Comments on: The Canadian subprimes http://www.greaterfool.ca/2008/04/28/the-canadian-subprimes/ Book and Weblog - Authored by Garth Turner Thu, 09 Feb 2012 03:27:33 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Robert http://www.greaterfool.ca/2008/04/28/the-canadian-subprimes/comment-page-1/#comment-35931 Robert Sun, 19 Jul 2009 18:17:54 +0000 http://www.greaterfool.ca/?p=179#comment-35931 as a single dad that raised four children alone for fourteen years I know what poverty is people judge and your lazy and your this and that single parents are looked at as crack heads I had four children with the same woman feminism destroyed her and she thought she could do whatever she wanted I got the kids in COURT we have nothing and people dont give a shit not even heros like Garth neighbours live on half million a year and ignored us when we couldnt even afford hydro so WELCOME TO THE NEXT DEPRESSION and all you idiots with money I CANT WAIT TILL YOU LOSE IT ALL second timothy chapter three www.infowars.com www.henrymakow.com www.goodnewsaboutgod.com as a single dad that raised four children alone for fourteen years
I know what poverty is
people judge and your lazy and your this and that
single parents are looked at as crack heads

I had four children with the same woman
feminism destroyed her and she thought she could do whatever she wanted
I got the kids in COURT
we have nothing and people dont give a shit
not even heros like Garth
neighbours live on half million a year
and ignored us when we couldnt even afford hydro

so WELCOME TO THE NEXT DEPRESSION
and all you idiots with money

I CANT WAIT TILL YOU LOSE IT ALL
second timothy chapter three
http://www.infowars.com
http://www.henrymakow.com

http://www.goodnewsaboutgod.com

]]> By: Malcolm http://www.greaterfool.ca/2008/04/28/the-canadian-subprimes/comment-page-1/#comment-1691 Malcolm Thu, 05 Jun 2008 14:48:00 +0000 http://www.greaterfool.ca/?p=179#comment-1691 Just read through this thread, and a couple others just like it. So here is my 2 cents. I love the 40 year mortgage, I love the no money down home decor credit lenders, Credit card companies, and I love every business that is giving the average Joe the ability to buy what they can't afford. Why do I love them? Because I don't use any of these products, unless they give me a better return. I've wiped out my debt, increased my savings. I've also paid very close attention to the market slow down's. All finances cycle, up and down it's the players that change. So with all that in mind, the average Joe will find the Bank wants the money, they didn't have, back and when the turn there pockets out. I'll be there to take the advantage. “Greed is the governance, ignorance is the fuel.” Enjoy your day. Just read through this thread, and a couple others just like it. So here is my 2 cents.

I love the 40 year mortgage, I love the no money down home decor credit lenders, Credit card companies, and I love every business that is giving the average Joe the ability to buy what they can’t afford.

Why do I love them? Because I don’t use any of these products, unless they give me a better return. I’ve wiped out my debt, increased my savings.

I’ve also paid very close attention to the market slow down’s.

All finances cycle, up and down it’s the players that change.

So with all that in mind, the average Joe will find the Bank wants the money, they didn’t have, back and when the turn there pockets out. I’ll be there to take the advantage.

“Greed is the governance, ignorance is the fuel.”

Enjoy your day.

]]> By: John http://www.greaterfool.ca/2008/04/28/the-canadian-subprimes/comment-page-1/#comment-996 John Sun, 11 May 2008 20:42:24 +0000 http://www.greaterfool.ca/?p=179#comment-996 A friend of mine re-negotiated his mortagage on a house in Toronto waaaaaay back in '02 or '03. He did so with Exceed Mortgages -- apparently all he had to do for income verification was fax them a letter stating his income. The "income" he stated was based on what he expected to earn through a combination of precarious contract work and a newly hatched self-emplyment scheme that never took off. If this isn't an example of "subprime" lending, I don't know what is. A friend of mine re-negotiated his mortagage on a house in Toronto waaaaaay back in ’02 or ’03. He did so with Exceed Mortgages — apparently all he had to do for income verification was fax them a letter stating his income.

The “income” he stated was based on what he expected to earn through a combination of precarious contract work and a newly hatched self-emplyment scheme that never took off.

If this isn’t an example of “subprime” lending, I don’t know what is.

]]> By: David http://www.greaterfool.ca/2008/04/28/the-canadian-subprimes/comment-page-1/#comment-802 David Sun, 04 May 2008 04:34:05 +0000 http://www.greaterfool.ca/?p=179#comment-802 Vultur, there is a whole lot wrong about 40 year amortisation periods. One does not need a so called agenda or an MBA parchment to see the inherent risks to the people using these financial instruments to pursue the dream of home ownership. People signing up for these mortgages are essentially signing their lives away to participate in the glowing real estate market of today. The unfortunate truth is that a large number of the newly originated mortgages are 40 year mortgages are signed by people fearful of being forever locked out of the McMansion and condo market. Building a nominal amount of equity would take about 30 years and lacking a 25% down payment means paying an extra 3.7% for mortgage insurance to the house price. You mention using other money to invest in other things. How about money left over for food, cars and sending the kids to college? A lot can happen in 40 years for example job loss, sickness, technological changes and consumer demographics and not to mention the obvious potential for a bursting bubble and an inverted mortgage. Pure and simple today's housing prices are out of line with economic fundamentals. Vultur, there is a whole lot wrong about 40 year amortisation periods. One does not need a so called agenda or an MBA parchment to see the inherent risks to the people using these financial instruments to pursue the dream of home ownership. People signing up for these mortgages are essentially signing their lives away to participate in the glowing real estate market of today. The unfortunate truth is that a large number of the newly originated mortgages are 40 year mortgages are signed by people fearful of being forever locked out of the McMansion and condo market. Building a nominal amount of equity would take about 30 years and lacking a 25% down payment means paying an extra 3.7% for mortgage insurance to the house price.
You mention using other money to invest in other things. How about money left over for food, cars and sending the kids to college?
A lot can happen in 40 years for example job loss, sickness, technological changes and consumer demographics and not to mention the obvious potential for a bursting bubble and an inverted mortgage.
Pure and simple today’s housing prices are out of line with economic fundamentals.

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