posted on Jun, 21 2012 @ 05:18 PM
What a crazy day both here in Canada and in the USA.
Jim Flaherty has abolished the 30 yr mortgage lending rule. It is flat out gone! Also he has tightened up on the re financing of mortgages for
purposes of loans. I agree loans should only be taken out on a mortgage to improve the home you have purchased.
The Stock exchange fell hard, over 250 points on the DOW, the TSX in Canada over 350 points. Gold pushed up as the only exchange in green a solid .10
Then there was the huge banking downgrade, 15 of the USA's top banks including Goldman Sachs (rightfully so), JP Morgan,(rightfully so),Morgan
Stanley, Bank of America (rightfully so), etc etc etc...
People need to put some serious thought into their 401k's and RRSPs/ RESPs
More banks downgraded