DID YOU KNOW... (2 of 5 series)

Between 1947 and 1952 , Billy and Bobby Byrne robbed over 52 banks across Ontario. However history has all but forgotten them. In fact, they may be more famous for the outrageous stunts they pulled, rather then the crimes themselves. Here is #2 of five facts about Canada`s most bizarre bank robbing Brother: The boys once escaped from the infamous Don Jail with a wooden key that Bobby carved from a bedpost. The local law enforcement faced scrutiny and embarrassment for years to come.

Our Latest Report on the Market Exchange

Five issues Harper, Obama are likely to tackle

Craig Offman, National Post

As excitement builds for Barack Obama's first state visit to Canada on Thursday, so does the pressure on its frantic schedule.

At home, Mr. Obama is being pushed to address the environmental fallout from Alberta's oil sands or the injustices of our softwood lumber exports. Stephen Harper, on the other hand, faces calls to bring up the status of 22-year-old accused terrorist Omar Khadr or U.S. designs on oil deposits in the Arctic.

But a clenched-fist approach will not benefit Canada, diplomats say, especially when a profound economic crisis trumps all other issues.

"The stakes are too big to worry about the price of eggs in Quebec," said James Blanchard. A former U.S. ambassador to Canada during the Clinton administration, Mr. Blanchard predicts this will be a broad, big-picture, meeting in which new objectives supersede old resentments.

"I think that previous meetings have often been unsuccessful because Canada focused on the trees and the weeds, rather than the forest," he added.

"Over the years, our State Department has been quite amused that Canada avoids the big issues and focuses on the small ones.

"We'll typically leave those details and issues to the Cabinet, or frankly, the sub-Cabinet," Mr. Blanchard said.

Echoing other former ambassadors from both countries - including Canada's Allan Gotlieb and Paul Cellucci of the United States - Mr. Blanchard, foresees five concerns: protectionism, the effects of the bailout, the environment and energy and Afghanistan.

Given that the two sides have an hour on average to cover each topic during this speed-bonding session, lower-level diplomats will likely be left to sweat over the smaller stuff. "It needs to be big picture, and Stephen Harper knows that," Mr. Blanchard said. "It's not going to be nitpicking over wheat and lumber."

The Rise of Protectionism

"I'd expect the Prime Minister to point out the damage from protectionist activity," said Mr. Gotlieb, Canada's former ambassador to the United States during the Mulroney years. Reacting to an alarming rise in "Buy American" rhetoric, Mr. Harper will likely echo a message his ambassador, Michael Wilson, sent to the U.S. Senate recently: Canada is your largest-single customer, and if either of us throws up walls, it will hurt us both. The costs of doing business will actually increase. Delay and disruptions would ensue at our borders. Competitiveness would suffer, and in the end, both nations risk losing jobs, not creating them. Mr. Obama, who has spent a lot of political capital arguing the same point, would likely agree. "I'd also expect Mr. Obama to say that it's up to the United States to honour its international obligations," Mr. Gotlieb said.

Thickening of Borders

In an effort to protect the homeland from potential acts of terror, the United States has tightened security along the 49th parallel. But these chokepoints are literally costing both countries money: The thickening of the borders is damaging our respective economies.

In the past two decades, we have become joint producers on everything from films to auto parts - and the more goods, services and labour are held up at checkpoints, the less productive we become.

"We have to make sure the border is secure and facilitating," said Mr. Cellucci, who was U.S. ambassador to Canada during the first Bush administration.

Mr. Cellucci argued that the "smart border" program - which calls for "facilitating the free flow of people and commerce" - is working; other diplomats would say that Canada's greatest advantage, proximity, has turned against us in the post 9/11 era.

"The thickening of our border has become our comparative disadvantage," said Mr. Gotlieb, reversing the gains made by the free-trade agreement signed by his former boss and Ronald Reagan in 1988. This is a major weakness at a time when we compete with one-stop exporters such as the European Union and China. Look for the two leaders to announce efforts to initiate research into a smarter border program.

Marrying the Environment with the Economy

In a telling encounter with reporters last week, Canada's Environment Minister, Jim Prentice, described his new responsibility as balancing energy security, the economy and environment. This widened purview perhaps reflects Mr. Harper's own micro green shift as he tries to engage the new President.

"It's important for the Prime Minister to talk about how we can work together to combat climate change while continuing to make sure that oil flows from the sands," said Mr. Cellucci, alluding to U.S. reliance on Canadian oil, which can run as high as 2.5 million barrels a day, making us its largest supplier.

