Importantly, they do not change the borrower’s contractual amortization.” Says the bank cop: “These kinds of projected amortizations are not realistic and do not represent what a borrower’s actual repayment period will be. Its latest statement comes as VRM borrowers with cheapo rates taken in 20 have seen stable payments but amortizations balloon to 40, 50 or 70 years. More blowing by the federal bank regulator. He’s now the Minister of Zero Creds.īy the way, we have news from OSFI, too. The first was when the new housing guy, poor Sean Fraser, said he has the twin goals of making homes more affordable but not at the social cost of reducing real estate prices. This is the second self-inflicted, and likely fatal, blow the T2 gang has suffered. While here on this pathetic blog we all know it’s smoke-&-mirrors, there’s a whole cohort of houseless and hormonal younguns who think “the government” can fix things for them. Of course, housing starts have been on the decline lately as high rates and galloping costs force developers to retreat. Or 25? After all, to reach the absurd goals politicians have held out as achievable would requiring doubling the very best year ever for construction, which happened 50 years ago, in the 1970s. “It will take all of us - the federal government and the provinces, cities and towns, the private sector and non-profits … working together in common cause, not for weeks or months, but for years,” she said. I was sorely tempted.Īnyway, on the topic of the big blow, did you catch what Chrystia had to say this weekend? While in Montreal the Number Two Lib admitted the feds cannot solve the housing mess by the next election, even if the pace of throwing up new shacks is the greatest in 80 years. There is something deeply satisfying to a canine to be able to bark and spit into the wind. Nova Scotia Power reported 70% of the people in the region were SOL. High tide came and the harbour spilled over. But somehow I doubt it.Īll cell phone service faded. The power went out at 8 AM Saturday and may come back on, if we’re lucky, by 11 PM, Sunday. So it huffed, and it puffed and blew lots of trees down. Cody and I had the bright idea of going to visit some pals in Lunenburg a few days ago.
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