Honda to shelve $11bn Canada EV plant as demand sputters

[shockedcanadian]

As I have warned for some time, America and Japan are turning their backs on us. We greatly hurt ourselves by capitulating to China for their slave labour EVs.

Europe will sell us all kinds of stuff but they want none of ours. We are being abused by everyone except the U.S and we turn our back on U.S and liberty.

Don't blame me. I tried to save this place, to no avail.

Honda to shelve $11bn Canada EV plant as demand sputters

Automaker to discontinue joint electric model with GM, shift to US hybrids

asia.nikkei.com

TOKYO -- Honda Motor is set to freeze plans to build an electric vehicle factory in Canada, Nikkei has learned, as sluggish U.S. demand pushes it to put hybrids at the center of its North American strategy.

 

[Toddsterpatriot]

I'm shocked!

Without government force, no one wants to buy EVs.

 

[rightwinger]

That was before $4.50 a gallon TRUMPgas

EVS looking good

 

[DGS49]

If a typical car purchaser could spend a day with my Tesla (M3 LR), s/he would be much more likely to consider and EV. Between the performance, the economy, and the lack of necessary maintenance, there are good reasons to get an EV that a lot of people are not aware of. The fears of battery and motor death are wildly overblown.

 

[Admiral Rockwell Tory]

If a typical car purchaser could spend a day with my Tesla (M3 LR), s/he would be much more likely to consider and EV. Between the performance, the economy, and the lack of necessary maintenance, there are good reasons to get an EV that a lot of people are not aware of. The fears of battery and motor death are wildly overblown.

How many people can afford the price? Not many.

 

[Dragonlady]

As I have warned for some time, America and Japan are turning their backs on us. We greatly hurt ourselves by capitulating to China for their slave labour EVs.

Europe will sell us all kinds of stuff but they want none of ours. We are being abused by everyone except the U.S and we turn our back on U.S and liberty.

Don't blame me. I tried to save this place, to no avail.

Honda to shelve $11bn Canada EV plant as demand sputters

Automaker to discontinue joint electric model with GM, shift to US hybrids

asia.nikkei.com

TOKYO -- Honda Motor is set to freeze plans to build an electric vehicle factory in Canada, Nikkei has learned, as sluggish U.S. demand pushes it to put hybrids at the center of its North American strategy.

You failed to note that the battery plant was being built in order to capitalize on green tax credit programs in the USA. When Trump cancelled those tax credit programs, the plant had no future.

And you wonder why we don't want to be tied to your economic coat strings, and are finding alternative markets. We don't get to vote for or against what your President does. Our only alternative to being subjected to the whims of the guy in the White House is to stop being dependent on trade with the USA.

When you elect an idiot, Canadians get the fallout. Although we did manage to avoid your 2008 economic collapse. Thank you Paul Martin, who refused to deregulate Canadian banks. And you too, Mark Carney. Carney was the head of the Bank of Canada in 2008.

We did have a recession, but nothing like the rest of the world. The world beat a path to our door to find out how we protected Canada from that collapse.

 

[Dragonlady]

That was before $4.50 a gallon TRUMPgas

EVS looking good

My daughter had a hybrid and really misses it now.

 

[Toddsterpatriot]

You failed to note that the battery plant was being built in order to capitalize on green tax credit programs in the USA. When Trump cancelled those tax credit programs, the plant had no future.

And you wonder why we don't want to be tied to your economic coat strings, and are finding alternative markets. We don't get to vote for or against what your President does. Our only alternative to being subjected to the whims of the guy in the White House is to stop being dependent on trade with the USA.

When you elect an idiot, Canadians get the fallout. Although we did manage to avoid your 2008 economic collapse. Thank you Paul Martin, who refused to deregulate Canadian banks. And you too, Mark Carney. Carney was the head of the Bank of Canada in 2008.

We did have a recession, but nothing like the rest of the world. The world beat a path to our door to find out how we protected Canada from that collapse.

You failed to note that the battery plant was being built in order to capitalize on green tax credit programs in the USA. When Trump cancelled those tax credit programs, the plant had no future.

