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Meridian Review: Ontario’s Largest Credit Union vs the Big Banks Nov 25th
I don’t often have an opportunity to write a credit union review. The reason for this is that most credit unions tend to be quite small, and as such, serve a relatively small client base within a very defined (and smallish) geographical area. In short, it doesn’t work all that well for a persona.... More »
OSFI issues proposed new rules to govern conduct of mortgage insurers + MORE Apr 15th
OTTAWA – Canada’s financial regulator is looking to issue new guidelines governing high-risk mortgages in the country’s housing market.
The Office of the Superintendent of Financial Institutions has asked for comments on the guidelines that would compel mortgage insurers to do due diligence on.... More »
BlackRock to buy Bank of America’s $87-billion money-market fund business + MORE Nov 3rd
The transaction comes as big banks have faced pressure to simplify their businesses since the global financial crisis
.... More »
Do you need mortgage life insurance? + MORE Aug 26th
Q: I am a single, 70-year-old with a reasonable mortgage of $115,000. I have no family and no dependants. I find that the life insurance on my mortgage is too expensive. Do I need mortgage life insurance anyway? What for?—Katerina
A: I’m glad that you noticed the life insurance you’re paying.... More »
The best American Express credit cards in Canada for 2023 + MORE Nov 1st
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The best American Express credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Insurance a key battleground in fight for Canadian boomers: TD
– theglobeandmail.com
CEO Ed Clark asserted that the country’s banks value insurance as part of their one-stop-shop strategy
Judge again rejects compromise between Detroit, banks in key step in bankruptcy
– canadianbusiness.com
LANSING, Mich. – A judge overseeing Detroit’s bankruptcy again rejected a deal Thursday to get the city out of a disastrous financial agreement with major banks.
Judge Steven Rhodes on Thursday turned down a more than $165 million compromise, saying “it’s just too much money.” He had rejected a $230 million deal in December.
The agreement is considered a key step as the city comes up with a sweeping plan to exit bankruptcy.
In 2009, Detroit pledged a critical revenue source, casino taxes, as collateral to avoid defaulting on pension debt payments. That agreement allowed the city to get fixed interest rates on bonds with UBS and Bank of America. But it backfired when rates dropped during the recession.
Detroit had lined up a loan to pay for the settlement.
Earlier Thursday, Gov. Rick Snyder met with Michigan lawmakers to discuss the possibility of contributing state money to shore up Detroit’s pension plans and prevent the sale of city-owned art, days after foundations committed $330 million to the effort…
Judge Steven Rhodes on Thursday turned down a more than $165 million compromise, saying “it’s just too much money.” He had rejected a $230 million deal in December.
The agreement is considered a key step as the city comes up with a sweeping plan to exit bankruptcy.
In 2009, Detroit pledged a critical revenue source, casino taxes, as collateral to avoid defaulting on pension debt payments. That agreement allowed the city to get fixed interest rates on bonds with UBS and Bank of America. But it backfired when rates dropped during the recession.
Detroit had lined up a loan to pay for the settlement.
Earlier Thursday, Gov. Rick Snyder met with Michigan lawmakers to discuss the possibility of contributing state money to shore up Detroit’s pension plans and prevent the sale of city-owned art, days after foundations committed $330 million to the effort…
Fixed-income business turns ugly for U.S. banks
– theglobeandmail.com
Institutions suffer second straight quarter of rough returns
