RE:RE:RE:RE:SCAM MAN If banks didn't extend amortization periods hiking would be done and we would be in recession. I have a number of friends with mortgages thru Scotia. For those who don't know, Scotia is the only bank, to my knowledge, who are not extending amortization periods on variable mortgages. Each friend is struggling to break-even on cash flow basis and after today will make further expense cuts to their budget. One is now contemplating selling his second house. This is exactly what we need to happen to solve inflation.
I'm not sure if BoC has authority over the banking system the way the Fed governs the US banks, but if Tiffy had half a brain cell, he would stopped the interest rate hikes and forced to banks to a 30 yr amortization period limit 6 months ago... by allowing banks to do this, our central bank has decided to sacrifice jobs in order to maintain the housing ponzi. Makes me sick.
Mugatu: "I feel like I'm taking crazy pills!!"