Comments for CommunityLend blog http://blog.communitylend.com Starting the conversation about P2P Lending in Canada Wed, 07 Jan 2009 04:55:19 +0000 http://wordpress.org/?v=MU hourly 1 Comment on Canadian Government remain concerned about availability of consumer lending by Banking » Blog Archive » The right idea for the times | UncrunchAmerica http://blog.communitylend.com/2008/12/23/canadian-government-remain-concerned-about-availability-of-consumer-lending/#comment-349 Banking » Blog Archive » The right idea for the times | UncrunchAmerica Wed, 31 Dec 2008 18:20:26 +0000 http://blog.communitylend.com/?p=214#comment-349 [...] Canadian government, and governments in many countries remain concerned about consumer lending.  At the same time there is great concern about bank capital reserves, and [...] [...] Canadian government, and governments in many countries remain concerned about consumer lending.  At the same time there is great concern about bank capital reserves, and [...]

]]> Comment on Canadian Government remain concerned about availability of consumer lending by The right idea for the times | UncrunchAmerica « The Bankwatch http://blog.communitylend.com/2008/12/23/canadian-government-remain-concerned-about-availability-of-consumer-lending/#comment-348 The right idea for the times | UncrunchAmerica « The Bankwatch Tue, 30 Dec 2008 21:40:17 +0000 http://blog.communitylend.com/?p=214#comment-348 [...] a comment » The Canadian government, and governments in many countries remain concerned about consumer lending.  At the same time there is great concern about bank capital reserves, and [...] [...] a comment » The Canadian government, and governments in many countries remain concerned about consumer lending.  At the same time there is great concern about bank capital reserves, and [...]

]]> Comment on Canadian Government remain concerned about availability of consumer lending by Alan http://blog.communitylend.com/2008/12/23/canadian-government-remain-concerned-about-availability-of-consumer-lending/#comment-347 Alan Thu, 25 Dec 2008 17:27:08 +0000 http://blog.communitylend.com/?p=214#comment-347 The Canadian government can begin by urging banks to pass on the BoC rate cuts to variable rate mortgage holders instead of taking this money from the mortgage holders. Although the December 9 Bank of Canada overnight rate dropped by 3/4%, my variable rate mortgage only dropped by 1/2%. Typically the variable rate always drops (or rises) by the same amount as the BoC overnight rate. The Bank of Montreal is taking advantage of the current climate to make a naked cash grab from variable rate mortgage holders. The Canadian government can begin by urging banks to pass on the BoC rate cuts to variable rate mortgage holders instead of taking this money from the mortgage holders.

Although the December 9 Bank of Canada overnight rate dropped by 3/4%, my variable rate mortgage only dropped by 1/2%. Typically the variable rate always drops (or rises) by the same amount as the BoC overnight rate.

The Bank of Montreal is taking advantage of the current climate to make a naked cash grab from variable rate mortgage holders.

]]> Comment on Canadian Government remain concerned about availability of consumer lending by Joe http://blog.communitylend.com/2008/12/23/canadian-government-remain-concerned-about-availability-of-consumer-lending/#comment-346 Joe Wed, 24 Dec 2008 17:36:52 +0000 http://blog.communitylend.com/?p=214#comment-346 Maybe if they would cut through all the bureaucratic red tape Bullshit, we would be able do lend to ourselves without having to pay insane fees, and multibillion dollar bailouts to greedy corporations. Maybe if they would cut through all the bureaucratic red tape Bullshit, we would be able do lend to ourselves without having to pay insane fees, and multibillion dollar bailouts to greedy corporations.

]]> Comment on What does it mean for the Canadian economy as government and banks face off by Alan http://blog.communitylend.com/2008/12/18/what-does-it-mean-for-the-canadian-economy-as-government-and-banks-face-off/#comment-345 Alan Tue, 23 Dec 2008 01:11:11 +0000 http://blog.communitylend.com/?p=212#comment-345 The government giving (lending) money to banks only results in fatter reserves (which is a good thing to a limit). Little of this money appears to be getting out into the wild where it will do any good for the economy. As Colin/FT suggests, a mechanism to get the cash into the hands of businesses who can put it to work somewhat quickly is the best approach. Infrastructure spending is another way, however it takes years to plan major projects and many have to go through various reviews before they are approved. The only fly in that ointment is that government agencies are very lax lenders, unlike banks who are invested in their large borrowers. The government giving (lending) money to banks only results in fatter reserves (which is a good thing to a limit). Little of this money appears to be getting out into the wild where it will do any good for the economy. As Colin/FT suggests, a mechanism to get the cash into the hands of businesses who can put it to work somewhat quickly is the best approach. Infrastructure spending is another way, however it takes years to plan major projects and many have to go through various reviews before they are approved.
The only fly in that ointment is that government agencies are very lax lenders, unlike banks who are invested in their large borrowers.

