The Residential Real Estate Post-Crash Index-Moderated Message Board

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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated

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To: Peter V who wrote (554)	1/12/2011 11:09:34 PM
From: Jim McMannis	Read Replies (2) of 119360

Few foreclosures, no bank failures: Canada offers lessons TORONTO — Maybe Canada has something to teach the U.S. about housing finance. One in 4 U.S. homes is thought to be worth less that the mortgage being paid on it. One in every 492 U.S. homes received a foreclosure notice in November. For the fourth year running, analysts are speculating on where the bottom is for U.S. real estate. No such worries up here in Canada — yet its system of mortgage finance gets little attention in the U.S. Not a single Canadian bank failed during the Great Depression, and not a single one failed during the recent U.S. crisis now dubbed the Great Recession. Fewer than 1 percent of all Canadian mortgages are in arrears How'd Canada avoid all that? "This sounds very simple, but one of our CEOs has said we are in the business of making loans to people who will pay them back," said Terry Campbell, vice president of policy for the Canadian Bankers Association in Ottawa. Read more: mcclatchydc.com

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