SUBPRIME ,, CANADA , AND THE GOVT!

Very interesting article on Subprime today in the Globe and MAIL - See REPORT ON BUSINESS, GLOBE AND MAIL, PAGE 1 - ' LENDERS WANT OTTAWA TO BACK 1 BILLION FUND '

We have all read and heard that Canada for the most part escaped the sub-prime meltdown in the U.S. that appears to have led in large part to the Global financial crisis . Canada does have some sub-prime lenders who for the most part appear to be very well mangaged, two names that come to mind are HOME TRUST and XCEED mtge . The story in the Globe today revolved around a single mothers attempts to save her house, as well as comments from industry players around how these types of mortgages are handled and financed and originated .

The thrust of the article is that lenders want Ottawa to back these type of facilities with a govt sponsored fund, one assumes less people would lose their homes . I continually blog about how the govt should consider backing similar funds for small business financing access . Lets keep the faith .

Stan
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