RE:RE:RE:RE:More MBS Are Being Created to get off the banks BSWell for one, the underwriting practices and standards is much stricter in Canada than it was in the USA. Esepcially after 2008. Many Canadian lenders further tightened their lendeing criteria. You may be familiar with B20 & B21 Guidlines? Also, the government made even more changes in October 2016. Introducing a few rules to limit what Canadians could borrow.
The US bond market and mortgage market was not regulated.
The only similarity is that their beind packaged and sold on the open market.
There are no teaser rates about to blow up in these bonds.
So, tell me why you think it is a bunch of junk sold on the market to unssuspected buyers? Because your friend answers phones at these places?
This could be an excllent strategy to help finance future mortgages and help keep rates competitive. Which, will only benefit the end consumer.
But, sure make loose accusations about these being fraudlent. Ignornace at its best.
rCheung00 wrote: @honestguy86 - what do you mean "lol.....you don't know what you're talking about......"
-elaborate on that because yes BMO did sell these MBS and yes other banks are working on packaging them up. First, this is in the public realm and reported if you look. Second, I have friends at some of these banks in this specific sector who are working on it.
Honestguy86 wrote: lol....you don't know what you're talking about......
Tater78 wrote: Did BMO actually sell any mortgages? The idea was floated, but as far as I know, they never did it. Happy to be proved wrong.
rCheung00 wrote: More MBS Are Being Created to get off the banks BS Just like BMO did recently
shows you something is up
publically they say "everything is okay" but behind the scenes they try to secretly offload some of their mortgages and get them AAA rated - seems almost identical to the US and Countrywide collapsed (like HCG?)
this ssh*t scares me