Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Making sense of the markets this week: October 23 Oct 21st
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Bank on higher interest rates leading to increased profits
U.S. earnings season is in full swing, and the banks were some of the fi.... More »
Richard Cordray's Surprising Admission + MORE Oct 26th
Many banks haven’t been requiring arbitration clauses..... More »
Bank of Montreal to open new ‘urban campus’ at the Toronto Eaton Centre + MORE Mar 1st
TORONTO _ The Bank of Montreal is taking over a four-storey space in the Toronto Eaton Centre in a bid to attract the high-tech talent it needs to bring ideas to the market quicker.
The bank’s plans, unveiled on Thursday, include an “urban campus” that will take over a portion of S.... More »
Is Wealthsimple a bank? Not exactly, but it’s launching new “banking” services Jun 12th
Canadians aren’t short of credit card options, that’s for sure. At an average of two to three credit cards per person, we have more credit cards than debit cards in our wallets. But there’s still room for one more, suggests Wealthsimple with its recently launched bank-like offerings, including.... More »
This mortgage loophole puts us at risk Jun 28th
If the Canadian housing market were to crash it would be catastrophic. At least, that’s the synopsis of the latest Moody’s Investors Service report.
According to their analysis the six big banks would lose nearly $12 billion while CMHC and other mortgage insurers would be on the hook for as muc.... More »
Mortgage loans, grants helping Detroit in city’s comeback
– canadianbusiness.com
DETROIT – Banks and other lending companies are making capital available to home buyers and businesses in Detroit. Some lending and grant programs have included:
— $5 million in grants pledged by Detroit-based Quicken Loans to help improve up to 65 vacant houses for auction in four west side neighbourhoods as part of the “Rehabbed and Ready” program.
— $1 million invested by JPMorgan Chase in a commercial building rehabilitation project on the city’s North End. The funding is part of the bank’s $100 million, five-year commitment to Detroit’s economic recovery.
— Bank of America is part of a program that combines a zero-down, low-interest fixed rate mortgage on new, existing, and single to four-family homes and condominiums in Detroit. Renovation funds are included in the mortgages.
— Citizens Bank is funding a total of $175,000 in micro-grants to the Eastern Market Corp. in Detroit and small businesses in southeast Michigan. The money will be used for new equipment or other items intended to help the businesses expand or become more efficient…
— $5 million in grants pledged by Detroit-based Quicken Loans to help improve up to 65 vacant houses for auction in four west side neighbourhoods as part of the “Rehabbed and Ready” program.
— $1 million invested by JPMorgan Chase in a commercial building rehabilitation project on the city’s North End. The funding is part of the bank’s $100 million, five-year commitment to Detroit’s economic recovery.
— Bank of America is part of a program that combines a zero-down, low-interest fixed rate mortgage on new, existing, and single to four-family homes and condominiums in Detroit. Renovation funds are included in the mortgages.
— Citizens Bank is funding a total of $175,000 in micro-grants to the Eastern Market Corp. in Detroit and small businesses in southeast Michigan. The money will be used for new equipment or other items intended to help the businesses expand or become more efficient…
