Steve Sonoma

[Steve Sonoma @sonoma_steve]

@SteveSaretsky With the last rate cut it’s actually down 99%.

[Steve Sonoma @sonoma_steve]

@BenRabidoux Really hope the collateral backing these mortgages are appraised appropriately 🤭

[Steve Sonoma @sonoma_steve]

@PeterofRecord @BenRabidoux @JohnPasalis @RBC @CMHC_ca Who do you think the developer borrows from to build in the first place? 😜

[Steve Sonoma @sonoma_steve]

@BenRabidoux This is unlikely. anything portfolio insured needs to go into an MBS. And you cant put arrears in MBS.

[Steve Sonoma @sonoma_steve]

@RobMcLister Thanks for clarifying.

[Steve Sonoma @sonoma_steve]

@JonFlynnREstats Simple solution. CRA should send letter to mortgagee on title informing them of the debt. The bank will cover the cra arrears to protect their first lien position and then add it onto the outstanding mortgage balance. This happens all the time for condo fee and property tax.

[Steve Sonoma @sonoma_steve]

@cadbanksonly Yes, the year+ of paid vacation will be nice, but what will the Canadian job market look like in 2025? Assuming you find a similar role its unlikely you’ll be at previous earning power. Plus how many have mortgages renewing in 2024/25?

[Steve Sonoma @sonoma_steve]

@cadbanksonly Seems like this means severance in fall, assuming transaction closes end of Feb as expected.

[Steve Sonoma @sonoma_steve]

@minnownakamoto @doughoyes This doesnt seem legal. @FCACan

[Steve Sonoma @sonoma_steve]

@Tablesalt13 $129bn of HELOC balances at big-6 as of Q2 2023.

[Steve Sonoma @sonoma_steve]

@cadbanksonly Looks like they got it figured out now. 😉

[Steve Sonoma @sonoma_steve]

@valueterminal Wait until you learn about the RBC Select funds. Over $100BN paying 2% MER.

[Steve Sonoma @sonoma_steve]

@cadbanksonly I am going to guess Katharine Stevenson?

[Steve Sonoma @sonoma_steve]

@Tablesalt13 @2inthePink90 And did mortgage rates move over those weeks or are they only moving now? 🤔

[Steve Sonoma @sonoma_steve]

@BretStankowski @Tablesalt13 Exactly this. They’re losing money at this rate and this guys doesn’t even know it 😂

[Steve Sonoma @sonoma_steve]

@dima_nomad @GarlickyMatter Until the other insurers adopt something similar, expect uptake to be 0%.

CMHC has always allowed 40 years amortizations as an acceptable workout plan for financially stressed borrowers. They would need to approve each individual case, so expect uptake to be infinitesimal.

[Steve Sonoma @sonoma_steve]

@GarlickyMatter @dima_nomad It literally says it will extend the amortization period. Anyways every mortgage has a contract with clauses like this. You cant just make up rules on the fly or it wont be legally enforceable.

[Steve Sonoma @sonoma_steve]

@GarlickyMatter @dima_nomad Sure. Just open the contract and read it 😂