Bank of Canada: 13% of Mortgages Hit Trigger Rate! Foreclosure Crisis Coming?

The Bank of Canada says that 13% of variable fixed mortgages have reached their trigger point. This is the point at which the interest rate resets. Different financial institutions are deciding to do different things about it. Could this start a foreclosure crisis in 2023? People who cannot afford to pay their mortgages are falling deeper and deeper into a hole of debt. The banks are kicking their hands as they reach for a hand up.

You won't hear this on mainstream news outlets like City News, CTV News, CBC News, and Global News.

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Sources
https://www.nber.org/digest/aug15/us-foreclosure-crisis-was-not-just-subprime-event

#Recession #2023 #Canada

0:00 - Trigger Rate
0:30 - Shadow Defaults / Loan Restructuring
0:55 - Trigger Rate
1:30 - Financial Engineering Gone Wrong
2:18 - Parallels With 2008 In The US
3:00 - Default Rates For Prime Borrowers
3:58 - OFSI Financial Regulator Statement
4:22 - Risk To Banking System
4:52 - Recession Risk Negative Equity
5:30 - Bubble Phases
6:07 - Recency Bias
6:45 - Housing Dependence
7:32 - Amount People Owe Getting Larger
8:35 - Yield Curve Shows Disaster