Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 01 Jun 2010, 12:00 AM Agree 0
Canada's banking system is a model for the United States and European countries struggling to cope with mountains of debt accumulated through a series of market crises, massive bailouts and recession according to a report in the Washington Post this morning.
  • FJ | 02 Jun 2010, 01:34 AM Agree 0
    Canadians were assuredly told, during the Chretien years, that it was critical to the survival and future competitiveness of our banks that they needed to merge with each other.

    So, had they merged and supposing that the logic behind the Chretien era PR was accurate, wouldn't they therefore now be many times healthier than simply the 'healthiest in the world'? And wouldn't they now be a 'super-model' for the Europeans and the Americans?
  • TP | 02 Jun 2010, 03:26 AM Agree 0
    Not sure who you are, but I don't understand your logic about merging the banks as you jump to conclusions with minimal knowledge of the industry and your not supporting your position with facts, only opinion. In order to preserve our banking status having healthy competition is crucial. Our banks are so efficient now, it's the primary reason that there hasn't been any real foreign banks making headway through bricks and mortar.
  • FJ | 02 Jun 2010, 03:59 AM Agree 0
    To TP: First, my comment in the post itself is not conclusion at all. It consists of two questions, civilly posed I might add.

    Second, you are take issue with my "jumping to conclusions"? What conclusions are those? I don't see that I've made any conclusions.

    Third, why come chasing the messenger with the pretext inherent in the comment "Not sure you are are...". Does it matter who I am? Mine are questions, that's all they are.

    This is a forum for open debate and the sharing of ideas.
  • Zoltan M. Padar | 02 Jun 2010, 11:17 AM Agree 0
    I have lived in the USA for a year and boy I can tell you what is the difference. Many Americans wanted to buy homes, but only if they, instead putting any commitment or monetary sacrifices, they figured if they buy a house, they should get cash coming with it. They were making offers on homes higher than they worth and demanded vendors to kick the difference back to them in cash. This is obviously inflating the home values. Now, when they had the slightest financial difficulties, they fled, had nothing to lose. I seen this happen often, but never on a large scale like the present situation. Most of those people never felt obligated or felt they have losing a home, it was like business as usual, move on. Canadian people by the other hand, honorable, stand on guard and they are not abandoning their homes, even if they owe more on the mortgage than the property has worth. It will come back, it always did. You say they are no shaky mortgages out there? Get serious, there are tons of them out there. Years of granting mortgages to people with stated income….. Anyway, it is all in the attitude and Canadian people has the right attitude, no matter what. That is , though, the banks are taking us to the cleaners is another story, they have the how to...
Post a reply