Uneconomical green energy fails without government mandates and handouts. Weird.

When you elect an idiot, Canadians get the fallout.

Yeah, Trudeau's idiocy gave you lots of fallout.

Thank you Paul Martin, who refused to deregulate Canadian banks.

Forcing banks and the GSEs to give trillions in home loans to poor risks was a stupid idea, but it wasn't deregulation.

 

[shockedcanadian]

You failed to note that the battery plant was being built in order to capitalize on green tax credit programs in the USA. When Trump cancelled those tax credit programs, the plant had no future.

Uneconomical green energy fails without government mandates and handouts. Weird.

When you elect an idiot, Canadians get the fallout.

Yeah, Trudeau's idiocy gave you lots of fallout.

Thank you Paul Martin, who refused to deregulate Canadian banks.

Forcing banks and the GSEs to give trillions in home loans to poor risks was a stupid idea, but it wasn't deregulation.

It is not political, what has destroyed Canada has been the Security Industrial Complex. American and Japanese officials profoundly understand this now. They are fully aware that due to unaccountable police apparatuses that Canada does not believe in human rights, civil liberties or free markets. Americans do not understand just how much of a free fall Canada's economy has been in for the last 25 years and the worst is still to culminate in the future.

They have interfered in multiple careers of mine for decades, no democratic or capitalist nation engages in such oppression. It is a vile charade of optics, paid agents spreading dishonesty throughout the U.S to convince you that we have "shared values" (we are trying this with Europe too). It enjoyed some degree of success for a long time but thanks to so many and your own intelligence agencies I presume, this is no longer the automatic default position, American agencies and politicians are weary of us.

When your own nation violates citizens rights over decades as they have against myself and countless others, it is evidence that there is nothing legal, moral or capitalist in the infrastructure of this nation in its current incarnation. It is an old dying caste system , run by ancient police agencies who do not face any accountability or transparency. East Germany and the Soviet Union collapsed for a reason, Canada is following the same trajectory.

There is no stronger argument for American and Japanese companies to avoid investing in Canada than the experiences of citizens like myself and they have largely agreed, choosing to invest in one another rather than Canada.

Those who support these violations against citizens and post on forums such as this to celebrate the oppression of citizens will never speak this truth to you, it requires whistleblowers to speak this truth.

These outfits are not an ally of Canadians nor Americans but they do well for themselves and their kids, which is all that is important to them. They have sacrificed nothing personally, it has been all personal gajn at the expense of our nation and those who died fighting fascism elsewhere, only to see it formulate in their homeland.

They hate freedom, G-d, anyone of any faith , meritocracy and civil liberties. They are even interfering in my divorce proceeding....our courts! We are NOT like you.

The end result is just as I predicted it would be, Mexico is going to surpass our economy in time, that is their objective and the will eventually succeed as we manufacture less and less. A managed decline is real, both in Canada and Europe, largely due to a similar, unaccountable centralised system, though Europe has far more guardrails to Canada's more East Germanesque system.

In short, America and Japan are not interested in rewarding such systems anymore, the internet exposed us and they concluded that long term, rewarding unaccountable, corrupt states also indirectly rewards China and ultimately their own nations demise. Thus, they re-assess their opinion of Canada to reflect this.

From the RCMP on down, we are NOT your ally...

 

[Dragonlady]

It is not political, what has destroyed Canada has been the Security Industrial Complex. American and Japanese officials profoundly understand this now. They are fully aware that due to unaccountable police apparatuses that Canada does not believe in human rights, civil liberties or free markets. Americans do not understand just how much of a free fall Canada's economy has been in for the last 25 years and the worst is still to culminate in the future.

They have interfered in multiple careers of mine for decades, no democratic or capitalist nation engages in such oppression. It is a vile charade of optics, paid agents spreading dishonesty throughout the U.S to convince you that we have "shared values" (we are trying this with Europe too). It enjoyed some degree of success for a long time but thanks to so many and your own intelligence agencies I presume, this is no longer the automatic default position, American agencies and politicians are weary of us.