As much as conservationists on both sides of the border criticize the oil sands, Mr. Harper will likely advance the argument that so-called "Dirty Oil" is no dirtier than coal or nuclear power.

Charles Doran, director of the Center of Canadian Studies at the Paul H. Nitze School of Advanced International Studies, said the two leaders would be shrewd to announce some kind of joint research and development project that would look for cleaner ways to extract oil from Northern Alberta. "That's something looks good, that is good, that is new – and that they could do together."

Bailouts

Even if Canada is emerging from this economic storm in better shape than the United States, a frenetic flow of goods and people inextricably links the two countries. In the course of one day alone, the equivalent of $1.5-billion in commerce and 300,000 people cross their common borders, an interdependence that also binds their financial health.

"These are not the conditions they wanted for the first meetings, but the reality is that everything will be focused on the bailouts," Mr. Doran said.

"They'll be discussing the efforts to recover from this recession or depression and the impact the policies will have on each other's countries." Mr. Doran points out, for example, that the trillion-dollar bailout in the United States might trigger massive inflation on both sides of the border.

Mr. Gotlieb, who was in Washington, D.C. during the Mulroney and Reagan years, suggested Mr. Harper could bolster the economic relationship by suggesting that the two meet each year around the same day to review policies, a top-down way of bonding and breaking down barriers. "How else do you translate the recognition that we're most important trading partners and neighbours?" he asked. "By improving the relationship."

Canada's new role in Afghanistan

As recent as Tuesday, Mr. Obama did not overtly suggest that troops Canadian troops should stay beyond its 2011 deadline for withdrawal, but the omission might have been strategic: He still might want our soldiers to remain in a non-combative capacity.

Once in Ottawa, a very sensitive Mr. Obama will likely reiterate his gratitude to Canada for its sacrifice but will also reinforce his predicament: He has identified the region as the principal front in the war on terror, and the United States requires greater manpower there. So where does that leave Canada? While both leaders would probably agree that the re-emergence of the Taliban is an international concern, and that NATO should make a greater commitment to the imploding region, Mr. Obama might gently suggest Mr. Harper prolong Canada's mission beyond its 2011 deadline for withdrawal, offering its talents in a different capacity.

"I think there will be a discussion about what other things Canada can do to help," said Paul Cellucci. "Whether it be rebuilding the infrastructural needs, civil needs, the things Canadians are quite good at."

This information was sent and presented by Rachelle Gregory from Merix Financial, thank you.

Mortgage Matters:Back to the Basics -The 5 C's of Borrowing

A big part of the impending “doom and gloom” of the feared collapse of our economy has come from the lending policies, the performance of borrowers and the adjustments being made to lending policies of today and the future. When you are looking to borrow you need to consider that the economic climate will dictate how a lender will look at a deal. How the lender will come to the decision to approve a deal was a lot different in 2007 as to what it is in 2009. I would like to offer you who are reading this the basics of lending/borrowing along with some personal comments that help you decide: if you are going to apply for credit and what you should consider. 

Firstly, lenders are in business to make (not lose) money. Consequently when a bank lends money it wants to ensure that it will get paid back. (the same as a borrower expects to come out of the end of a transaction with more than they went in with). To maximize the possibility of being paid back, the bank wants to make sure that there is sufficient assurance that a person can and will pay back a loan. The lender must consider the 5 "C's" of Credit each time it makes a loan.

Character

Is the general impression you make on the potential lender. The lender will form a subjective opinion as to whether or not you are sufficiently trustworthy to repay the loan. Your educational background and experience in your field of work will be included. The length of time at your current employment and your current residence will be considered. The longer you have been at both, the higher you will score on the character scale. In 2007 there was little concern that your future might be in jeopardy. In 2009 every source of income is scrutinized as whether it is feasible that it will continue.

Collateral

Is the extra security the lender has to cover the loan? In real estate transactions this generally means the property. If for some reason, you cannot repay the mortgage, the bank wants to know that the real estate the mortgage was taken out for is good and marketable real estate. A current real estate appraisal will determine the value for the property in today's market. Some lenders will limit themselves to the type of property they are going to accept. Rural properties have less interested buyers than urban properties. In the case of a foreclosure the lender doesn’t get the property. They have to apply to the courts to have them placed back on the market for resale to repay the loan. This takes time and money. Lenders will charge for the risk accordingly.

Capital

Is the money you personally have invested in the purchase, otherwise known as your down payment. The more of your own money you invest as a down payment, the more likely that you will do all you can to maintain your payment obligations. This fact was evident during the recession of the 90s where a large number of the power of sale properties, were at one time, purchased with small down payments. Capital is also reflected by your ability and willingness to save money and accumulate assets. The higher your net worth, the more you have as a cushion for repayment in the event you run into a financial set-back. Saved or earned capital is more highly regarded than “gifted”. 

