Posted on 02/19/2009 6:07:46 PM PST by Publius
http://www.freerepublic.com/focus/news/2188488/posts?page=44#44
Yes, there is a problem with the standard analysis. You cannot artificially damp heavy-tail distributions as a "good approximation". These catastrophic events are far from the mean - in the region where current models are absolutely worthless.
The biggest players in Canada's financial industry are chartered banks. Regulated by the Bank Act, these institutions must meet strict regulatory requirements. As of July 2002, the banking industry included 14 domestic banks, 33 foreign bank subsidiaries and 20 foreign bank branches operating in Canada through over 8,000 branches. In total, these institutions manage over $1.7 trillion in assets. Collectively, chartered banks account for over 70% of the total assets of the Canadian financial services sector. They are also among Canada’s leading employers. In 2000, the industry employed over 235,000 people and had a payroll of about $16.1 billion. It is the traditional 'Big Six', however, that continue to dominate the industry: the Canadian Imperial Bank of Commerce, the Bank of Nova Scotia, the Bank of Montreal, the National Bank of Canada, TD Canada Trust and the Royal Bank of Canada account for 90% of the total assets held by the banking industry.
http://www43.statcan.ca/03/03e/03e_001a_e.htm#t01
“. I remember reading that Mexico has maybe 30 or 40 thousand mortgages (not a typo) in the entire country!”
I don’t know aboout now but in the late 80s interest rates for borrowing were 100% or more, a person or business had to be in a world of hurt to borrow money.
I had a checking account in Mexico that paid 23% interest.
Savings accounts paid a lot more.
My parents had a 25 year morgage on a house they bought in 1962, but I remember my Mother saying in the late ‘70’s, that we (Canadians) couldn’t get those terms anymore.
I had heard something to the effect that CICB was in trouble.
True.
You can can a 40 year amortization mortgage in Canada without any problem, although I’m not sure why you would want one.
5 years laon to pay for a house? Come on.
No, we refinance every 5 years. The banks offer 6 month, 1 year, 2 year, 3 year and 5 year mortgages. Longer terms are available to a max of 10 years.
I saw an offer of a 25 year term a few years back, but the interest rate was crazy.
Yes, but their currency has poofed numerous times, too.
As if 100,000 1975 dated $ don’t buy a pack of ciggies. Its de rigeur to add Zeros in some countries. A few just use $ or peg to $ .
5 year term is typical.
See 29.
Yes, in Canada, you need a substantial downpayment.
Then, you cannot exceed your personal debt ratios.
...ie your mortgage, car loans, line of credit, etc., are all considered to measure total debt ratios
Agree.
Screw Paul Volcker.
His Democrat scum pals like O created this CRA crap to destroy the banks. Volcker is a bum.
OK I got you now. Thank you.
What’s considered a typical down payment in Canada?
The way that worked, the guy with the mustache, buys the note from the bank. Mortgages were callable, then.
With 50 per cent equity, or more, it wasn’t that major, if you think about it. Not nice, but...
I apologize for not being more articulate.
:-)
It only went up 10 times and everyone in Mexico that was anyone had prior warning and moved all their pesos into dollars durring the switch and then converted them back.
Only the peons got had which was the reason for it.
In MEXICO FIRST YOU HAD BETTER BE PURE SPANISH or as a foriegner like myself know or be friends with a lot of spanish.
It’s a country of not what you know but who you know!
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