Post by
dart321 on Dec 19, 2022 2:23pm
WOW This Is Bad
The first grand kid arrived here for the hollidays last night. We had a long talk about what is happening in the financial industry in Canada at present and boy is it bad. The grand kid owns a company that helps people with their foreclosures. The company had to hire 20 people to handle the business and it'a going to have to hire another 20 within a month or so. They are getting 12 to 15 requests per day for help, yes that's right 12 to 15 per day that have reached their trigger point and according to the kid it's going to get far worse in the new year. Their stats are showing 48% of all high rate mortgages have reached or passed their trigger point and most do not qualify for a remortgage. Their data is also showing those that did have a strong down payment and are not considered high risk at the time have now fallen into the high risk catagory and if interest rates climb another 0.75% it will add to the foreclosure total which then could get as high as 50% of the total mortgages in Canada up for renewal over the next year. This is about the same percentage of home foreclosures in Alberta in the early 1980's but this time it right accross the country, in every province with B.C. and Ontario being the worst. This is a DISASTER created by low intrest rates for far to long. The worst housing bubble in the world was Canada, economists all over the world where screaming this 12 to 24 months ago and nobody would listen, Well now we are going to see a monster crash in housing prices.
Comment by
timeforawinner2 on Dec 19, 2022 4:01pm
Can we just stick to one loss at a time such as MLCL management team wronging the shareholders and this company right when we need them to pull up there socks and get at IT!lol GLTAL's