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CKA Uber
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PostPosted: Sat Dec 13, 2008 10:17 am
 


Title: How high-risk mortgages crept north
Category: Business
Posted By: hurley_108
Date: 2008-12-13 08:13:24
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PostPosted: Sat Dec 13, 2008 10:17 am
 


Quote "In the fall of 2005, a tiny paragraph buried in a 280-page federal government estimate of expenditures signalled a new era of competition in the industry."

I love how the G&M blames Harper as the evil man who caused this mess, but the Liberals screwed up in the first place allowing this to even happen....dont they have lawyers to read through things properly to avoid this?


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PostPosted: Sat Dec 13, 2008 10:25 am
 


stokes stokes:
Quote "In the fall of 2005, a tiny paragraph buried in a 280-page federal government estimate of expenditures signalled a new era of competition in the industry."

I love how the G&M blames Harper as the evil man who caused this mess, but the Liberals screwed up in the first place allowing this to even happen....dont they have lawyers to read through things properly to avoid this?


Read further:

$1:
Ultimately, Parliament did not vote on the Finance Department's proposal, thanks to the 2006 federal election and the Conservatives' rise to office. But the U.S. insurers' efforts weren't for naught; the new Harper government quickly embraced the idea of them coming north.

On May 2, 2006, in his first budget, Mr. Flaherty announced that not only would Ottawa guarantee the business of U.S. insurers, it was doubling the guarantee to $200-billion.


The Conservatives, while not the ones who authored the idea, were the ones to ultimately put it in place, and have it passed into law.





PostPosted: Sat Dec 13, 2008 10:26 am
 


I wonder how the NDP and the Libs voted on this one?


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CKA Uber
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PostPosted: Sat Dec 13, 2008 2:34 pm
 


I don't see what's risky about a 0 down mortgage, or even a 40 year mortgage. The sub prime mortgages caused so many problems because they tricked people into a mortgage with a low interest rate only to have it raised two years later to a level they couldn't afford.


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