usa: Interest Rate Cut to Lowest Since 1694 - 01/08/09 12:00 AM
The Bank of England has cut its overnight lending rate by half point to 1.5%, the lowest since the central bank was founded in 1694.
Many economists believe that the Bank of England will cut rates below 1.0% by the second quarter. The central bank reduced the interest rate by 1.5 percentage points in November and by 1 percentage point in December.



Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

(2 comments)

usa: Japan Slips into Recession - 11/16/08 11:26 PM
New numbers released by the Japanese government indicate the country has entered a recession.
Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year.
Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent.
The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs.
Japan joins Germany and Italy on the … (9 comments)

usa: Europe's Top Central Banks set to Cut Rates - 11/05/08 06:04 PM
Europe's top central banks are expected to cut borrowing costs on Thursday as market focus shifts back to the economic crisis from the excitement of Barack Obama's historic election victory.
Both the European Central Bank and the Bank of England are expected to cut interest rates. Many economists are forecasting the ECB to cut rates by at least half a percentage point, while others are anticipating a cut by as much as 75 basis points.
For the ECB, it is facing the first euro zone-wide recession since its inception in 1999, and a rate cut by 75 basis points would be … (0 comments)

usa: What affects will Obama have on Canada? - 11/05/08 01:58 PM
It has been said in the past, that for Canada, being next to the United States, is like being in bed with an elephant. This statement was in specific reference to the close proximity between Canada and the United States... and the fact that the Canadian economy will most likely always eventually feel the impact of the effects felt by the US economy. Well the present economic crisis has become no exception to this analogy.
Now, with the election of a new President for the United States, and the shift from republican to democratic party policy in the Oval Office, how … (3 comments)

usa: US Fed Lowers Rate to 1 percent - 10/29/08 07:19 AM
The US Federal Reserve has just matched a half-century low... they have lowered their interest rate by a half-point to 1.0%, in an effort to settle the current economic crisis. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.

The Fed also stated that they would "monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability."
What does all of this mean for the real estate industry? Share your thoughts.


Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: … (3 comments)

usa: Iceland Raises Interest Rates to a record 18 percent - 10/28/08 05:51 PM
Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.
Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks.
Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more.
Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on … (6 comments)

usa: Homes Sales See Biggest Gain since July 2003 - 10/25/08 01:16 PM
Sales of previously owned U.S. homes rose 5.5 percent last month, the biggest gain since July 2003.
The National Association of Realtors on Friday said that sales of existing home rose to a 5.18 million-unit annual rate from the 4.91 million-unit pace set in August. 
The median national home price declined 9 percent from a year ago to $191,600, the lowest level since April 2004.
Sales jumped 16.8 percent in the West, while rising 4.4 percent in the Midwest and 2.2 percent in the South. In the Northeast, sales fell 1.2 percent.
Sales of single-family homes, which represent the lion's share … (4 comments)

usa: Canadian Banks are Not Expected to Adjust Prime Rate - 10/21/08 07:30 AM
Many economists in Canada are expecting the Canadian Banks to hold their Prime Rates, despite the Bank of Canada decision today to drop the overnight lending rate by a quarter point to 2.25%. 
The Canadian Banks earlier this month followed a similar trend when the Bank of Canada lowered their rate to 2.50% and the Banks did not pass on the full extent of the cut when the Banks lowered their Prime Rates at that time.
Some economists forecast that the Bank of Canada will lower their overnight lending rate to 2.00% by year-end.
Prime Rates are used as a benchmark to set most … (1 comments)

usa: US Fed Granting Up to US$540 billion to Money Market Funds - 10/21/08 07:07 AM
The U.S. Federal Reserve announced Tuesday that it will provide up to US$540 billion in financing to the money market mutual fund industry.  The Fed's new program is called the Money Market Investor Funding Facility.
This Facility will be used to support a private-sector initiative designed to provide liquidity, or cash, to money market investors. The Fed plans to back purchases of short-term debt including certificates of deposit and commercial paper that expire in three months or less from money market mutual funds.
"The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other investors … (1 comments)

