Originally Posted by georgetown350
When the recession hit and the bottom fell out of the USA real estate market I was concerned about the value of our home here in Ontario Canada. The real state values increased during the recession here strangely enough. Now they say the real state market is very strong and will only get better. I lost my job but at least our nest egg is still intact.
Yeah, the Canadian financial system was much more soundly designed than our American "system". Imagine, you guys actually require such quaint notions as "collateral" and "down payments" in order to buy a house! How discriminatory!
If only we had enforced those sorts of sound financial practices in the U.S., we would never have fallen into such a disgraceful condition -- and our housing markets wouldn't have collapsed. Somehow we let politicians (rather than actuaries) determine who was eligible for loans, with utterly predictable results. (Golly, who would *ever* have believed that people who couldn't afford to put 20% down couldn't actually afford to pay the monthly payments, either? Well, d'oh!)
Worse, it seems we haven't learned a danged thing. The same bunch of clueless goobers who politicized lending in America are once again pushing to make housing "more affordable"...