A budget to encourage debt
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.
January 30th, 2009 at 6:58 pm
Vansanity that was some temporary bs (US, don't know on UK). Short, buy puts, straddle a butterfly or whatever you're into.
January 30th, 2009 at 7:33 am
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.
January 29th, 2009 at 11:31 pm
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.
January 29th, 2009 at 11:29 pm
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?
January 29th, 2009 at 11:26 pm
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
January 29th, 2009 at 11:24 pm
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.
January 29th, 2009 at 10:55 pm
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.
January 29th, 2009 at 10:45 pm
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".
January 29th, 2009 at 10:17 pm
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.
January 29th, 2009 at 10:13 pm
I love this, flipper caught with their pants down:
MLS # V749984
They should stick to watching TLC, not living it.
January 29th, 2009 at 10:03 pm
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.