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lending rate: Let's blame the banks - 01/22/09 11:34 AM
I came across an article today that speaks to the increasing frustration all of have with banks. (link below). Despite a downturn in the economy, banks boasted over $19.5 billion in profits for 2007 (not income, profits!).
The Bank of Canada has now lowered the lending rate to 1%, the lowest in history.
The CMHC has purchased over 33 billion in mortgages and the government has agreed to take another $75 million off the bank's books. 
{Steve Foerster, a professor of finance with the Richard Ivey School of Business at the University of Western Ontario, said many people are basing their frustration on a trend they saw when … (1 comments)

 

Robert Morrow

Hamilton, ON

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Blog by Hamilton Home Review's editor, Robert J. Morrow, a licensed Realtor with Chase Realty Inc., in Ancaster, ON, Canada.


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