bjcheung77 Wrote:...it's just crazy!Yes it is crazy - here in Canada, too, even though we had no sub-prime crisis here. Many forms of legal corporate thievery, rash speculation and mismanagement that precipitated the sub-prime debacle in the US are not allowed in Canada - though sufficient other forms of monetary malfeasance still flourish. No saints, here, but no "ninja" loans (no income, no job) either.
My son tells me the value of their house has doubled in the few years since he and his wife bought it - but it would do them no financial, or other good to sell it. They'd still need a house and they would not get a better one from the proceeds. The only people who gain from this "accelerated appreciation" are lawyers, mortgage companies, real estate brokers and salespeople.
J.
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