Mark Carney may be asking borrowers and lenders to be prudent, but we are hearing lots of stories suggesting that his pleas are being ignored. Here’s an example of a prudent customer and an imprudent lender. -vreaa
This from Vankouver at greaterfool.ca 12 Feb 2010 2:17 pm -
“I’m an under 35er and I went to the bank yesterday to max out my rrsp and instead the ‘financial advisor’ STRONGLY ENCOURAGED me to get a supersized and unnecessary mortgage (for a piece of lower mainland RE), and if I didn’t….. I would end up hurting myself in the long run such that I may NEVER get a mortagage from a bank again ever!!! Despite me indicating that I had no desire to be in debt in this economic environment (for a number of highly practical reasons), the ‘financial advisor’ kept pushing. In the second attempt, he cited that home owners made 10-17% (on paper only) when the housing market here jumped up again…so I said, interesting but, people like me made about 50% buying and selling stocks in the market last year. After he saw he couldn’t break me, he finally let me get my rrsp sorted. Some advisor.”
