Canadian banks boost mortgages
Filed Under Main Content · Tagged: Bank Of Canada, Canada Banks, Canadian Banks, Canadian Mortgages, Canadians, Fixed Rate Mortgage, Fixed Rate Mortgages, Globe And Mail, Interest Rate, Interest Rates, Monday Morning, Mortgage Rates, Percentage Points, Reminder, Royal Bank Of Canada, Ry, Signs, Variable Rate Mortgages
The Globe and Mail- Two of Canada’s largest banks are raising rates on some fixed-rate mortgages, a reminder that mortgage rates can go up before the central bank’s key interest rate does.
The move comes as many Canadians with variable-rate mortgages have been anxiously watching for signs of exactly when the Bank of Canada will begin hiking interest rates, in a bid to wait and lock into a fixed-rate mortgage at what they hope will be the ideal time.
Royal Bank of Canada (RY-T59.24-0.58-0.97%) , the country’s largest bank, said Monday morning that it is raising the rate on three-year closed fixed-rate mortgage by 0.20 percentage points to 4.35 per cent. The four-year closed rate will increase by 0.40 to 5.34 per cent, and the five-year closed rate will rise by 0.60 percentage points to 5.85 per cent.
Canadian banks boost mortgages – The Globe and Mail
TD’s Clark worried about mortgage system
Filed Under Main Content · Tagged: Canadian Banks, Canadian Mortgage, Capital Markets, Ceo, Chief Executive, Ed Clark, Executive Ed, Globe And Mail, Ironies, Leverage Ratios, Morgan Stanley, Mortgage Business, Mortgage Portfolios, Mortgage System, Profits, Regulators, Td, Toronto Dominion Bank, Wholesale, Wholesale Business
The Globe and Mail- Toronto-Dominion Bank chief executive Ed Clark says he’s worried that regulators could overdo it when it comes to leverage rules and destroy the Canadian mortgage business.
“I do worry that in trying to say there is too much leverage in the wholesale [business] they’ll end up with a leverage rule that actually destroys the Canadian mortgage system, which would be the ultimate of ironies,” the outspoken CEO said at a financial conference hosted by Morgan Stanley in New York Wednesday.
The stability of the Canadian banks’ massive mortgage portfolios helped pull them through the crisis, and lends them some assurance that they’ll make a basic level of profits in the coming year, he suggested.
Rather than directing new rules at banks’ overall leverage ratios, which could damage the huge mortgage portfolios they hold, regulators should focus on leverage levels in the wholesale or capital markets businesses, Mr. Clark suggested…
TD’s Clark worried about mortgage system – The Globe and Mail
Canada odd man out as finance ministers meet
Filed Under Main Content · Tagged: Banks Canada, Banks In Canada, Canada Banks, Canadian Banks, Canadian Financial Institutions, Canadian Position, Finance Ministers, Financial Crisis, Globe And Mail, Odd Man, Public Money, Strict Regulation
The Globe and Mail – “Without being immodest, these kinds of recommendations have the world converging toward the Canadian position,” Mr. Flaherty said. “As you know, we have strict regulation of our banks in Canada. Our banks are conservatively managed. They’ve maintained high capitalizations. We have not had to put any public money into Canadian banks or Canadian financial institutions. Our Canadian banks have been able to raise money in equity markets, raise capital in equity markets even during the financial crisis.”…
Canada odd man out as finance ministers meet – The Globe and Mail
Canadian big banks top expectations
Filed Under Main Content · Tagged: Associated Press, Bank Of Canada, Canada Banks, Canadian Banks, Royal Bank Of Canada, Subprime Mortgage, Top Executive
The Associated Press – Canada’s banks avoided the subprime mortgage mess. A top executive at the Royal Bank of Canada also noted a robust spring mortgage season. …