Credit

Is the evaluation of your habits in performing credit obligations? The information about your credit history is stored at the "credit bureau" and indicates how well you paid your bills over the last 6 years. All major credit cards, auto loans, leases etc. are reported to the credit bureau. A lender will evaluate your ability to maintain your obligations and try and determine how well you live within your means. Some individuals make the mistake of not paying the minimum monthly obligations on loans and credit cards with the expectation of making a larger payment the following month. These missed payments appear on their credit report branding them as chronic "late-payers" for the next 6 years.

Capacity

To repay the loan is probably the most critical of the five factors. The lender will want to know exactly how you intend to repay the loan. The lender will consider your income as it relates to the loan that you are applying for. Does the monthly carrying costs of the loan represent less than or equal to 32% of your total monthly income? If it is, the probability of you successfully repaying the loan is fairly high. When you include your personal debts, loans, cards, etc., a lender will likely not approve your total debt load of higher than 40% of your total monthly income. Prospective lenders will also want to know about any other sources of income you may have to repay the loan, if your steady income stream is interrupted. What savings can you fall back on? What property do you have that you could sell to cover payments?

The biggest factor that people are having the most difficult time with today is: These principles above change complete depending on what the future economy is predicted to do. For the past six years we have had a rising economy. Increasing property values. Little fear of people losing their jobs. Even if they do, the value of their property has risen so they can sell and get out of trouble. Now we are in the midst of a declining economy. It is expected that in the near future many jobs will be eliminated. House sales will fall along with the value of homes. Anyone who has a home that they purchased recently and lost a job had better have 10 – 20% equity or they won’t be able to sell. Without extra funds to pay the mortgage, foreclosure is probable.

Banks get their money from interest earned on repaid loans. They lose on foreclosures. The income they earn is used to pay investors who deposit their savings in the bank. They can only do that if they earn a profit. Do you having any savings in the bank? Would you keep it there if you thought your bank was losing money?

If you should have any further questions on Credit, please feel free to contact me.
PH: 1-866-993-8787
steve@yourmortgages.ca
www.yourmortgages.ca

Weekly Market Commentary

Financials, energy producers lead TSX higher

Solid underlying quarterly results from a number of the nation’s biggest lenders drove Canada’s S&P/TSX composite index 2.1 per cent higher over the week ended February 27, 2009.

TD Bank, CIBC and Royal Bank all posted better-than-expected first-quarter results this week, driving the benchmark’s Financials sector 9.3 per cent higher.

CIBC this week reported a first-quarter profit of $147 million, coming off a loss of $1.46 billion one year ago, while Royal Bank, Canada’s largest lender, posted a quarterly profit of $1.05 billion. At the same time, a 15 per cent increase in revenue generated a profit of $712 million for TD... Learn More

This article of intrest was presented By Jocko Toic at the Investors Group. If you would like more one on one information, please feel free to contact him at:

Jocko Toic - Consultant
Investors Group Financial Services
3500 Carrington Road, Suite 102, Westbank BC, V4T 3C1
Ph. (250) 707-3265   Cell (250) 869-9636
Fax (250) 768-4563   Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan

Steve's Rates

YourMortgages.ca Premium Rates
Mortgage Term Our Rates Standard Rates
Variable Rate 3.80% 4.00%
6 Month Closed 6.10% 6.50%
1 Year Closed 3.50% 5.00%
2 Year Closed 4.69% 5.75%
3 Year Closed 3.75% 5.75%
4 Year Closed 4.19% 5.69%
5 Year Closed 4.29% 5.79%
7 Year Closed 5.80% 7.00%
10 Year Closed 5.95% 7.35%
15 Year Closed 9.05% 0.00%
18 Year Closed 9.05% 0.00%
25 Year Closed 9.15% 0.00%

Rates are subject to change with very little notice and certain conditions may apply to individual mortgage applications, QAC, E&OE

For the best rates call 1-866-993-8787.

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3500 Carrington Road, Suite 102, Westbank BC, V4T 3C1
Ph. (250) 707-3265   Cell (250) 869-9636
Fax (250) 768-4563   Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan

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A Quote to Note:

The highest of your accomplishments will equal the depth of your convictions.
- William F. Scolavino

Also a member of the Okanagan Mortgage Lenders Association

Contact

At Prolink Mortgage Inc., I have over 30 lending financial mortgage institutions in Canada with Steve Faux sourcing the best rates and the best products to suit your needs!

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