Canadian banks 'earn' $6.55 billion

[GrooveTunes]

It means the taxpayer bought all those mortgages off the banks .[/quote]

No they didn't. This just plain isn't true.[/quote]

From the parliamentary web site....Overview of the Insured Mortgage Purchase Program

Financial institutions in Canada hold a substantial number of residential mortgages on their balance sheets. These include a large volume of mortgages that are insured against default by the Canada Mortgage and Housing Corporation (CMHC) or by private sector firms backed by the guarantee of the Government of Canada. For mortgage lenders, these mortgages are of very high value because they represent virtually no risk to the quality of their balance sheets.

Under the IMPP, the government proposes to purchase these mortgages from financial institutions. More specifically, through CMHC, the government intends to buy National Housing Act Mortgage-Backed Securities (NHA MBS), a kind of bond for which the underlying asset is a pool of mortgage loans guaranteed by CMHC. In exchange, financial institutions will receive a cash payment that they may use to make new loans to consumers and businesses.

To put IMPP activities into perspective, consider that at the end of November 2008, the estimated value of outstanding residential mortgages in Canada was $900 billion. (2) Through the IMPP, the Canadian government proposes to purchase up to $125 billion worth of these mortgages, which would result in its holding nearly 15% of all outstanding mortgages in the country.

[Homeownertoo]

That in no way represents a bank bailout by the government, and any attempt to construe it as such is dishonest or just plain ignorance.

[GrooveTunes]

That in no way represents a bank bailout by the government, and any attempt to construe it as such is dishonest or just plain ignorance.

:dyinglaughing:

Like my friend thats been in the banking business for 30 years said.....the CONS wouldn't have done it if we (the banks) didn't need it. Believe what you want. :dyinglaughing:

[Urbane]

Some people will tell you that the moon is the sun (not too many fortunately) and that's what we're dealing with here with the "it was a secret bailout for the banks" discussion. The fact that it wasn't a bailout and it wasn't a secret (see the article that I posted) seems to go right over some people's heads. Perhaps deliberately so and it may be that this government has done so well, compared to other countries, in keeping our economy on the right path that it prompts some people to make stuff up.

[Homeownertoo]

I think, rather, that it is because the Left (meaning a significant number of lefties) are appalled at the thought of a true (or sorta true) conservative government in office that they will fabricate/believe any lie about the Tory, sorry Harper, government no matter how outrageous or obviously fabricated. This a real departure from the past, when all governments and their policies, whether you supported them or not, were accorded a degree of good-faith consideration.

That degree of civility is disappearing from the Canadian political scene, as it has from the American, where it began with the demonization of Reagan, and rose to vitriolic levels against Bush. Clinton and Obama were/are not immune to such treatment, either.

We saw it on display most recently in the Wisconsin recall campaign, though the US federal election is so far fairly civil on both sides. I expect that will change, and I do wonder whether Canada is becoming more extreme than the States in this regard. See, for example, anything that comes from the mouth of Mulcair or the province of Quebec.

[threadbear]

!!!!!!!!!!!!!!!!!!!!!

[Homeownertoo]

Like my friend thats been in the banking business for 30 years said.....the CONS wouldn't have done it if we (the banks) didn't need it. Believe what you want. :dyinglaughing:

Sounds like your alleged friend doesn't know much about Canadian banking.

[The Green Barbarian]

Like my friend thats been in the banking business for 30 years said.....the CONS wouldn't have done it if we (the banks) didn't need it. Believe what you want.

Well of course this show of confidence was "needed". The entire world was crumbling, and even the Canadian banks, some of the healthiest in the entire world, still needed this backing, as they operate on the world stage. It is so easy now, for ignorant bozos, and scum like the CCPA whose main goal is politicking, and turning out brain-dead automatons like Brigette Depape, to try and spin actions taken years after the fact for political gain, but the truth is, even the NDP, with the bone-head Mulcair, would have done exactly the same thing. The entire financial world was on the cusp of collapse, and governments stepped up and did what they had to do. Some countries had to resort to bail-outs, Canada was not one of those countries. Anyone saying otherwise is blatantly lying.

[Homeownertoo]

Well put, GB. Having seen over the years so many blatant lies spun by the Canadian Centre for Unworkable Policies, I am sickened to see them still accorded even a shred of credibility by our credulous media.

[sooperphreek]

time to get the tinfoil hats on and listen to tea party libertarians from down south and start buying silver!!! is anyone really surprised that the banks are just as bad as anyone else that has the real power and they are robbing us blind before a bank holiday and we are buying bread with a wheelbarrow full of money?

[The Green Barbarian]

time to get the tinfoil hats on and listen to tea party libertarians from down south and start buying silver!!! is anyone really surprised that the banks are just as bad as anyone else that has the real power and they are robbing us blind before a bank holiday and we are buying bread with a wheelbarrow full of money?

I read this post several times, and still can make no sense of it whatsoever. What is your point?

[threadbear]

!!!!!!!!!!!!!!!!!!!

[Rwede]

I read this post several times, and still can make no sense of it whatsoever. What is your point?

I asked Luo for his interpretation of it, but we still can't figure it out either, GB.

[The Green Barbarian]

Don't trouble yourselves to reply to me (as if I presume to assume that you would), because I won’t be around this one again to read your fallacious augments. Got bigger and more skilled fish to fry at grad school.

Happy trails, and don’t take any wooden nickels.

I shudder to think what you are taking at Grad School, if you are actually posting anything from the scum at the CCPA. Seriously, you are wasting your money and time if you are getting any sort of education that is teaching you that those idiots at the propaganda arm of the NDP are worth reading. Quit now, and get a real job.

[threadbear]

!!!!!!!!!!!!!!!!!!!!!