Flaherty concerned by mortgage lending


Finance Minister Jim Flaherty said he shares the concern of Canada's top banking regulator that lenders are loosening their mortgage standards too much, but said any problems in the system are being corrected.

On Tuesday, Bloomberg released documents obtained through freedom of information requests that showed the Office of the Superintendent of Financial Institutions (OSFI) has some fears that loosening mortgage standards poses an "emerging risk" to Canada's economy.

In the 152 pages of documents, internal communications reveal that OSFI — the regulator in charge of all federally monitored financial institutions in Canada — worries banks are becoming "increasingly liberal" by handing out loans without requiring borrowers to prove they have sufficient incomes to pay them back. Such loans "have some similarities to non-prime loans in the U.S. retail lending market," the OSFI documents reveal.

Speaking to reporters in Tel Aviv, Israel, on Thursday, Flaherty echoed OSFI's concerns.

"OSFI's concern arises out of some work that OSFI has done as part of the ordinary course of its business to look at some of the loans being made by financial institutions," he said. "I was informed of what their assessment showed with respect to a few financial institutions, which is a matter of concern."

"That is being corrected," Flaherty said.


Subprime mortgages

The reaction from the finance minister came at the end of a busy week in which multiple stories cast some doubt on the sustainability of Canada's booming housing market.

On Tuesday, it emerged that the Canada Mortgage and Housing Corporation has committed to back $541 billion in mortgages — within striking distance of the agency's $600-billion limit.



The CMHC is the Crown corporation that ultimately backstops Canada's housing industry by insuring mortgages. Buyers are legally obligated to pay for CMHC insurance if they put down 20 per cent or less of the purchase price as a down payment. Approximately 40 per cent of Canadian homes are covered by CMHC insurance.

The limit was at $450 billion as recently as 2008, but Ottawa moved to raise it as a result of the financial crisis.

As that gap closes, it gets harder for Canadians to get new mortgages. Theoretically, at a certain point CMHC would have to deny new borrowers unless Ottawa moved to raise the limit — something which would prove difficult in a political environment where policymakers have repeatedly encouraged Canadians to get their debt levels under control.


http://www.cbc.ca/news/business/story/2 ... -cmhc.html


Cutting OAS costs necessary for fiscal health: Flaherty

OTTAWA — Finance Minister Jim Flaherty said Thursday he considers it imperative that the government restrain the growth of public pensions, although he stopped short of calling them unsustainable.

Flaherty made clear that changes are coming to the Old Age Security program that pays an average $500 a month to lower-income Canadians upon turning 65, and that he will outline the government's thinking in the upcoming budget.

"This is not an issue that can be ignored unless we want to put at risk the fiscal track of the country, which would be a mistake," he told reporters Thursday on a conference call from Tel Aviv, where he has been visiting for most of the week.

"The research we have, both within and outside government, has shown us for some time that the demographic challenge will bring substantial pressure on the long-term sustainability of these programs."

The opposition parties and some experts have been critical of the government for presenting the issue as a clear-cut case of unsustainability.

Ottawa estimates the cost of OAS will rise from $36 billion in 2010 to $108 billion in 2030, while the number of taxpayers for every senior declines from four-to-one to two-to-one.

But as a slice of gross domestic product, or the size of the economy, OAS remains tiny fraction. It will only increase from the current 1.8 per cent to 2.5 per cent in 20 years. Adding in the Guaranteed Income Supplement that goes to the poorest of Canadians brings the total cost to 3.2 per cent of GDP in 2030.

An analysis commissioned by the government also concluded that Canada does not face a major affordability problem with public pension schemes, adding that there is "no pressing financial or fiscal need" to raise the age of eligibility.



Read more: http://www.ctv.ca/CTVNews/TopStories/20 ... z1lJUXi9N6

Avalanche kills three as more heavy snowfall hits Japan


Police investigated on Thursday (February 2) the site of an avalanche that claimed the lives of three Japanese tourists, as heavy snow caused chaos across parts of Japan.
The avalanche crushed tents housing an outdoor bedrock bath at a hot spring spa resort in Akita prefecture, northern Japan, late on

Wednesday (February 1). The tents were located away from the main resort up the mountains via a narrow path.

One local said he was not surprised by the incident, even though there had not been avalanches in the area before.

