Reflections On Finding Critical Elements Of Mortgages

"[The junk bond drop] may feel like it for corporate CFOs, but I don't think it's systemic for GDP in the same way," Fisher told CNBC's " Squawk Box ," in the wake of Third Avenue Management's decision, announced Thursday, to block further investor redemptions from its near $1 billion high-yield Focused Credit Fund, which was being liquidated. Read More Third Avenue dumps CEO Barse amid turmoil A day later, on Friday, Stone Lion Capital Partners, a $1.3 billion hedge fund specializing in distressed debt, suspended redemptions in its oldest fund, which like Third Avenue has been hit by companies defaulting on their obligations. "Normally when you see this sort of acceleration in implied default rates that sort of ... uptick would tell you a recession is around the corner," said Fisher, senior director of the BlackRock Investment Institute, which helps the firm's portfolio managers stay connected to marketplace trends. But this time, he said, the default rates might be revealing what's already known: "We've had a recession in the oil patch." The collapse in commodities, most notably in crude, has been the biggest driver behind the pressure in the high-yield market.

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A risk and administration fee amounts to 0.5 per cent of the outstanding debt. The most common mortgage in Canada is the five-year fixed-rate closed mortgage, as opposed to the U.S. where the most common type is the 30-year fixed-rate open mortgage. 17 Throughout the financial crisis and the ensuing recession, Canada’s mortgage market continued to function well, partly due to the residential mortgage market's policy framework, which includes an effective regulatory and supervisory regime that applies to most lenders.

Canadian household debt-to-income rises to record in Q3 - Yahoo Finance

The ratio of household credit market debt to income rose to 163.7 percent in the third quarter from a downwardly revised 162.7 percent. It was the second quarter in a row that the measure has increased. Household credit market debt, which includes consumer credit, mortgages and other loans, rose 1.4 percent with the bigger increase coming from mortgages. Still, it was cheaper for Canadians to carry their loans, with the interest-only debt service ratio reaching a record low of 6.1 percent. The Bank of Canada, which has cut interest rates twice this year to offset the shock of cheap oil on the economy, has warned of rising vulnerabilities in the household sector as Canadians have taken advantage of years of low borrowing costs. The high debt levels have led some to worry that consumers have taken on more than they can handle, particularly in the housing market where prices have soared. The Canadian government took steps last week to cool parts of the housing market by forcing people who want to buy more expensive homes to provide a bigger down payment. Overall, national net worth fell 1.3 percent to C$9.49 trillion ($6.89 trillion) as the value of Canada's natural resource wealth fell alongside energy prices.

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