When your own nation violates citizens rights over decades as they have against myself and countless others, it is evidence that there is nothing legal, moral or capitalist in the infrastructure of this nation in its current incarnation. It is an old dying caste system , run by ancient police agencies who do not face any accountability or transparency. East Germany and the Soviet Union collapsed for a reason, Canada is following the same trajectory.

There is no stronger argument for American and Japanese companies to avoid investing in Canada than the experiences of citizens like myself and they have largely agreed, choosing to invest in one another rather than Canada.

Those who support these violations against citizens and post on forums such as this to celebrate the oppression of citizens will never speak this truth to you, it requires whistleblowers to speak this truth.

These outfits are not an ally of Canadians nor Americans but they do well for themselves and their kids, which is all that is important to them. They have sacrificed nothing personally, it has been all personal gajn at the expense of our nation and those who died fighting fascism elsewhere, only to see it formulate in their homeland.

They hate freedom, G-d, anyone of any faith , meritocracy and civil liberties. They are even interfering in my divorce proceeding....our courts! We are NOT like you.

The end result is just as I predicted it would be, Mexico is going to surpass our economy in time, that is their objective and the will eventually succeed as we manufacture less and less. A managed decline is real, both in Canada and Europe, largely due to a similar, unaccountable centralised system, though Europe has far more guardrails to Canada's more East Germanesque system.

In short, America and Japan are not interested in rewarding such systems anymore, the internet exposed us and they concluded that long term, rewarding unaccountable, corrupt states also indirectly rewards China and ultimately their own nations demise. Thus, they re-assess their opinion of Canada to reflect this.

From the RCMP on down, we are NOT your ally...

TLDR because it's all your usual bullshit and lies.

Your persistent lies that you are being persecuted by the Canadian government are a joke on this board. I especially enjoyed your lie that the government is "interfering in my divorce proceeding". You have a vivid imagination.

Where do you live? It's certainly not Canada. I worked in banking and law all of my adult life, and never seen or heard of anyone with problems similar to yours, other than that crazy guy with the sandwich board who used to sit outside of the Supreme Court of Ontario railing that the government was destroying his life. The only reason you couldn't be him is that he was very old back in the 1980's and is dead at this point.

Unless you're an agent of a foreign government spying for them, nobody from CSIS or the RCMP is coming for y ou.

 

[Dragonlady]

Forcing banks and the GSEs to give trillions in home loans to poor risks was a stupid idea, but it wasn't deregulation.

If only that is what happened. But it didn't. That's the lie Republicans told the gullible to cover up the greed and questionable business practices that lead to the economic collapse - all of which can be laid at the feet of the Republican Party.

Wall Street greed is what happened. High risk mortgages are front end loaded with all of the fees and discounts up front. You sign a mortgage for $50,000 but you only get $35,000 to $40,000 in cash. The rest goes to fees back to the lenders and mortgage brokers in fees and charges. Instant profit.

Then these questionable loans were packaged up and sold in blocks to investors around the world, and the bank continues to collect fees for administering the loans - thinking collecting payments, and enforcing provisions. This freed up Wall Street capital so they could go out and sign up even more of these instant profit "sub-prime mortgages".

Wall Street went crazy for "high risk mortgages" because they were so profitable. The people who lost houses to foreclosure weren't poor people. They were middle class people buying a second property, or upgrading their properties due to low interest rates, or house flippers.

Brokers complained that banks weren't interested in lending "conventional mortgages". They only got a small "referral fee" from banks for these loans, think $300 - $500. For a subprime mortgage, they received $3000 - $5000 which was tacked on to the principal.

I was a mortgage officer for a large Canadian Bank before I moved over to real estate law, where I was working with mortgages from all of the lending spectrum, and the "sub-prime market" is both predatory and scary. These loans are written to go bad so they can take your house.

 

[Toddsterpatriot]

If only that is what happened. But it didn't. That's the lie Republicans told the gullible to cover up the greed and questionable business practices that lead to the economic collapse - all of which can be laid at the feet of the Republican Party.

Wall Street greed is what happened. High risk mortgages are front end loaded with all of the fees and discounts up front. You sign a mortgage for $50,000 but you only get $35,000 to $40,000 in cash. The rest goes to fees back to the lenders and mortgage brokers in fees and charges. Instant profit.