usa: Canadian Central Bank Lowers Rate to 2.25 percent - 10/21/08 04:06 AM
The Canadian Central Bank cut rates today by a quarter point to 2.25%.
This rate cut today by the Bank of Canada was left than the half point cut expected by some economists.  The reaction to this was also seen by the Canadian Dollar... falling to a three-year low following today's announcement.
It will be interesting to see how various Canadian financial institutions react today to the news... in terms of their prime rates and mortgage rates.
The Central Bank commented however that it would likely have to lower rates further to combat the effects of the global financial crisis.  "In line with … (0 comments)

usa: Warren Buffett Says its Time to Buy U.S. Equities - 10/17/08 10:02 AM
Warren Buffett has said he's buying U.S. equities if the prices stay attractive.
"A simple rule dictates my buying: Be fearful when others are greedy and be greedy when others are fearful," Buffett, 78, said in an opinion piece published Friday in The New York Times. "Most certainly, fear is now widespread."
He said if equities stay cheap, his non-Berkshire net worth will soon be 100 percent in U.S. stocks from 100 percent in government bonds.
Thanks for the info Warren, however, I do believe the economy is in for a rough ride over the next year or so.  In my … (10 comments)

usa: Canadian Dollar vs US Dollar and the Price of Oil - 10/16/08 02:16 PM
Many people were wondering last week why the Canadian Dollar started to lose value against the US Dollar, when it appears that the USA was in greater crisis mode in comparison to Canada.
Well here is why....
Canada is one of the world's largest producers of oil and holds oil reserves second only to Saudi Arabia, which makes Canada very reliant on its most prized commodity.  It is also the largest supplier to the world's biggest oil consumer - the United States.  Therfore, rising oil prices tend to be good for Canada/bad for the U.S., while falling oil prices tend to be bad … (0 comments)

usa: Canadian Dollar vs US Dollar and The Price of Oil - 10/16/08 04:30 AM
Many people were wondering last week why the Canadian Dollar started to lose value against the US Dollar, when it appears that the USA was in greater crisis mode in comparison to Canada.
Well here is why....
Canada is one of the world's largest producers of oil and holds oil reserves second only to Saudi Arabia, which makes Canada very reliant on its most prized commodity.  It is also the largest supplier to the world's biggest oil consumer - the United States.  Therfore, rising oil prices tend to be good for Canada/bad for the U.S., while falling oil prices tend to be bad … (17 comments)

usa: Conservatives Win Election in Canada - 10/14/08 06:50 PM
In Canada, the Conservatives were re-elected into Government this Tuesday evening, with Stephen Harper maintaining his position as the Prime Minister of Canada.  However, the Conservatives will once again have a minority gov't. 
This is Canada's third consecutive minority government.  It appears Canadian voters have opted for no major changes amongst their elected representatives during these tough economic times.
 
(3 comments)

usa: US Gov't Bailout of AIG - 10/13/08 05:47 AM
Last month, the US gov't announced that it was lending US$85billion to AIG (American International Group Inc.) in exchange for an 80% equity stake in AIG.  The gov't has also increased its credit to AIG by another US$38billion.  The Fed is in the process of also appointing trustees to oversee the US gov't's stake.
There have been mixed reactions in the marketplace regarding the US gov't taking an ownership interest AIG, the nations largest insurance company.  AIG subsidiary, AIG United Guaranty, provides mortgage default insurance to lenders, including financial institutions in Canada since 2006.  Canada Mortgage and Housing Corporation (CMHC), a corporation owned … (0 comments)

usa: US Gov't Bailout of AIG - 10/13/08 05:12 AM
Last month, the US gov't announced that it was lending US$85billion to AIG (American International Group Inc.) in exchange for an 80% equity stake in AIG.  The gov't has also increased its credit to AIG by another US$38billion.  The Fed is in the process of also appointing trustees to oversee the US gov't's stake.
There have been mixed reactions in the marketplace regarding the US gov't taking an ownership interest AIG, the nations largest insurance company.  AIG subsidiary, AIG United Guaranty, provides mortgage default insurance to lenders, including financial institutions in Canada since 2006.  Canada Mortgage and Housing Corporation (CMHC), a corporation owned … (1 comments)

 
Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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