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banks - housing bubble
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<blockquote data-quote="klein" data-source="post: 899235" data-attributes="member: 23950"><p>Island, I have never heard about Banks being forced to do anything !</p><p>They did it for profit, they themselves came up with these so called derivites (or whatever they are called).</p><p>Meaning a lot of banks didn't personally hold the bad mortgage, but a piece of paper (like a stock or bond), that became junkbonds !</p><p></p><p>American Banks are mostly deregulated, they can do and gamble as they please. Up to 80% of YOUR money, I believe.</p><p>Canadian Banks on the other hand can only "gamble" with 15 or 20% (not quite sure), but very little. The rest is 100% secured.</p><p></p><p>That's why our Banks didn't fail, and others have, including those in the US.</p></blockquote><p></p>
[QUOTE="klein, post: 899235, member: 23950"] Island, I have never heard about Banks being forced to do anything ! They did it for profit, they themselves came up with these so called derivites (or whatever they are called). Meaning a lot of banks didn't personally hold the bad mortgage, but a piece of paper (like a stock or bond), that became junkbonds ! American Banks are mostly deregulated, they can do and gamble as they please. Up to 80% of YOUR money, I believe. Canadian Banks on the other hand can only "gamble" with 15 or 20% (not quite sure), but very little. The rest is 100% secured. That's why our Banks didn't fail, and others have, including those in the US. [/QUOTE]
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