Then these questionable loans were packaged up and sold in blocks to investors around the world, and the bank continues to collect fees for administering the loans - thinking collecting payments, and enforcing provisions. This freed up Wall Street capital so they could go out and sign up even more of these instant profit "sub-prime mortgages".

Wall Street went crazy for "high risk mortgages" because they were so profitable. The people who lost houses to foreclosure weren't poor people. They were middle class people buying a second property, or upgrading their properties due to low interest rates, or house flippers.

Brokers complained that banks weren't interested in lending "conventional mortgages". They only got a small "referral fee" from banks for these loans, think $300 - $500. For a subprime mortgage, they received $3000 - $5000 which was tacked on to the principal.

I was a mortgage officer for a large Canadian Bank before I moved over to real estate law, where I was working with mortgages from all of the lending spectrum, and the "sub-prime market" is both predatory and scary. These loans are written to go bad so they can take your house.

If only that is what happened. But it didn't. That's the lie Republicans told the gullible to cover up the greed and questionable business practices that lead to the economic collapse - all of which can be laid at the feet of the Republican Party.

Forcing the GSEs to make the questionable business practice of buying 50% lower quality mortgages was a really bad idea.

High risk mortgages are front end loaded with all of the fees and discounts up front. You sign a mortgage for $50,000 but you only get $35,000 to $40,000 in cash.

Liar.

Then these questionable loans were packaged up and sold in blocks to investors around the world,

Yeah, the government forced GSEs and banks to hold a certain amount of home loans from people with below median income and shitty credit scores. The pipeline of shitty mortgage originators that was created by the ever increasing, government mandated demand and the housing bubble that was encouraged ending up spewing shitty MBS securities far and wide.

Wall Street went crazy for "high risk mortgages" because they were so profitable.

When Fannie Mae and Freddie Mac could be counted on to buy whatever shit you could write, of course it was profitable.

These loans are written to go bad so they can take your house.

Bullshit. Banks don't make profits from foreclosed homes bought with no downpayment. Months or years of the homeowner not paying the mortgage while the legal proceeding grinds on and the home is neglected, or worse, makes foreclosures in those situations, typically a huge, money losing mess.

 

[shockedcanadian]

TLDR because it's all your usual bullshit and lies.

Your persistent lies that you are being persecuted by the Canadian government are a joke on this board. I especially enjoyed your lie that the government is "interfering in my divorce proceeding". You have a vivid imagination.

Where do you live? It's certainly not Canada. I worked in banking and law all of my adult life, and never seen or heard of anyone with problems similar to yours, other than that crazy guy with the sandwich board who used to sit outside of the Supreme Court of Ontario railing that the government was destroying his life. The only reason you couldn't be him is that he was very old back in the 1980's and is dead at this point.

Unless you're an agent of a foreign government spying for them, nobody from CSIS or the RCMP is coming for y ou.

"The lady doth protest too much, methinks"

You joined this site just a few months after me and your loyal interest in my postings is peculiar nonetheless.

Yes, the S.I.C is interfering in my divorce proceeding. This interference is being celebrated because as always, unaccountable, corrupt cops hate me more than they love Canada.

All you need to know is that no amount of your mocking and undermining my declarations here will undo the details the Americans have at their disposal. Corporations. dates, locations and names. From the dirty undercover Toronto Police Services on up.

There is so much you do not know and will not ever know, I will take the most critical details to the grave with me.

It took me 25 years or so to express on here what an interviewing military officer at the Yonge and Sheppard Canadian Armed forces recruiting centre told me to keep to myself. Long after it had any value. I shared it on here because as with many details I kept discreet from my friends, it had no value so many years later.

Some other information in life I will simply take with me to G-d when he calls. You can celebrate my demise but know this, it is a symptom of FAR worse ailment. An indictment on YOU and your cult members, not me.

As such the consequences for the nation will be dire. Have already been dire. You are just too selfish to care.

 

[Dragonlady]

If only that is what happened. But it didn't. That's the lie Republicans told the gullible to cover up the greed and questionable business practices that lead to the economic collapse - all of which can be laid at the feet of the Republican Party.

