Re: Canada tightens mortgage rules to stop housing bubbleFeb 17th, 2010
That is what I just finished saying, S.J. if you'd just read my post.
I can't seem to communicate with you. I have failed, I am sorry. I should go away and stop wasting your time.
There isn't, and now is the time to take preventive measures so that we don't have another one in the future. The time to act is now, not when we have another bubble.
Looks like you are right, S.J. - THIS ONE TIME
Housing credit squeeze likely to keep bubble at bay - thestar.com
I know 5 families, 2 single parents ( 2 Already going through bankruptcy) and Many others on the verge of losing their Houses when rates Climb ...
Banks need to be monitored and regulated...They have way too much Power/Control...
Save your money ... Take control of your finances now..(I know ,if only it was that easy )
I read the rules to say that if you want the government to guarantee your loan principal and interest, when speculating in the housing market, put 20% down. Why should you, L. Gilbert, want speculators to increase your taxes because they speculated, lost and made you pay for it. Think it through.
That is why I said, some people need to take Economics 101. If the interests have to go so high that banks start paying 8-9% on current accounts and GICs, that will drive the economy into depression (or at least a deep recession).
I work for a bankruptcy Trustee and let me tell you, we need to start educating our children about "finances". I know just working where I do my family has started to clean up our "act" so to speak. I've really had my eyes opened. While we have pretty much tried to watch our finances, we weren't doing nearly as good a job as we should have been. I've learned so much!!
We have had clients tell us that they've got $80,000+ in credit card debt "cause the credit card companies kept sending them" DUH!! I almost invariably want to ask them ..did you not think you'd have to repay them?? Most blame "the banks" for sending them. It's the usual "it's not my fault" senario.
The reason a lot of clients declare bankruptcy is because they lose their jobs and use credit cards to supplement their incomes. Through Financial Counselling, we emphasize savings in good times so that if one does lose their job they have a cushion until they can obtain another one. Even at that, we have 2nd and 3rd timers.
Some people never learn!