Canadian Bankers Association said Some 213,000 mortgage deferrals were handled in 9 days – April 14, 2020,

Let’s make something clear, any inflated mortgages in Canada is the result of Socialist Liberal and Conservative Party policies, that wanted to make people who shouldn’t own homes, homeowners. I personally I have a hard time dealing with the fact that inflated Canadian mortgages which were a Federal Government creation by creating a Federal Mortgage Insurer (CMHC) and an accommodating Central Bank of Canada, with low-interest-rate policies which make it easier to qualify for a mortgage, would, after all, their regulations still have to bail out people with mortgages that have so many protections in place to prevent them from defaulting?

In my Canadian bank accounts, all of the Canadian banks have well detailed easy to understand details of how mortgage holders can defer their payments. I personally think banks would have done this without Government intervention. No bank wants to be in the business of selling real estate and as a holder of bank stocks, I wouldn’t expect a dividend during a period like this.

It’s crazy to me that mortgage deferrals were even a story because this is something the private sector would do on its own. But you see in the end this is nothing more than politics and politicians making it appear that they’re doing something, to solve COVID-19.

Being perfectly honest, what I’m seeing are people being rewarded for being unproductive and there’s a huge price to pay for this in the long term, especially with many of the bad policies Justin Trudeau already has in place. The barrier to entry to participate in Canada’s private sector is extremely high and will get even higher with Trudeau’s carbon tax as well as all the excuses people in Canada will have to be unproductive.

I advise the Canadians to take necessary precautions for their families in the times ahead because propped up asset prices aren’t going to solve the cash flow problems headed Canada’s way. It’s unlikely that any form of necessary austerity measures will occur in any part in Canada other than Alberta and because of what Trudeau did to Western Canada and in general Canadian energy with the Carbon tax, equalization payments won’t even be able to make up for the shortfalls that will be coming in the months and years ahead!

Mortgage Relief Requests Ease Up, Homeowners ‘Catch Their Breath’ | bloomberg.com

Interesting times ahead