Forcing the GSEs to make the questionable business practice of buying 50% lower quality mortgages was a really bad idea.

High risk mortgages are front end loaded with all of the fees and discounts up front. You sign a mortgage for $50,000 but you only get $35,000 to $40,000 in cash.

Liar.

Then these questionable loans were packaged up and sold in blocks to investors around the world,

Yeah, the government forced GSEs and banks to hold a certain amount of home loans from people with below median income and shitty credit scores. The pipeline of shitty mortgage originators that was created by the ever increasing, government mandated demand and the housing bubble that was encouraged ending up spewing shitty MBS securities far and wide.

Wall Street went crazy for "high risk mortgages" because they were so profitable.

When Fannie Mae and Freddie Mac could be counted on to buy whatever shit you could write, of course it was profitable.

These loans are written to go bad so they can take your house.

Bullshit. Banks don't make profits from foreclosed homes bought with no downpayment. Months or years of the homeowner not paying the mortgage while the legal proceeding grinds on and the home is neglected, or worse, makes foreclosures in those situations, typically a huge, money losing mess.

Ah yes, one of my favourite Republican lies - it was all on account of Fannie Mae and Freddie. Except is was nothing to do with GSE's or low income borrowers, and much to do with banking deregulation and Wall Street greed.

In the late 1990's, Canadian bankers came begging the Liberal government to give them similar regulations to the Gramm-Leach-Bliley Act passed by House and Senate Republicans in 1999. Paul Martin, our then Finance Minister, took a walk in the snow and refused.

Canadian bankers howled that they couldn't possible compete with American bankers without deregulation, to match the GLBA. This was especially true since banks around the world had followed suit with the American repeal of many of the checks and balances put in place after the 1929 Stock Market crash lead to a world depression.

Step 1 was banking deregulation in the GLBA which allowed Wall Street to create the "derivatives" market.

Step 2 was the interest rate cuts post 9/11. Qualifying for a mortgage is all about "debt service ratios". Your PIT mortgage payment should not exceed 25% of your gross income. When mortgage interest rates dropped from 8% in 2000 to just over 3% for short term mortgages in 2003, millions more people now "qualified" for higher mortgages on the basis of income. This is what fuelled the buying frenzy and the "real estate bubble" - more and more people chasing a dwindling supply of houses. NOTHING to do with Fanny Mae or Freddie.

In real terms, at 8% per annum, the 25 year mortgage payment for $200,000 is $1526 per month, plus taxes. Just using the monthly $1526 number, you would have to earn $73,000 per year to qualify for this mortgage. But drop that rate to 3%, which happened in 2003, The payment drops to $754 a month for a $200,000 mortgage and suddenly you qualify for a mortgage earning $36,000 per year. Lots more people are going looking for homes.

Step 3 The American Dream Downpayment Act. Concerned about the shrinking percentage of home ownership in the USA, President George W. Bush signed this legislation into law on December 16, 2003. The American Dream Downpayment Act (or Initiative) aimed to increase homeownership by providing down payment and closing cost assistance to low-income, first-time homebuyers, often by providing up to $10,000 or 6% of the purchase price.

THESE are the causes of the subprime mortgage crisis. Not the GSE's

No where do we mention Fannie Mae or Freddie Mac, but it did discover this Federal Reserve study which puts the lie to everything you've posted about it all being their fault. I've bolded the important finding so you don't have to tax what passes for your brain, by reading the whole quote.

"Given the magnitude of the losses at the GSEs and the fact that the financial crisis seemed to have its origins in the residential housing finance market, some policymakers and commentators have suggested that the GSEs bear much of the responsibility for the financial crisis (cf. Greenspan, 2010, Wallison, 2008, Wallison and Calomiris, 2008, House Committee on the Budget, 2009, among others. This narrative tends to put particular emphasis on “affordable housing goals” that the GSEs were required to meet pushing them into taking on excessive risk and into making the market in subprime loans (e.g., Rajan (2010)). That Fannie and Freddie required an expensive taxpayer-financed rescue just years after they were identified as posing a systemic risk is consistent with this line of reasoning.

