Tuesday, November 13, 2007
Sub prime Mortgages In Canada
We saw today the banks in Canada announcing there loses due to the crises in the US. Good news is that the Canadian banks had income from the upcoming VISA ipo to offset against the losses. This is good news for the Canadian mortgage market and consumers. We do not wish any major losses for the banks as this could make them lees likely to continue offering great mortgage products at still historic low level interest rates. The flip side is our US counterparts are still going through the crises and all signs point to getting worse before better. Watch for more news in the upcoming months regarding losses in sub prime mortgages.