflows into the False Creek basin. The sewage is very visible and in warmer weather stinks to high heaven. Go SKYE

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mrfloatieshelper

no-lympics:

This should be better advertised, after all there a lot of people who still frequent the beaches etc who risk serious health problems by exposing themselves to Vancouvers pristine super natural beaches and general waterfront for a variety of reasons. You don't want to take your kid down to play on the beaches such as Jericho for example, have you seen the 6-8 inches of brown sludge on the beach at low tide? That ain't soft sand matey. It's poo poo, even your dog is at risk of serious intestinal infectation from nosing around in the 'sand'. It's enough to make you puke.

Shame on you COV for pretending this issue away.

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RennieWhereRU?

V749984 –

Sold Apr-02 for $212,000

Sold Sep-06 for $470,000

Sold May-07 for $535,000

Listed today for $499,900

My advice. Wait until its priced under 2002 value, which is where we will end up for sure. What the hell was this guy/girl thinking paying $535,000 for a piece of shit on 12th Ave? I feel we are at late 06 values now, and in free fall until we hit 1999-2000.

Anyone shorting Canadian banks still? Its been mentioned before but I thought banks here have low risk with house loans due to CMHC insurance.

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Vansanity

Just checked on craigslist, Jan 29, 950 listings in one day!! I'm sure there are plenty of duplicates (they should let you search without duplicates) but still, I haven't seen those kind of numbers on there, ever!

Give it some time, someone was saying rents haven't gone down… they have and they've only got one way to go.

All signs point to a crash. Nothing to see here though, as per the "news".

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patriotz

Surprised they were allowed to host 2 large international events so close together.

You mean like Expo 86 and the 1988 Winter Olympics in Calgary?

The two events have nothing to do with each other and the organizations which award them don't care.

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Vansanity

I love this, flipper caught with their pants down:

MLS # V749984

They should stick to watching TLC, not living it.

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asiaboomtime

Boom time continues with big asian influx into Vancouver time everyone happy with it. Big truck big construction everywhere as everyone working to make big city boom time. Rich asian everywhere spending still. No better time to buy with huge obama victory everyone good.

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WORLDS GREATEST LOVE

no-lympics: Asides from the World Expo in China, 2010 also happens to be the year of the World Cup. That's a lot of competition for tourist dollars in a declining global economy.

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patriotz

NO -LYMPICS: Campbell had best be upfront and ASAP. No sense lying about what the future REALLY holds. Unfortunately in this delusional province, it makes perfect sense to lie about what the future really holds. That goes for both Campbells – Gordo and Michael. People don't want to hear the truth. Sorry to have to say it but it's true. "The point is that we are all capable of believing things which we know to be untrue, and then, when we are finally proved wrong, impudently twisting the facts so as to show that we were right. Intellectually, it is possible to carry on this process for an indefinite time: the only check on it is that sooner or later a false belief bumps up against solid reality, usually on a battlefield." George Orwell, "In Front of Your Nose" In… Read more »

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patriotz

Anon:

German banks have already received bailouts and will need more. Wonder how they managed to get down to bailouts with trade surpluses, no bubble and having positive savings rate…

Because they were buying toxic US mortgage debt. Germany has very strict mortgage lending standards and foreclosures are very rare.

There really is no RE bubble in Germany, nor is the economy based on consumer indebtedness.

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ajh

Why oh why does anyone want the Olympic circus to come to their town….

http://www.independent.co.uk/news/uk/politics/tax…

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Embarrassed

I realize we are anonymous however, at some point, even though you know no one will ever find out who you really are, you have got to be a bit embarrassed debating seriously with Aaron and Rob.

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no-lympics

I saw on the News that China is hosting the 2010 World Exposition.

http://en.wikipedia.org/wiki/Expo_2010

Seems to be as much overkill as the 2008 Summer Olympics insofar as the investment and size

.

News said they expect crowds 3 X's the population of Canada(give or take a few refugees and illegal immigrants ).

Surprised they were allowed to host 2 large international events so close together.

Could be interesting…given the world economy now and in the foreseeable future.

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Anon

"And France as well, although they have their own problems there."

Right. Half the country is on strike and the other half is rioting. They do have problems.

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Anon

"Germany.

No housing bubble.

World’s second largest trade surplus.

11% savings rate."

German banks have already received bailouts and will need more. Wonder how they managed to get down to bailouts with trade surpluses, no bubble and having positive savings rate…

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Informer10

Vancouver goes 3D in Google Earth

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Patiently Waiting

An=A 😛

BTW Cora in Coquitlam is pushing "Rent to Own" on its Lougheed Highway signs.

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Patiently Waiting

An realtard trying to mimic the contrarian blogs:

http://homevancouver.blogspot.com/

You can leave comments 😛

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Informer10

DAY ONE

"You can honk car horns in downtown Toronto or sound foghorns in Halifax, ring sleigh bells in Prince George, chant folkloric songs or dance to aboriginal drumming in St. John's," gushes a golly-gee-whiz 2010 news release. "Anything to show Canadians' pride as the Games draw near."

Calgary looks to major sporting events for economic boost

Organizers estimate more than 350,000 will attend or take part, generating about $90 million in "combined economic benefit." The five events are:In addition, the city will host various snowboarding, karate, ice skating and women's hockey championships.
http://ca.news.yahoo.com/s/cbc/090129/canada/cana…

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no-lympics

The 2010 " Police State " has arrived a bit early

Police ticketing on Vancouver streets shoots up

http://www.straight.com/article-198556/police-tic…

QUOTE:

The impoverished Downtown Eastside seems to have borne the brunt of the furious ticketing by the police.

According to the VPD report, officers slapped people in the neighbourhood with some 439 city bylaw violation tickets for vending, panhandling, and loitering. In 2007, bylaw tickets handed out in the area totalled only 247.

====================

Not to worry, I am sure they will all be paid in full .

Do the VPD take empties as legal tender ?

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no-lympics

Article in the Sun: This is what other VCI posters had noted in earlier topics Sewage-laced effluent spewing into Metro Vancouver environs http://www.vancouversun.com/Technology/Sewage+lac… QUOTE: Enough rainfall and snowmelt laced with untreated sewage to fill BC Place Stadium more than three times spewed directly into the environment in Metro Vancouver during the first two weeks of January. The 7.7 million cubic metres is almost double the four million cubic metres released to the environment through combined sewer overflow pipes in the region during all of January 2008. BC Place’s capacity is 2.4 million cubic metres. This month’s extreme release is fuelling calls for faster upgrading of old overflow pipes in Vancouver, Burnaby, and New Westminster that do not currently separate storm water and sewage, to protect the environment from untreated sewage discharges into areas such as Burrard Inlet, English Bay, and… Read more »

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