…Scotia Bank, please stop meddling with Government the source of your money…!


AT LEAST THEY do another upper run and not as Swiss Bank stay down lower! IF YOU WANT TO MAKE MONEY SELL, BUT THEN ALL CANNOT SELL, duuhhh…!!!

Scotiabank CEO to Flaherty: Stop meddling in the mortgage market
Sean B. Pasternak, Bloomberg News | 13/04/10 | Last Updated: 13/04/10 9:40 AM ET

http://business.financialpost.com/2013/04/10/canada-mortgages-flaherty/

[[[“…

Flaherty, who has taken steps to cool the housing market in a bid to avert a crash, raised concerns last month over reduced five-year mortgage rates offered by Bank of Montreal and Manulife Financial Corp. amid record levels of household debt in Canada. Both lenders have since increased rates.

    “I just philosophically don’t think” [government should be setting product pricing]

“I understand why the finance minister is concerned about the Canadian economy, but I just philosophically don’t think” government should be setting product pricing, Waugh said yesterday in an interview in Halifax, Nova Scotia, where the bank held its annual shareholders meeting. “Despite the difficulties of central banks to use interest rates, the alternative of trying to manage specific products or prices, to me, is fraught with difficulty.”

Scotiabank hasn’t been approached “that I’m aware of,” by Flaherty over the Toronto-based bank’s mortgage rates, said Waugh, 65. He said Canada will have a “soft landing” in the housing market instead of a full-scale crash.

“Volumes for mortgage brokers and banks will be affected, but I don’t see it as a credit event of any significance,” said Waugh. Kathleen Perchaluk, a spokeswoman for Flaherty, didn’t return e-mails seeking comment.
Darren Calabrese/National Post
Darren Calabrese/National PostScotiabank president and CEO Rick Waugh speaks at The Economic Club of Canada in Toronto last September.
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Canada’s third-largest bank may expand in unsecured lending, such as credit cards, Waugh said. The bank had avoided expansion in that area in the aftermath of the financial crisis, he said.

Unsecured Lending

“The unsecured credit card and personal loan portfolio has behaved better than we thought,” said Waugh, who is also a vice chairman of the Institute of International Finance. “As the world is healing, I think that gives us an opportunity to expand what we call our risk appetite and take more of a prudent risk on our unsecured credit.”

In October, Waugh relinquished his role as president and was succeeded by Brian Porter, paving the way for an eventual transition to the top job. Waugh declined to say when he will retire and wouldn’t say whether he will still be CEO at the bank’s next annual meeting in Kelowna, British Columbia.

…]]]”

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…a part from the Social use of Banks to give “humans” the right and way to obtain dignity and their own homes…!

All I have to add for now is that: SCOTIA BANK must be going broke: [“diluted” EARNINGS per share 2012 = 5.22$..!
And that my website infers logically most everything else at:
http://www.1-is-to-100.com/

[-] That mortgages cannot be bigger than 3.5% – you only pay 1.2%/yr for up and over 5,000$ = 60$/yr = = nothing…! 3.5% is 350% of 1%, which is already at a very big limit if not over “200%”…!
The loan gains of 10,000$ at 3.5% for 2 years or 3 years is exorbitant at that…! Most low middle class families are at a limit paying $431.98/month/2yrs…! {{“See numbers below”…!}}
[-] That Government is the one that “saves” Banks, with bailouts…! STOP COMPLAINING TO THE GOVERNMENT!
[-] That for Banks to go on a economy rampage of theft again, is not acceptable…! The Government might not save you next time…!
Etc…!

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{{Numbers for a 10,000$ loan at 3.5% for 2 years}}

Calculation Results
The calculation results for the loan calculator appear below. Please note that interest is calculated on a monthly basis.
Initial deposit:
$1.00
Loan payments:
$10,367.62
Balloon payment at end:
$0.00
Total payable:
$10,368.62
24 monthly payments of:
$431.98
Total interest:
$368.62
Loan amount: $10,000.00
Interest Rate: 3.5%
Potential finish date: April 10, 2015
—————————————————————————
Loan Repayments by Month
Month     Start Balance     Principal     Interest     Payment
1    $ 9,999.00    $ 402.82    $ 29.16    $ 431.98
2    $ 9,596.18    $ 404.00    $ 27.99    $ 431.98
3    $ 9,192.18    $ 405.17    $ 26.81    $ 431.98
4    $ 8,787.01    $ 406.36    $ 25.63    $ 431.98
5    $ 8,380.66    $ 407.54    $ 24.44    $ 431.98
6    $ 7,973.12    $ 408.73    $ 23.25    $ 431.98
7    $ 7,564.39    $ 409.92    $ 22.06    $ 431.98
8    $ 7,154.47    $ 411.12    $ 20.87    $ 431.98
9    $ 6,743.35    $ 412.32    $ 19.67    $ 431.98
10    $ 6,331.03    $ 413.52    $ 18.47    $ 431.98
11    $ 5,917.51    $ 414.72    $ 17.26    $ 431.98
12    $ 5,502.79    $ 415.93    $ 16.05    $ 431.98
13    $ 5,086.86    $ 417.15    $ 14.84    $ 431.98
14    $ 4,669.71    $ 418.36    $ 13.62    $ 431.98
15    $ 4,251.34    $ 419.58    $ 12.40    $ 431.98
16    $ 3,831.76    $ 420.81    $ 11.18    $ 431.98
17    $ 3,410.95    $ 422.04    $ 9.95    $ 431.98
18    $ 2,988.92    $ 423.27    $ 8.72    $ 431.98
19    $ 2,565.65    $ 424.50    $ 7.48    $ 431.98
20    $ 2,141.15    $ 425.74    $ 6.25    $ 431.98
21    $ 1,715.41    $ 426.98    $ 5.00    $ 431.98
22    $ 1,288.43    $ 428.23    $ 3.76    $ 431.98
23    $ 860.20    $ 429.48    $ 2.51    $ 431.98
24    $ 430.73    $ 430.73    $ 1.26    $ 431.98
25     $ 0.00     $ 0.00     $ 0.00     $ 0.00
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