Orwell's 1984 In Mortgage World
1984 is one of the finest books in the English language
Its indelible description of revisionist history applies to mortgage world today
Some of the Twitterverse is thinking the Government, the BoC, big banks and CMHC maybe the villains
2/
1984 is one of the finest books in the English language
Its indelible description of revisionist history applies to mortgage world today
Some of the Twitterverse is thinking the Government, the BoC, big banks and CMHC maybe the villains
2/
/2 in the coming real estate / mortgage debacle on the horizon
Ok, CMHC: no one on Twitter has been meaner to @ewsiddall than me (The Piglet in the Car GIF... Oy)
But Evan Siddall has simply been right, he pushed the stress test, he posted about indebtedness, CONSTANTLY
3/
Ok, CMHC: no one on Twitter has been meaner to @ewsiddall than me (The Piglet in the Car GIF... Oy)
But Evan Siddall has simply been right, he pushed the stress test, he posted about indebtedness, CONSTANTLY
3/
/3 IMO it makes zero sense to rail against CMHC for 4 or 10 year old programs like hi-ratio rental purchase or rental bulk portfolio insurance rules that were FIXED or CANCELLED years ago
Danger noted: changes made!
So I just don't get blaming the mortgage insurers
4/
Danger noted: changes made!
So I just don't get blaming the mortgage insurers
4/
/4 the BoC could have moved rates higher, faster, in 2011 till now, ok but many also supported their approach
More revisionist history: Government through OSFI should have pressed banks to tighten credit, make mortgages harder to get
That was maybe 5% of all Fintwit posts
5/
More revisionist history: Government through OSFI should have pressed banks to tighten credit, make mortgages harder to get
That was maybe 5% of all Fintwit posts
5/
/5 Banks should have cut back on credit themselves: okay, sure, Bank CEO decides to radically tighten mortgage credit in 2017 fearing the worst, mortgage share falls sharply: CEO fired at next Board meeting
It's a competitive business, Period
So where does the blame lie?
6/
It's a competitive business, Period
So where does the blame lie?
6/
/6 Mostly with all of us
In very small ways with those entities just mentioned
But also with PARENTS who told there children: REAL ESTATE ONLY GOES UP
Hell, they put their money where there mouth's were and provided down payments
With Realtors and Mortgage Brokers and
7/
In very small ways with those entities just mentioned
But also with PARENTS who told there children: REAL ESTATE ONLY GOES UP
Hell, they put their money where there mouth's were and provided down payments
With Realtors and Mortgage Brokers and
7/
/7 Bank Mortgage Reps?
Sure, I will take blame, we fought hard to find a mortgage solutions for every client we could
Realtors worked hard to promote home ownership
So let's all take collective blame for whatevers coming let's not rewrite history
The only reasonable
8/
Sure, I will take blame, we fought hard to find a mortgage solutions for every client we could
Realtors worked hard to promote home ownership
So let's all take collective blame for whatevers coming let's not rewrite history
The only reasonable
8/
/8 evil to point at are the people posting TODAY everything will fine, don't worry, keep bidding on real estate and getting big mortgages
That should stop NOW
That should stop NOW
