An estimated 30,000 mortgages granted to Canadians with poor credit or insufficient incomes at the height of the Canadian housing boom will not be renewed when they mature over the next three years, according to a story on globeinvestor.com. The sub-prime lenders who granted the loans say that the investors who financed buyers at above [...]
A story titled, “Canada’s dirty subprime secret,” appears in today’s Globe and Mail and claims that Canadian leaders are simply wrong about the extent to which the subprime mortgage mess will affect Canadians. According to the Globe’s report, it’s a bigger problem than we might have expected and its effects are already being felt in [...]
CNN: The Federal Reserve is expected to overhaul lending rules on Monday in an effort to prevent another mortgage crisis.
Good idea Ben! It would be foolhardy to encourage a second mortgage crisis while you’re busy dealing with the first one.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is [...]
CNN Money is reporting today that the U.S. home foreclosure rate “spiked 112%” in early 2008, and the worst of it likely isn’t over, as some $362 billion dollars worth of adjustable rate mortgages will “reset” this year.
More than 155,000 families have already lost their homes this year. Approximately 1 in 194 U.S. households have [...]
The City of Cleveland is suing 21 mortgage lenders for damages that they claim to have incurred as a result of the U.S. sub-prime mortgage fallout. Cleveland Mayor Frank Jackson compares the resulting chaos to “organized crime activity on neighborhoods, cities and individual lives, sucking equity out” and says that city has been devastated by [...]
There has been a fair bit of talk and speculation about how the U.S. “credit crunch” may impact Canadians and our real estate markets.
The Canadian Real Estate Association (CREA) has published a brochure titled; “A Credit Crunch Primer” which explains in fairly simple terms what sub-prime lending is and how the practices associated with [...]
Cass poses a question in another post regarding the hot Saskatoon real estate market. By the time I finished my response I realized that I had written a whole new post so I brought it up front for the rest of you.
If any of my real estate friends have something to add I would [...]
CNN runs a program on Saturday afternoons called Open House, which touches on topical issues surrounding home ownership. This week’s program carried the title, Open House: Mortgage Meltdown and focused on skyrocketing foreclosure rates across the United States. CNN reported that 1 in 1,000 American homes face foreclosure. Some markets report much higher numbers, like [...]
