Comments on: How they end

By: John L

John L — Sat, 26 Jul 2008 20:31:42 +0000

Hard to know whether Garth or Carmen have it right. There’s no way to know if Garth knows “this biz better” than her, or anyone else. Then you add in that Garth is busilly stoking his “real estate meltdown” take and he’s not likely an entirely unbiased commentator.
We’ll know in a couple of years what actually happened, right?

By: Carmen

Carmen — Tue, 22 Jul 2008 22:19:59 +0000

On the weekend I spent time chatting with a gal recently out of her job as a credit officer with one of the major Canadian banks….As a result,” she told me, shaking her head, “I was instructed to approve at least $50 million in mortgages for people I knew would not be able to pay.”

Read between the lines Garth. She was out of a job, because she wasn’t doing her job. She was fired because she was approving loans she shouldn’t have approved. And besides, it’s not up to one person to approve a loan. It goes through a lot more checks than you’ve have some of these uninformed reading your site believe.

Actually, not. And I’m pretty sure I know this biz better than you, unless you are a loans officer or a broker. Do tell. — Garth

By: Carmen

Carmen — Tue, 22 Jul 2008 22:15:56 +0000

By the way, did you know Canadian banks don’t bother sending appraisers any more to inspect most of the houses they finance? They just look up the postal codes, and approve on that basis. Even when it’s no money down.

Just wanted to let you know that this is a flat out lie, especially in Alberta. Every single home from the big banks has had an appraiser and has resulted in a few sales not going through. Where do you come up with these falsehoods?

From the v-p, mortgages of a major bank. — Garth