Comments on: Say hello to the decision makers

By: asp

asp — Mon, 28 Dec 2009 11:41:18 +0000

I recently came across an apparently little known method of getting the governments attention. I don't know if it has a history of being effective. How to Petition Parliament from http://www.inkymark.com/site/node/36 "The petition must contain a request, called a "prayer", for Parliament to take some action (or refrain from taking some action) to remedy a grievance." It needs 25 signatures, and can be sent to any MP, not just your own. However, MP's are not required to present the petition, so one might be best served to find one sympathetic to the cause. "Members of the public who wish to petition the House of Commons on a matter of public interest are advised to first submit a draft petition (without signatures) to a Member of Parliament to see whether it is correctly worded and whether the Member would agree to present it."

Current score: 0 (to vote for this comment, please visit the site)

By: Borat

Borat — Mon, 21 Dec 2009 12:24:10 +0000

Seems to me like the Feds are attempting to take some heat out of the market without a vote-losing 'pop':

http://ca.news.yahoo.com/s/reuters/091221/busines…

Current score: 0 (to vote for this comment, please visit the site)

By: sluggo

sluggo — Tue, 15 Dec 2009 21:25:44 +0000

Record profits from record securitization all 100% backed by the CDN taxpayer. Bank's shareholders cash in and all the downside is socialized.

http://www.cmhc-schl.gc.ca/en/hoficlincl/mobase/u…

Current score: 0 (to vote for this comment, please visit the site)

By: patriotz

patriotz — Tue, 15 Dec 2009 11:43:16 +0000

@observer:

Typically, the official line from banks is that as long as you can still make payments there should be no problem.

That's true here, because if the mortgage is insured (virtually all bubble purchases AFAIK) the taxpayers are holding the bag and the bank doesn't care if the property is underwater. The big problem is not going to be willingness of the banks to renew, but the ability (and willingness) of the homedebtor to handle the huge increase in payments once interest rates return to normal, as they inevitably will. The mortgage securitization and insurance regime during the US bubble was completely different from what we have here, although it looks more like it now due to the federal takeover of Fannie/Freddie and the exit of private capital from the mortgage market.

Current score: 0 (to vote for this comment, please visit the site)

By: D. Bone

D. Bone — Tue, 15 Dec 2009 10:49:48 +0000

@rp: It's true! And it's more credible than you think. Somebody on this site just last week (or was it the week before) posted a link to a MLS listing for a $2.5M west side house for sale that was currently rented at $1800/month. There's plenty of west side 'millionaire homes' that are rented for between $1500 and $2000 per month.

Current score: 4 (to vote for this comment, please visit the site)

By: rp

rp — Tue, 15 Dec 2009 10:40:56 +0000

#53 @D. Bone: That's so outrageous I can't believe it. Those numbers aren't credible, whether they're true or not.

Current score: 4 (to vote for this comment, please visit the site)

By: Kevin Simpson

Kevin Simpson — Tue, 15 Dec 2009 10:25:05 +0000

This was a good thing... Well done. I've already gathered my ideas to send an email for him

Current score: 0 (to vote for this comment, please visit the site)

By: D. Bone

D. Bone — Tue, 15 Dec 2009 09:57:41 +0000

@richasian: "Just keep making up stories to make yourself feel better bear. It’s ok that you’re a loser. Not everyone can be a winner by definition. " Now that's what I call: 'In Denial'! My landlord had a $2M mortgage on a $2.5M west side house that I rent for $1500/Month. Do the math.

Current score: 5 (to vote for this comment, please visit the site)

By: observer

observer — Tue, 15 Dec 2009 09:53:44 +0000

There have been numerous occasions when it was asked what happens if your mortgage goes underwater (house value less than loan value). Typically, the official line from banks is that as long as you can still make payments there should be no problem. There is an interesting article calculated risk

http://www.calculatedriskblog.com/2009/12/refinan…

and mish Underwater, Securitized, and Screwed by the "Pass the Trash" Strategy

about the things that happening in the us (where we have a real world example in recent memory as a reference point). It seems securitization causes problems for refinancing underwater mortgages.

Current score: 2 (to vote for this comment, please visit the site)

By: nonymouse

nonymouse — Tue, 15 Dec 2009 09:19:51 +0000

I have to say it's a bit weird reading all of the MSM bubble warnings as of late.

Yet it seems that the lazy reporters just handing in press releases haven't

got the message yet.

http://www.vancouversun.com/business/Home+resale+…

Current score: 2 (to vote for this comment, please visit the site)