Comments on: Canadian Government and the Big 6 https://tothepointwithbozic.com/business/canadian-government-and-the-big-6?utm_source=rss&utm_medium=rss&utm_campaign=canadian-government-and-the-big-6 Commentary, Opinions, Thoughts and Discussion on Current Events, Politics and The Mortgage Industry Fri, 11 Mar 2016 16:33:16 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: B.Hale https://tothepointwithbozic.com/business/canadian-government-and-the-big-6#comment-879 B.Hale Thu, 11 Apr 2013 14:47:17 +0000 http://tothepointwithbozic.com/?p=2749#comment-879 Bottom Line: As a Mortgage Broker for the past 15 years and former Bank Employee this is what’s really happening. When First Time Buyers qualified in the past it was based on Credit History, Income requirements (which include all debts at the time of approval) along with job stability. It’s not the Mortgages that the first time home buyers took on that has caused the Problems, but the willy nilly lending practices of the Major Banks. The Banks have been allowed with the help of Mr Flaherty to continue to lend money through credit cards (the Banks sacred cow) and lines of credit at very high interest rates. It’s the lending practices of these Banks who push these products. Within 3 to 5 years after they have purchased these first time buyers now have a problem. The Banks continually push lines of credit and credit card limits to the max. The Government needs to control the “Sacred Cow” not mortgages. The last set of changes to mortgage rules (July 2012) by Mr. Flaherty were designed to cool the markets in Vancouver and Toronto but he painted every one with the same brush. We all now know he recently picked up the phone and suggested the Banks (lenders) put their mortgage rates back up? Why hasn’t he called the Oil Companies about reducing their prices or calling the Major Banks and credit card companies about reducing the rate of interest on Credit Cards (a sacred cow). Banks should not be allowed to get Fat bottom lines on the consumers backs with Mr. Flaherty’s assistance ! Maybe we should send all or mortgage applications directly to Mr. Flaherty so he can review and decided if the client is worthy of a mortgage and what interest rate should be charged. Get the rates you deserve while you can before it’s taken away. Bottom Line:
As a Mortgage Broker for the past 15 years and former Bank Employee this is what’s really happening. When First Time Buyers qualified in the past it was based on Credit History, Income requirements (which include all debts at the time of approval) along with job stability. It’s not the Mortgages that the first time home buyers took on that has caused the Problems, but the willy nilly lending practices of the Major Banks. The Banks have been allowed with the help of Mr Flaherty to continue to lend money through credit cards (the Banks sacred cow) and lines of credit at very high interest rates. It’s the lending practices of these Banks who push these products. Within 3 to 5 years after they have purchased these first time buyers now have a problem. The Banks continually push lines of credit and credit card limits to the max. The Government needs to control the “Sacred Cow” not mortgages.
The last set of changes to mortgage rules (July 2012) by Mr. Flaherty
were designed to cool the markets in Vancouver and Toronto but he painted every one with the same brush.
We all now know he recently picked up the phone and suggested the Banks (lenders) put their mortgage rates back up?
Why hasn’t he called the Oil Companies about reducing their prices or calling the Major Banks and credit card companies
about reducing the rate of interest on Credit Cards (a sacred cow).
Banks should not be allowed to get Fat bottom lines on the consumers backs with Mr. Flaherty’s assistance !
Maybe we should send all or mortgage applications directly to Mr. Flaherty so he can review and decided if the client is worthy of a mortgage
and what interest rate should be charged.
Get the rates you deserve while you can before it’s taken away.

]]> By: Len Lane https://tothepointwithbozic.com/business/canadian-government-and-the-big-6#comment-869 Len Lane Thu, 28 Mar 2013 15:26:45 +0000 http://tothepointwithbozic.com/?p=2749#comment-869 I have to agree Boris...in fact I think its an abuse of his political office to interfere in private business. I also believe that he should be fired for using abusing that power. He's on his way out anyway why not speed up the process. Len Lane I have to agree Boris…in fact I think its an abuse of his political office to interfere in private business. I also believe that he should be fired for using abusing that power. He’s on his way out anyway why not speed up the process.

Len Lane

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