Comments on: Mortgage Industry: How Refreshing

By: walter

walter — Wed, 28 Mar 2012 20:35:23 +0000

Hello Boris

Good blog post!

I think underlying message in his speech is that he has forgotten what an oligopoly is; the mortgage market is an oligopoly.

We have all the same products with different names and basically the same. There is the “no frills” brand that is a bit cheaper but really the same. There are some small differences but I don’t think any of them make a consumer smile. Most clients don’t remember the name of the mortgage firm their mortgage is with.

The banks would like to see it harder to get a mortgage and have big brother tell them all that this is the new rules. Mortgages being a oligopoly the banks need this to happen because there isn’t a solution that works for them without losing market share. I am shocked that Flaherty didn’t see that Banks need him to set the rules on the playground and help make sure people play by the rules.

The tricky part to this whole problem is the house hold debt component to the problem that is attached to the strength of the housing market? I do not think that restricting the access to the equity is the solution and I feel that solution was rush by a government that is disconnected with the majority of Canadians.

By: Gord Dahlen

Gord Dahlen — Tue, 27 Mar 2012 14:54:08 +0000

Boris you are spot on ,now only if we could have you published on a daily basis in the Globe and other such”sky is falling” rhetoric vehicles, we could gain momentum with refreshing straight talk that will help sustain our industry.

By: Arnold Molder

Arnold Molder — Tue, 27 Mar 2012 13:36:49 +0000

Hi Boris
Your point is well taken. What sets politicians apart from bankers is that politicians seldom speak in clear terms and bankers invariably speak out of both corners of their mouth.

Thanks for freezing the moment in time when we see bankers at their best of their shell game.