Rent Bank

Social, economic and environmental issues in our ever-changing world.
Even Steven
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Re: Rent Bank

Post by Even Steven »

BC Landlord wrote:what else do you propose to help people missing out on a rent? Go to a shark loan place?
It's simple. Govt should own all houses, and give it for free to everybody, because housing is a human right, apparently.

Easy peasy.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Even Steven wrote:
BC Landlord wrote:what else do you propose to help people missing out on a rent? Go to a shark loan place?
It's simple. Govt should own all houses, and give it for free to everybody, because housing is a human right, apparently.

Easy peasy.
You realize, what you are proposing is communism? How long have you lived under such system? FYI, before I immigrated to Canada, I had spent 30 years living under it. It was no fun, believe me.
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Omnitheo
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Re: Rent Bank

Post by Omnitheo »

Public housing in Singapore is managed by the Housing and Development Board (HDB) under a 99-year lease.[1] The majority of the residential housing developments in Singapore are publicly governed and developed, and home to approximately 78.7% of the resident population.[2] These flats are located in housing estates, which are self-contained satellite towns with well-maintained schools, supermarkets, malls, community hospitals, clinics, hawker centres (food court) and sports and recreational facilities. Every housing estate includes MRT stations and bus stops that link residents to other parts of the city-state. Some estates are also complemented by smaller LRT stations which act as a feeder service to the MRT.

There is a large variety of flat types and layouts which cater to various housing budgets. HDB flats were built primarily to provide affordable housing and their purchase can be financially aided by the Central Provident Fund.[3] Due to changing demands, HDB introduced the Design, Build and Sell Scheme to produce up-market public housing developments.

New public housing flats are strictly only eligible for purchase towards Singaporean citizens. The housing schemes and grants available to finance the purchase of a flat are also only extended to households owned by Singaporeans, while permanent residents do not get any housing grants or subsidies from the Singaporean government and could only purchase resale flats from the secondary market at a market price. Such policies have helped Singapore reach a home-ownership rate of 91%, one of the highest in the world.[4] In 2008, Singapore was lauded by the United Nations Habitat's State of the World's Cities report as the only slum-free city in the world
Doesn’t sound so bad. Also I had no idea Singapore was communist.
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OKkayak
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Re: Rent Bank

Post by OKkayak »

BC Landlord wrote:Rental places have always been a business, small or large.
I was referring to the housing market in general. At one point, the economy was helped by the real estate market, now it depends on it whether it be using a house, space in a house to supplement one's income or to use the property as a line of credit, its morphed into a very dangerous animal that will bite us in the *bleep* at some point.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

Even Steven wrote: Govt should own all houses, and give it for free to everybody, because housing is a human right, apparently.

Easy peasy.
Who do you think is holding the bag on most of the mortgages in Canada?

The taxpayer. The Government.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

OKkayak wrote:... its morphed into a very dangerous animal that will bite us in the *bleep* at some point.
Kayak, you are probably right, ... but how do you explain to a little guy at the bottom of the food chain, that he no longer qualifies for a roof over his head? Do you help him out, or you just let the thing take its course?

That reminds me of the movie called "The Big Short", about what happened in the US with sub-prime mortgages. I believe it's on Netflix. Basically it comes down to repackaging and reselling debt. Loved the part about a guy taking a mortgage in his dog's name, and a stripper boasting about owning four houses, AND a condo. Canadian banking system has much better mechanisms to prevent that, but still ... As you say, if you use your equity (read debt) to synthetically leverage more debt, ... aren't we heading in the same direction?
Then again, ... you can't forget the little guy. So, what do you do?
Last edited by BC Landlord on Dec 7th, 2020, 12:20 pm, edited 1 time in total.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Vacancyrate wrote:Who do you think is holding the bag on most of the mortgages in Canada?

The taxpayer. The Government.
I share your mistrust in governments, but I think you watch Alex Jones too much.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

BC Landlord wrote: I share your mistrust in governments, but I think you watch Alex Jones too much.
https://www.cmhc-schl.gc.ca

The taxpayer backs up all these loans should the go sour.

The commercial banks are just the middle men. You, the taxpayer, are on the hook should your neighbour fail to pay their mortgage because the bank's "loss" in insured by you, the taxpayer.

You rent money from the Government to buy a house. Canada's biggest landlord.
Even Steven
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Re: Rent Bank

Post by Even Steven »

Vacancyrate wrote:Who do you think is holding the bag on most of the mortgages in Canada?

The taxpayer. The Government.
That's incorrect. The lender. CMHC only provides insurance. If the mortgage defaults, it's the lender who holds the bag, no CMHC.
Even Steven
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Re: Rent Bank

Post by Even Steven »

BC Landlord wrote:FYI, before I immigrated to Canada, I had spent 30 years living under it. It was no fun, believe me.
I guess they don't teach about sarcasm in communism.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

Even Steven wrote: That's incorrect. The lender. CMHC only provides insurance. If the mortgage defaults, it's the lender who holds the bag, no CMHC.
https://maplemoney.com/what-is-cmhc-mor ... 20a%20risk.
What CMHC insurance does is guarantee the bank or credit union that it will not lose money on this high ratio mortgage, if the borrower happened to default. When the home buyer has more “skin in the game,” ie 20%+ downpayment, he or she is considered less of a risk.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

Even Steven wrote: That's incorrect. The lender. CMHC only provides insurance. If the mortgage defaults, it's the lender who holds the bag, no CMHC.
https://www.cmhc-schl.gc.ca/en/buying/m ... -insurance
If you want to buy a home with a down payment of less than 20%, you’ll need mortgage loan insurance. This protects your lender in case you can’t make your payments.
...and the lender is protected by you, the taxpayer.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Even Steven wrote:
BC Landlord wrote:FYI, before I immigrated to Canada, I had spent 30 years living under it. It was no fun, believe me.
I guess they don't teach about sarcasm in communism.
Sorry, my bad. One thing I've learned on these boards is that you take everything with a grain of salt, including sarcasm. Not warranted in this case, apparently. :up:
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Bsuds
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Re: Rent Bank

Post by Bsuds »

BC Landlord wrote:
Sorry, my bad. One thing I've learned on these boards is that you take everything with a grain of salt, including sarcasm. Not warranted in this case, apparently. :up:
It is sometimes really difficult to catch the true intent of some posts which is why I try to use an emoticon when being sarcastic. :smt045
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BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Bsuds wrote:It is sometimes really difficult to catch the true intent of some posts which is why I try to use an emoticon when being sarcastic. :smt045
You might be right. In real life, a person's face expression speaks volumes. Emoticons mimic that.

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