Comments on: Issue of Orphaned Mortgages Comes to Light http://www.gregwilliamson.ca/uncategorized/issue-of-orphaned-mortgages-comes-to-light/ Canadian and Alberta Real Estate and Mortgage Market Information with a slant toward positive comments in light of all the negative information out there Mon, 02 Jan 2012 19:35:08 +0000 hourly 1 http://wordpress.org/?v= By: George Kostadinov http://www.gregwilliamson.ca/uncategorized/issue-of-orphaned-mortgages-comes-to-light/#comment-149 George Kostadinov Sat, 23 Jan 2010 05:34:53 +0000 http://www.gregwilliamson.ca/blog/?p=571#comment-149 Paul, in regards to the capital market issue in 2007, why not just let capitalism sort itself out? Thanks for the insight. George Paul, in regards to the capital market issue in 2007, why not just let capitalism sort itself out?
Thanks for the insight.

George

]]> By: Paul McGill http://www.gregwilliamson.ca/uncategorized/issue-of-orphaned-mortgages-comes-to-light/#comment-148 Paul McGill Thu, 17 Dec 2009 20:12:28 +0000 http://www.gregwilliamson.ca/blog/?p=571#comment-148 Mr. Williamson I’m not surprised at your comments or your lack of knowledge on this industry problem. As the person who is dealing with the people losing their homes everyday I’m happy to respond. These are real people that are going to lose their homes, not for any cause of their own. Had the federal government applied a small part of the $60 billion it used to bail out the bank mortgage portfolios viable solutions could have been found to keep these people in their homes. If you had seen details of the program proposed to the Government, which you have not, you would have seen the existing lenders were being asked to take subordinated positions so the playing field would be leveled. However rather than ask you choose to write the uninformed garbage you did. The lack of liquidity in the Canadian mortgage market was never a lender issue, a sub-prime issue or anything to do with how the industry did business. It stems from a lack of capital market support in 2007 that snowballed with the resulting current consequences. We have been working to find solutions for almost a year now and never once have we heard from a single broker to say how can I help with this industry problem. Congratulations to you and all your colleagues for the interest and integrity you have shown for your customer base. <em>Paul, I re-read my post to see why you felt the need to be so critical of my <ul>opinion</ul> My point was not that these people do not have real issues, my point was that the lenders who received healthy risk premiums on their backs should not look to all the taxpayers to bail them out. To be clear the government buying back the CMHC insured mortgages, was for one thing a profitable venture for the government, so we the taxpayers made money on that, and it was no additional risk because CMHC already had insurance on these mortgages. CMHC, or the government received no default insurance from sub-prime mortgages, so how could they now have to take the risk? To what end? Anyway, thanks for the comment, and quite frankly your insight. You are right many of us do not know the inside story because we are not told. Getting insight from people that are there is obviously helpful. - Greg Mr. Williamson

I’m not surprised at your comments or your lack of knowledge on this industry problem.

As the person who is dealing with the people losing their homes everyday I’m happy to respond. These are real people that are going to lose their homes, not for any cause of their own. Had the federal government applied a small part of the $60 billion it used to bail out the bank mortgage portfolios viable solutions could have been found to keep these people in their homes.

If you had seen details of the program proposed to the Government, which you have not, you would have seen the existing lenders were being asked to take subordinated positions so the playing field would be leveled. However rather than ask you choose to write the uninformed garbage you did.

The lack of liquidity in the Canadian mortgage market was never a lender issue, a sub-prime issue or anything to do with how the industry did business. It stems from a lack of capital market support in 2007 that snowballed with the resulting current consequences.

We have been working to find solutions for almost a year now and never once have we heard from a single broker to say how can I help with this industry problem.

Congratulations to you and all your colleagues for the interest and integrity you have shown for your customer base.

Paul, I re-read my post to see why you felt the need to be so critical of my

    opinion

My point was not that these people do not have real issues, my point was that the lenders who received healthy risk premiums on their backs should not look to all the taxpayers to bail them out. To be clear the government buying back the CMHC insured mortgages, was for one thing a profitable venture for the government, so we the taxpayers made money on that, and it was no additional risk because CMHC already had insurance on these mortgages. CMHC, or the government received no default insurance from sub-prime mortgages, so how could they now have to take the risk? To what end?

Anyway, thanks for the comment, and quite frankly your insight. You are right many of us do not know the inside story because we are not told. Getting insight from people that are there is obviously helpful.

- Greg

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