“We Know It’s Going To Be Painful”: Half Of Existing Canadian Mortgages Are Up For Renewal In 2018

“We Know It’s Going To Be Painful”: Half Of Existing Canadian Mortgages Are Up For Renewal In 2018:

When commenting last week on the latest troubling trends in Canada’s housing market, we predicted that unlike a previous forecast by Deutsche Bank’s Torsten Slok from early 2015, who at the time said that “Canada is in serious trouble”, this time the moment of truth for Canada’s all important housing market was indeed at hand.

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AND NOW: Syria’s al-Nusra Front Officially “Splits” From al-Qaeda

Syria’s al-Nusra Front Officially “Splits” From al-Qaeda:

Earlier today, the leader of the Jabhat al-Nusra front, Abu Mohamed al-Golani confirmed that his group has formally split from al-Qaeda and has renamed itself Jabhat Fath al-Sham or the Levantine Conquest Front. “The creation of this new front aims to close the gap between the jihadi factions in the Levant,” Golani said in his first televised appearance. “We thank the leaders of al-Qaeda for understanding the need to break links.

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The subprime mortgage is back: it’s 2008 all over again

subprime-housing-crisis

The subprime mortgage is back: it’s 2008 all over again:

Apparently the biggest banks in the US didn’t learn their lesson the first time around…

Because a few days ago, Wells Fargo, Bank of America, and many of the usual suspects made a stunning announcement that they would start making crappy subprime loans once again!

I’m sure you remember how this all blew up back in 2008.

Read moreThe subprime mortgage is back: it’s 2008 all over again

Court Filing Illuminates Morgan Stanley Role in Lending

H/t reader M.G.:

“Looking at the destruction Morgan Stanley wrought on the mortgage market, and the crooked judges are looking for a “settlement” early next year. No word about the millions who suffered as a result of their policies, not just those who bought the homes, but all of us who suffered from radical drop in property values as a result of mass foreclosures around us.”


Morgan-Stanley

Court Filing Illuminates Morgan Stanley Role in Lending (CNBC/New York Times, Dec 30, 2014):

Since the financial crisis, Wall Street firms have argued that they were victims, just like everybody else, of the bad mortgages that were churned out by subprime lenders like Countrywide and New Century.

Now, though, a trove of emails and confidential documents, filed in court, reveal the extent to which one of Wall Street’s leading banks, Morgan Stanley, actively influenced New Century’s push into riskier and more onerous mortgages, and brushed aside questions about the ability of homeowners to make the payments.

Read moreCourt Filing Illuminates Morgan Stanley Role in Lending

Bank of America agrees to $17 BILLION fine over mortgage fraud

Bank of America agrees to $17bn fine over mortgage fraud – report (RT, Aug 20, 2014):

America’s second largest lender has reached a $17 billion settlement with US federal authorities over selling bad mortgages, according to sources close to the negotiations.

The bank will pay out $10 billion in cash and $7 billion for consumer relief – such as modified home loans and refinanced mortgages, AP reports, citing officials close to the negotiations. The final verdict is due on Thursday.

The fine will be the largest single compensation settlement, beating out JPMorgan Chase & Co’s $13 billion penalty paid in November 2013. Citigroup, another major US bank, had to pay $7 billion in July.

Read moreBank of America agrees to $17 BILLION fine over mortgage fraud

Mortgage Standards Are Plunging – It’s Muppet Fleecing Time All Over Again

muppets-kermit-dead

Mortgage Standards Are Plunging – It’s Muppet Fleecing Time All Over Again (Liberty Blitzkrieg, April 21, 2014):

In February, I highlighted the fact that subprime loans were about to make a return in my piece: Subprime Mortgages are Back…This Time Marketed as “Second Chance Purchase Programs.” In that article, I posited that with the “all cash” private equity shops and hedge funds no longer able to make good returns through buying new homes to rent, these investors would need some sucker to sell to in order to realize a return (Blackstone’s purchases have plunged 70% recently). That sucker, as always, will be the retail muppets, and those muppets will be lured in through subprime. This is now starting to happen in earnest.

The following article from the Wall Street Journal is both depressing and disturbing. Rather than allowing home prices to reset at a lower level after the 2008 crash where to normal buyers could afford a sane 20% mortgage, our central planners decided to do “whatever it takes” to re-inflate the housing bubble. This was achieved through wealthy investment pools buying properties for all cash. The trouble is, with home prices now inflated by these financial buyers and no real increase in wages, homes are simply unaffordable. So what do you do? You bring back subprime and get the peasants long real estate with essentially zero money down all over again. Truly remarkable.

Read moreMortgage Standards Are Plunging – It’s Muppet Fleecing Time All Over Again

Marc Faber’s 50 Minute Lecture On Virtually Everything: ‘Keynesians Like Paul Krugman Should Go And Live In North Korea’ (The Bubble Film Interview)

Marc Faber: “Paul Krugman Should Go And Live In North Korea” (ZeroHedge, Dec 13, 2012):

If there is one thing better than Marc Faber providing a free, must-watch (and listen) 50 minute lecture on virtually everything that has transpired in the end days of modern capitalism, starting with who caused it, adjustable rate mortgages, leverage, why did the Fed let Lehman fail, why was AIG bailed out, quantitative easing, Operation Twist, where the interest on the debt is going, which bubbles he is most concerned about, a discussion of gold and silver, and culminating with his views on a world reserve currency, is him saying the following: “The views of the Keynesians like Mr. Krugman is that the fiscal deficits are far too small. One of the problems of the crisis is that it was caused by government intervention with fiscal and monetary measures. Now they tells us we didn’t intervene enough. If they really believe that they should go and live in North Korea where you have a communist system. There the government intervenes into every aspect of the economy. And look at the economic performance of North Korea.” Priceless.

50 minutes of Faberian bliss:


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