That narrative is not, however, well supported by data we have so far. We use data provided by the FHFA, Fannie Mae and Freddie Mac’s annual reports, monthly volume summaries, and quarterly credit supplements, as well as Loan Performance data collected by the General Accounting Office (GAO) to explore the changes in the mortgage market and nature of the GSEs’ holdings. We find that the growth of the subprime mortgage market was largely a nonGSE phenomenon: it occurred outside of the normal mortgage origination channels and was funded by non agency or “private label” securities (PLS). The GSEs did build a large portfolio of AAA PLS, probably in response to affordable housing goals, but such investments were unlikely to have had much of an impact on subprime mortgage origination, and they were not a large share of their credit losses. "

https://files.stlouisfed.org/files/htdocs/conferences/gse/Van_Order.pdf

So tell us again how it's all the fault of the GSE's.

 

[Dragonlady]

"The lady doth protest too much, methinks"

You joined this site just a few months after me and your loyal interest in my postings is peculiar nonetheless.

Yes, the S.I.C is interfering in my divorce proceeding. This interference is being celebrated because as always, unaccountable, corrupt cops hate me more than they love Canada.

All you need to know is that no amount of your mocking and undermining my declarations here will undo the details the Americans have at their disposal. Corporations. dates, locations and names. From the dirty undercover Toronto Police Services on up.

There is so much you do not know and will not ever know, I will take the most critical details to the grave with me.

It took me 25 years or so to express on here what an interviewing military officer at the Yonge and Sheppard Canadian Armed forces recruiting centre told me to keep to myself. Long after it had any value. I shared it on here because as with many details I kept discreet from my friends, it had no value so many years later.

Some other information in life I will simply take with me to G-d when he calls. You can celebrate my demise but know this, it is a symptom of FAR worse ailment. An indictment on YOU and your cult members, not me.

As such the consequences for the nation will be dire. Have already been dire. You are just too selfish to care.

There is absolutely nothing I can add which will impugn your posts more than what you've just posted here. It's time to take your meds, little man.

 

[shockedcanadian]

There is absolutely nothing I can add which will impugn your posts more than what you've just posted here. It's time to take your meds, little man.

Perhaps you should go chase another rabbit.

I put people into two categories of character when looking at the French Resistance and WWII, "you are either in the category of collaborator or resistance". You can assess for yourself which category I would place you in.

 

[Dragonlady]

Perhaps you should go chase another rabbit.

I put people into two categories of character when looking at the French Resistance and WWII, "you are either in the category of collaborator or resistance". You can assess for yourself which category I would place you in.

You're not a rabbit. You're a lying piece of shit out to destroy Canada. That's why I continue to prove this in replying to your posts. I don't know who is paying you to post this bullshit but it wouldn't surprise me if it turned out to be Iran, or some other anti-democratic government.

Where you place me or anyone else, is irrelevant to any discussion. Your opinions of others is as worthless as you are. You continue to promote this notion that Canada is a "creepy police state". I assume that you already live in a "creepy police state" and are simply projecting what happens in your country, onto Canada.

Your lies about the abuse and harassment you purport that you are under, are just not believable in any way, shape or form. And like the lie that the government is preventing you from leaving, which would violate your constitutional rights, nothing you post about the Canadian police and national security is to be believed.

The issues you have highlighted with police mental health problems, and other concerns are NOTHING like the sort of overwhelming abuse you continue to claim. I will keep refuting your lies, so long as you continue to post them.

 

[Toddsterpatriot]

Ah yes, one of my favourite Republican lies - it was all on account of Fannie Mae and Freddie. Except is was nothing to do with GSE's or low income borrowers, and much to do with banking deregulation and Wall Street greed.

In the late 1990's, Canadian bankers came begging the Liberal government to give them similar regulations to the Gramm-Leach-Bliley Act passed by House and Senate Republicans in 1999. Paul Martin, our then Finance Minister, took a walk in the snow and refused.

Canadian bankers howled that they couldn't possible compete with American bankers without deregulation, to match the GLBA. This was especially true since banks around the world had followed suit with the American repeal of many of the checks and balances put in place after the 1929 Stock Market crash lead to a world depression.

