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| | From:  WWIIWarrior (Original Message) | Sent: 12/5/2008 5:06 PM |
When you combine this with my Job Losses OP, it makes the future looking quite bleak, and I still don't see anything on the horizon to help the economy and wonder if you all do... WWIIwarrior SAN FRANCISCO (MarketWatch) -- The percentage of U.S. mortgage holders who were behind in their payments soared to a record 6.99% of loans outstanding in the third quarter, the Mortgage Bankers Association said Friday, and foreclosures were also at new highs. Just under 3% of U.S. mortgages were somewhere in the foreclosure process, and MBA Chief Economist Jay Brinkmann said mounting job losses were sure to send that figure higher in coming months. Problem loans in California and Florida accounted for much of the increase, the MBA said. More than 19.5% of all subprime loans were seriously delinquent in the quarter, meaning they were more than 30 days past due.  |
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Oops. Now the US taxpayer is going to be eating those defaults while revenues decline and unemployment increases. |
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oskar yp 2 You sure got that right... Sound like we have a impossible ahead of us doesn't it? WWII |
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Yep. We've only seen the tip of the iceberg, I think. |
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| | | From: Jan53 | Sent: 12/6/2008 1:18 AM |
Interestingly enough, I learned at a company meeting yesterday that our company is finding investment rental properties for a new client, a US retirement investment company, here in Canada. Our company is in property management, mostly rentals. That makes me a little more hopeful about the Canadian economy. |
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Jan yp 5 Sounds like your Company will really be humming along while the rest of us will be looking for food and a place to stay...  WWII |
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Not too sure about that. We just hit another pothole - 70,600 jobs lost. |
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| | | From: Jan53 | Sent: 12/6/2008 5:16 PM |
The Canadian national unemployment at 6.3% (or thereabouts), Alberta at 3.4%. Perhaps I should have said Alberta instead.  I'm sure that will rise, tho. Our vacancy rate has risen from .05% in '07 to around 4.5% now. People are moving away from here (back home) to SK and NL. They made their money during the boom and now have it made. Fast food places closed back then, cos everyone wanted the big bucks in oil and construction and they couldn't fine help. Now the ones still open have a multitude of employees. |
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Jan yp 8 We have provened over the last 4 or more years, that we have a bunch of greedy folks here in the States, or we would not be facing these serious problems... It looks like your saying that our Disease has jumped the borders and it may bring your house down also... WWII |
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Oskar, you are right... we have only seen the top of the iceberg. Rough times ahead for sure. |
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oskar yp 7 Not too sure about that. We just hit another pothole - 70,600 jobs lost. Oskar, I do check to see what is happening in Canada, and do know that your having problems up there, probably do to the fact that we ae cutting back on Imports and you are a large exporter to us... I do wonder if Canada bought many of those luscious Mortgage packages, that we were selling all over the World, and probably including you...? WWII |
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I do wonder if Canada bought many of those luscious Mortgage packages, that we were selling all over the World, Some of our banks got stung, but due to Canadian banking regulations they survived the writedowns quite nicely though it did cause a liquidity crunch. The Bank of Canada loosed up some reserves and CHHC bought up bank mortgage portfolios in return for cash (no sub-primes, just regular mortgages). and probably including you...? Nope. Other than a few thousand Suncor shares and some gold certs we're out of the market completely. We bailed out a few months ago before the markets tanked so we're sitting on a pile of Euros and some CDN$. |
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CHHC Make that CMHC.  |
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oskar yp Then you are also one of the wise folks to bail out, and it sure sounds like a wise move to me... Thanks for the information on Canada, in regards to the Mortgage packages... WWII |
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Last I saw all our banks were still generating decent returns and none are in danger. That could change if the economy in general gets hit too badly. But it's also an opportunity (wake-up call?), IMO, to find trade elsewhere than with the US. Here's an article that shows what I'm thinking when I say opportunity. |
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oskar yp15 That was a very interesting Link that you provided us with and had tons of great information in it... Many thanks.. WWII |
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