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Psychophant

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Here's an illustration I made of the White House before The Army Of The 12 Monkeys erased the evidence of their space-time continuum editing.

 

258600050a21274c.png

more-than-40-red-topiary-trees-line-the-

"You are walking through a Red Forest and the grass is tall..."

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I've just gotten used to, just accepted it for what it is, that (like) 95% of humanity has no interest in me, sexually.

 

To the 400 million (or so) xen0-fuckers who *are* out there, tho, I am, as always, shocked but honored and flattered.

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werk stuff

 

After years of warnings Canada is in the midst of a housing crash.

 

https://www.macleans.ca/economy/realestateeconomy/this-is-how-canadas-housing-correction-begins/

 

 

  • [Canada now owes] $2.16 trillion in mortgage, credit card and other consumer debt—an 80 per cent jump from 2008, and an amount that now exceeds the value of the entire Canadian economy. Even Americans didn’t go that overboard during their housing bubble.
  • Federally regulated lenders must ... determine [borrower's] ability to repay. The new mortgage rules have reduced the amount Canadians can afford to borrow by around 20 per cent, sending home sales tumbling across much of the country.
  • This is already translating into thousands of dollars in extra debt payments each year for households. In Toronto and Vancouver, the average monthly mortgage payment increased by $102 and $113 respectively from 2017 to 2018 .... On an annual basis, that’s an additional $2,500.
  • [One borrower saw the payment on her] line of credit climb by $200 a month. It was enough to decimate her finances.
  • [Manny borrowers are] rejected for consolidation loans by their banks, even though they’d been loyal customers for 30 years. Banks and other lenders are also going after customers more aggressively when they miss payments.

 

This will be a powerful symbol for why the 30 year fixed rate mortgage is important.  In the U.S. the dominance of the fixed rate loan means that lenders must hedge against the interest rate increases that are triggering massive defaults among Canadian household today.

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In Canada you don't tend to get a 30-year mortgage! 5 or 10 is typical, then you refinance what's left at the end of that. They just don't offer them.

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Yeah, and that makes sense a lot of the time.  But when you have both a massive housing bubble and a rising rate environment it is a recipe for disaster.  The 30 year FRM costs buyers more but its a hedge against this sort of thing.  Unless the Canadian government steps in and forces investors to share the burden this could make the US foreclosure crisis look like a walk in the park.

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I just remember trying to get a 20-year on my first condo, and the best they would do was 10-year fixed or ARM. I went with an ARM and it was fine. If you go with a broker, you can get private mortgages with different kinds of terms, but the big banks don’t go past 10-years.

 

Canadians don’t tend to use their houses as an ATM, though.

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Image result for in this house we believe yard sign

 

Like a quarter of the houses I see in Seattle have this sign, and, like, I guess I agree with every statement (decontextualized), but now I associate the sign with "Oh, hey, I'm a sanctimonious dipshit who can afford a single-family house in Seattle"

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