Step 1 was banking deregulation in the GLBA which allowed Wall Street to create the "derivatives" market.

Step 2 was the interest rate cuts post 9/11. Qualifying for a mortgage is all about "debt service ratios". Your PIT mortgage payment should not exceed 25% of your gross income. When mortgage interest rates dropped from 8% in 2000 to just over 3% for short term mortgages in 2003, millions more people now "qualified" for higher mortgages on the basis of income. This is what fuelled the buying frenzy and the "real estate bubble" - more and more people chasing a dwindling supply of houses. NOTHING to do with Fanny Mae or Freddie.

In real terms, at 8% per annum, the 25 year mortgage payment for $200,000 is $1526 per month, plus taxes. Just using the monthly $1526 number, you would have to earn $73,000 per year to qualify for this mortgage. But drop that rate to 3%, which happened in 2003, The payment drops to $754 a month for a $200,000 mortgage and suddenly you qualify for a mortgage earning $36,000 per year. Lots more people are going looking for homes.

Step 3 The American Dream Downpayment Act. Concerned about the shrinking percentage of home ownership in the USA, President George W. Bush signed this legislation into law on December 16, 2003. The American Dream Downpayment Act (or Initiative) aimed to increase homeownership by providing down payment and closing cost assistance to low-income, first-time homebuyers, often by providing up to $10,000 or 6% of the purchase price.

THESE are the causes of the subprime mortgage crisis. Not the GSE's

No where do we mention Fannie Mae or Freddie Mac, but it did discover this Federal Reserve study which puts the lie to everything you've posted about it all being their fault. I've bolded the important finding so you don't have to tax what passes for your brain, by reading the whole quote.

"Given the magnitude of the losses at the GSEs and the fact that the financial crisis seemed to have its origins in the residential housing finance market, some policymakers and commentators have suggested that the GSEs bear much of the responsibility for the financial crisis (cf. Greenspan, 2010, Wallison, 2008, Wallison and Calomiris, 2008, House Committee on the Budget, 2009, among others. This narrative tends to put particular emphasis on “affordable housing goals” that the GSEs were required to meet pushing them into taking on excessive risk and into making the market in subprime loans (e.g., Rajan (2010)). That Fannie and Freddie required an expensive taxpayer-financed rescue just years after they were identified as posing a systemic risk is consistent with this line of reasoning.

That narrative is not, however, well supported by data we have so far. We use data provided by the FHFA, Fannie Mae and Freddie Mac’s annual reports, monthly volume summaries, and quarterly credit supplements, as well as Loan Performance data collected by the General Accounting Office (GAO) to explore the changes in the mortgage market and nature of the GSEs’ holdings. We find that the growth of the subprime mortgage market was largely a nonGSE phenomenon: it occurred outside of the normal mortgage origination channels and was funded by non agency or “private label” securities (PLS). The GSEs did build a large portfolio of AAA PLS, probably in response to affordable housing goals, but such investments were unlikely to have had much of an impact on subprime mortgage origination, and they were not a large share of their credit losses. "

https://files.stlouisfed.org/files/htdocs/conferences/gse/Van_Order.pdf

So tell us again how it's all the fault of the GSE's.

Ah yes, one of my favourite Republican lies - it was all on account of Fannie Mae and Freddie.

It wasn't ALL on account of Fannie and Freddie but forcing them to buy $2 trillion or so worth of weak mortgages played a very large part in inflating the real estate bubble.

In the late 1990's, Canadian bankers came begging the Liberal government to give them similar regulations to the Gramm-Leach-Bliley Act passed by House and Senate Republicans in 1999.

Banks were allowed to write crappy mortgages before Gramm-Leach-Bliley, you know that, right?
MBS existed before Gramm-Leach-Bliley, you know that, right?

We find that the growth of the subprime mortgage market was largely a nonGSE phenomenon: it occurred outside of the normal mortgage origination channels and was funded by non agency or “private label” securities (PLS).
$2 trillion ain't bean bag.
And the massive demand by the GSEs forced commercial banks, which also had affordable housing mandates, to stretch further into the low-credit score, low or no down-payment end of the mortgage market.