]]> Comment on What does it mean for the Canadian economy as government and banks face off by Dan Dickinson http://blog.communitylend.com/2008/12/18/what-does-it-mean-for-the-canadian-economy-as-government-and-banks-face-off/#comment-342 Dan Dickinson Fri, 19 Dec 2008 16:24:51 +0000 http://blog.communitylend.com/?p=212#comment-342 Meanwhile another governmental agency -- OSFI -- is <a href="http://www.financialpost.com/story.html?id=1078752" rel="nofollow">quietly telling banks to 'replenish reserves'</a>, and warning them that capital requirements are going up next year. Tough to know who to listen to, but when in doubt, I think you listen to the guy who can sanction you. Meanwhile another governmental agency — OSFI — is quietly telling banks to ‘replenish reserves’, and warning them that capital requirements are going up next year. Tough to know who to listen to, but when in doubt, I think you listen to the guy who can sanction you.

]]> Comment on What does it mean for the Canadian economy as government and banks face off by Colin http://blog.communitylend.com/2008/12/18/what-does-it-mean-for-the-canadian-economy-as-government-and-banks-face-off/#comment-341 Colin Fri, 19 Dec 2008 05:26:42 +0000 http://blog.communitylend.com/?p=212#comment-341 Turns out the Financial Times suggested a clear solution - Government lend directly to business - this would encourage banks to do the same. <a href="http://blogs.ft.com/wolfforum/2008/12/how-to-give-banks-confidence-to-lend-to-businesses/" rel="nofollow">How to give banks confidence to lend to businesses</a> <blockquote>Is there anything more the government could do? Yes, it can go beyond intervening at the level of the financial sector and intervene in lending to companies. It can take on itself some of the credit risks involved in extending substantial new lending to businesses.</blockquote> Turns out the Financial Times suggested a clear solution - Government lend directly to business - this would encourage banks to do the same.

How to give banks confidence to lend to businesses

Is there anything more the government could do? Yes, it can go beyond intervening at the level of the financial sector and intervene in lending to companies. It can take on itself some of the credit risks involved in extending substantial new lending to businesses.

]]> Comment on Social lending noted in mainstream press by cindy http://blog.communitylend.com/2008/12/09/social-lending-noted-in-mainstream-press/#comment-338 cindy Thu, 11 Dec 2008 13:22:37 +0000 http://blog.communitylend.com/?p=204#comment-338 Banks- Greediest Scum Institutions ever created.....my dream is that they disappear forever!!! It is about time the Industry started to notice that people are prepared to help people without gouging each other. How long now boys? Banks- Greediest Scum Institutions ever created…..my dream is that they disappear forever!!!
It is about time the Industry started to notice that people are prepared to help people without gouging each other. How long now boys?

]]> Comment on CIBC to reduce their credit card lending by Alan http://blog.communitylend.com/2008/12/05/cibc-to-reduce-their-credit-card-lending/#comment-334 Alan Sat, 06 Dec 2008 16:44:27 +0000 http://blog.communitylend.com/?p=202#comment-334 I can't help but feel that those of us who keep our credit cards paid off monthly will get punished by this. Ah well, not like I _have_ to use a credit card. I can’t help but feel that those of us who keep our credit cards paid off monthly will get punished by this.

Ah well, not like I _have_ to use a credit card.

]]> Comment on About by Colin http://blog.communitylend.com/about/#comment-332 Colin Thu, 04 Dec 2008 04:38:21 +0000 #comment-332 @Vlad et al .... we are still here and very close. We are dealing with multiple peoples timelines, and we are getting there. @Vlad et al …. we are still here and very close. We are dealing with multiple peoples timelines, and we are getting there.

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