Jingle mail rears its ugly head in Alberta again

[Locutus]

Federal government worried about Albertans making strategic defaults on their mortgages



One of the big bads from the 1980s is starting to emerge again in Alberta.

Jingle mail — the act of walking away from an underwater mortgage by mailing your keys back to the bank — is a peculiarity of the Alberta residential market and an act of desperation. However, a combination of high debt and lost jobs make it an option in a province going through a significant economic reckoning.

It's enough of a concern that the federal government is watching the Alberta market closely. Jingle mail, or strategic defaults, weaken the housing market and increase loan losses among Canada's banks.


mo


Jingle mail rears its ugly head in Alberta again - Calgary - CBC News

 

[Bar Sinister]

I remember the Alberta real estate crash of the 80s and I also knew a few people who simply walked away from their mortgages. It resulted in many homes dropping to half their original value.

 

[B00Mer]

I remember the Alberta real estate crash of the 80s and I also knew a few people who simply walked away from their mortgages. It resulted in many homes dropping to half their original value.

Which would be a more accurate value for the homes they build out there.

Don't fart or screw, your neighbour will hear you.. you get no real yard.