Step 1 was banking deregulation in the GLBA which allowed Wall Street to create the "derivatives" market.

Mortgages were securitized since the 1960s.

This is what fuelled the buying frenzy and the "real estate bubble" - more and more people chasing a dwindling supply of houses. NOTHING to do with Fanny Mae or Freddie.

The mortgage writers couldn't write as many mortgages without a secondary market like Fannie and Freddie (and other securitizers, for sure)

Step 3 The American Dream Downpayment Act. Concerned about the shrinking percentage of home ownership in the USA, President George W. Bush signed this legislation into law on December 16, 2003. The American Dream Downpayment Act (or Initiative) aimed to increase homeownership by providing down payment and closing cost assistance to low-income, first-time homebuyers, often by providing up to $10,000 or 6% of the purchase price.

Yes, Bush's stupid actions were piled on top of Clinton's stupid actions.

The GSEs did build a large portfolio of AAA PLS, probably in response to affordable housing goals, but such investments were unlikely to have had much of an impact on subprime mortgage origination,

Right, trillions in GSE purchases were unlikely to have much impact. DURR

So tell us again how it's all the fault of the GSE's.

They weren't the entire cause. Government policies, easy money, FOMO all play a part in inflating asset bubbles.
It wasn't all caused by HUD forcing the GSEs to buy crappy mortgages, but it was a part. A serious part.

 

[shockedcanadian]

You're not a rabbit. You're a lying piece of shit out to destroy Canada. That's why I continue to prove this in replying to your posts. I don't know who is paying you to post this bullshit but it wouldn't surprise me if it turned out to be Iran, or some other anti-democratic government.

Where you place me or anyone else, is irrelevant to any discussion. Your opinions of others is as worthless as you are. You continue to promote this notion that Canada is a "creepy police state". I assume that you already live in a "creepy police state" and are simply projecting what happens in your country, onto Canada.

Your lies about the abuse and harassment you purport that you are under, are just not believable in any way, shape or form. And like the lie that the government is preventing you from leaving, which would violate your constitutional rights, nothing you post about the Canadian police and national security is to be believed.

The issues you have highlighted with police mental health problems, and other concerns are NOTHING like the sort of overwhelming abuse you continue to claim. I will keep refuting your lies, so long as you continue to post them.

Now I am Iranian? For the love of...

It was not too long ago when you were calling me Russian among other potential bad actors. Then you seemed to accept my Canadianess, perhaps I triggered you with some buzzwords I don't know.

Your responses are far too committed. Americans trash their policies and politicians all the time. Canadians are online on twitter right now going much further than I am in terms of anger, hell, there is an active movement in Alberta and Quebec to separate.

Somehow the cautionary tale I share here, with the EU and Japanese has you angry? Go after the separatists and leave us persecuted Mensches alone.

 

[Cellblock2429]

As I have warned for some time, America and Japan are turning their backs on us. We greatly hurt ourselves by capitulating to China for their slave labour EVs.

Europe will sell us all kinds of stuff but they want none of ours. We are being abused by everyone except the U.S and we turn our back on U.S and liberty.

Don't blame me. I tried to save this place, to no avail.

Honda to shelve $11bn Canada EV plant as demand sputters

Automaker to discontinue joint electric model with GM, shift to US hybrids

asia.nikkei.com

TOKYO -- Honda Motor is set to freeze plans to build an electric vehicle factory in Canada, Nikkei has learned, as sluggish U.S. demand pushes it to put hybrids at the center of its North American strategy.

/---/ Chevy joins the exodus from EVs. What will they do with the unsold inventory?

GM Pulls the Plug on Chevy’s Biggest Silverado Trucks as Sales Collapse and Factory Fallout Begins

Chevrolet is walking away from some of the biggest trucks wearing the Silverado badge, and the timing says a lot about where the medium-duty truck market is heading. The automaker will officially discontinue the Silverado 4500HD, 5500HD, and 6500HD this fall after deciding not to renew its...

finance.yahoo.com