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
Trump administration sanctions North Korean banks, bank workers - CBS News + MORE Sep 26th
Trump administration sanctions North Korean banks, bank workersCBS NewsLast Updated Sep 26, 2017 2:36 PM EDT. The Treasury Department's Office of Foreign Assets Control (OFAC) is targeting eight North Korean banks and 26 individuals "linked to North Korean financial networks" in respo.... More »
Hwang’s Spectacular Collapse Culminates in Criminal Charges - Yahoo Canada Finance + MORE Apr 27th
Hwang’s Spectacular Collapse Culminates in Criminal Charges Yahoo Canada FinanceArchegos 'Duped' Wall Street's Biggest Banks, Prosecutor Says BNNArchegos Founder Hwang Criminally Charged Bloomberg Markets and FinanceBill Hwang Arrest: Inside the Vicious Cycle of Ar.... More »
Credit Memo vs. Debit Memo: What’s the Difference? Apr 8th
If you pay close attention to your bank statements, you may notice an item labelled, “credit memo”, from time to time. But without more information, it’s hard to know what the credit memo is for; why you received extra money in your account. The same goes for “debit memos.” Businesses also.... More »
Unusually large swarm of icebergs drifts into shipping lanes - Herald-Whig + MORE Apr 6th
Herald-WhigUnusually large swarm of icebergs drifts into shipping lanesHerald-WhigThis March 2017 photo released by the U.S. Coast Guard and made by a robotic camera aboard a reconnaissance aircraft, shows icebergs floating near the Grand Banks of Newfoundland in the North Atlantic Ocean. There were.... More »
Aggressive Acquisition Strategy Hits Scotiabank’s Stock Price as Investor Skepticism Mounts Sep 13th
The Globe and Mail, Tim Kiladze, 12 September 2018
After a stunning run of acquisitions, Bank of Nova Scotia is feeling the heat. Shares of Canada’s third-largest lender are suffering relative to rival Big Six banks, and the pressure is on management to prove its recent spate of deals was worth i.... More »
This mortgage loophole puts us at risk
– moneysense.ca
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 much as $6 billion, but only if Canada were to experience a U.S.-style housing crisis where home values were to fall by as much as 35%.
Apparently, the report was a stress-test: a number-crunching exercise to reveal the worst-case scenario; situations that might occur, like a sharp increase in interest rates or massive job layoffs. But one Toronto mortgage broker is far less concerned about less than probable extreme market corrections.
The five-year fixed loophole
Based out of Toronto, Calum Ross works with high net worth clients as a dually licensed wealth advisor (with his MBA) and as an independent mortgage broker. Over the years, Ross has grown more and more concerned with mortgage qualification rules and how loopholes could contribute to over-leveraged homeowners and a potentially catastrophic future fall-out…
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 much as $6 billion, but only if Canada were to experience a U.S.-style housing crisis where home values were to fall by as much as 35%.
Apparently, the report was a stress-test: a number-crunching exercise to reveal the worst-case scenario; situations that might occur, like a sharp increase in interest rates or massive job layoffs. But one Toronto mortgage broker is far less concerned about less than probable extreme market corrections.
The five-year fixed loophole
Based out of Toronto, Calum Ross works with high net worth clients as a dually licensed wealth advisor (with his MBA) and as an independent mortgage broker. Over the years, Ross has grown more and more concerned with mortgage qualification rules and how loopholes could contribute to over-leveraged homeowners and a potentially catastrophic future fall-out…
Brexit sell-off batters global stocks
– theglobeandmail.com
$3-trillion (U.S.) lost on markets since surprise result, with London’s big banks taking the hardest hit
