Big Mortgages obtained with stolen ID
Very interesting info giving insight into why lenders and insurers often ask to see an appraisal, when by all appearances the client seems to be strong. Each of these mortgages was obtained for between 140% and 200% loan to value! These obviously weren’t listed on MLS. A reminder for your customers why lenders require additional due diligence on private purchases.
Beware the demographic timebomb
According to the author, this crisis in Egypt was sparked by one young unemployed Tunisian vendor, who left a suicide note to his mother on Facebook. His tragedy resonated, via the Internet, and changed the “narrative” from confusing political babble by authorities, to a simple story that millions identified with about a young man’s ordeal. “It used to be said that the hand that rocks the cradle rules the world. Now the cradle, armed with Facebook and social media tools, is taking control”.
· TSX -49.50 to 13,791.85 as oil and gold prices fell back on hopes for an end to the political protests in Egypt and an American dollar that strengthened despite data showing far less U.S. job creation last month than expected.
· DOW +29.89 to 12,092.15 Last week, job creation in the U.S. came in at a paltry 36,000, much lower than the 131,000 or so that economists had expected. However, the unemployment rate ran down from 9.4 per cent in December to nine per cent last month and job numbers were given the benefit of the doubt based on wicked winter weather
· Dollar +.26c to 101.17c USD The loonie has been higher after Statistics Canada reported that the Canadian economy generated just over 69,000 new jobs last month, spread across most of the country and evenly split between full-time and part-time. That was far higher than expectations for between 15,000 and 21,000 new jobs.
· Oil -$1.50 to $89.03 USD per barrel as hopes rose for an end to the political protests in Egypt.
· Gold -$4.00 to $1349.00 per ounce
· Canadian 5 yr bond yields markets +.08bps to 2.74. That’s 18bps in the last 3 days! The spread (based on the MERIX 5 yr rate published rate of 3.99%) has no room at all falling far below the comfort zone at 1.25. Fixed rates are at risk of increasing. Rate specials could end “effective immediately, so get any applications for 3.79% in early.
(courtesy of Barb Morgan, DBD Ontario Southwest)