"That area had no trees growing around it so I am not surprised what happened, happened," one unidentified resident told the Japan News Network (JNN).

Local reports attributed the avalanche to the heavy snowfall that has blanketed much of Japan - although the capital Tokyo has escaped the severe weather.

http://www.theweathernetwork.com/news/s ... _category2


Heavy rain causes flooding in eastern Australia


Heavy summer rains across eastern Australia prompted authorities to issue flood warnings for vast areas of Queensland and New South Wales states on Thursday (February 2).

The Bureau of Meteorology issued the flood warnings with heavy rain expected over the next 24 hours, following rains over the past week which have already swelled rivers in New South Wales.

Emergency services have ordered thousands of people to prepare to evacuate.

New South Wales police in Narrabri said the floods had spread through many people's homes.

"It's been through several houses in the town," said New South Wales policeman Tony Battam.

Some residents near the western New South Wales town of Moree have been ordered to leave their homes, while others tried to stave off the incoming floodwaters with sandbags.

http://www.theweathernetwork.com/news/s ... _category2

A white weekend in store! Four inches of snow to fall across Britain as mercury plummets to -10c


Snow will sweep the country this weekend as the Arctic freeze tightens its grip.

Forecasters issued a nationwide cold weather alert, with temperatures expected to plunge as low as -10c (14f) from tonight.

Around two inches of snow covered Lincolnshire, Norfolk and Suffolk in white, while in the Pennines, fences and phone masts resembled ice sculptures.

The east of the country will again be covered in snow today and the South-East, Midlands and North will be hit tomorrow afternoon.


The Met Office said up to four inches of snow could fall over the weekend across much of England and Wales, with southern and central areas likely to see the worst of it.

Freezing weather has been sweeping towards us from eastern Europe where temperatures plummeted to -30c (-22f) this week and up to 150 have died.

A level three ‘amber’ cold weather alert - the second most serious - was issued, which warns of health risks to the elderly and vulnerable, and the likelihood of disruption to transport.


Read more: http://www.dailymail.co.uk/news/article ... z1lJQHOxgn


The big freeze continues: Death toll hits 122 as Eastern Europe shivers in winter's icy grip
Over 11,000 villagers in Serbia remain trapped by heavy snow and blizzards

Over 120 people have died and thousands more remain trapped in their homes as cold and icy weather has brought parts of Europe to a standstill.

In Serbia, at least 11,000 villagers are reported stranded in their homes by heavy snow and blizzards which have hit remote areas that cannot be reached due to icy, snow-clogged roads.
The worst weather is near Serbia's southwestern town of Sijenica, where it has been freezing cold or snowing for 26 days, and diesel fuel supplies used by snowploughs are running low.


Police spokesman Predrag Maric said emergency crews were pressing hard to try to clear the snow and deliver badly needed supplies.
He said: 'We are trying everything to unblock the roads since more snow and blizzards are expected in the coming days,' Maric said.

'We hope to get the supplies there today, or tomorrow at the latest.'


Officials appealed to the public to quickly help anyone they saw in need.

In Ukraine, 63 people have died from the cold in the last week. Nearly 950 others were hospitalized with hypothermia and frostbite, and more than 2,000 heated tents have been set up with hot food for the homeless.

In Romania, the health ministry on Thursday raised the number of cold-related deaths there to 22.

About 180 schools were closed in Romania because of the freezing cold. Three ships were blocked on the Danube River - one German, one Dutch and one Romanian - and efforts were made to unblock them from ice.

In Bulgaria, where 16 towns recorded their lowest temperatures since records started 100 years ago, 1,070 schools across the country remained closed Thursday and large sections of the Danube were frozen, hampering navigation.



Read more: http://www.dailymail.co.uk/news/article ... z1lJRBvR00

Flu season underway with two deaths, one hospitalization


WATERLOO REGION — Two deaths are now linked to the flu in Waterloo Region.

Influenza contributed to the deaths of two seniors with underlying medical conditions in the past couple days. Nine cases were lab-confirmed by Thursday, one person hospitalized and a long-term care home is coping with an outbreak.

Information given to regional councillors on Tuesday by Region of Waterloo Public Health included data only to mid-January, reporting no deaths or outbreaks.

So far this flu season has been milder than in previous years, but the virus is gaining momentum here and across the province.

“It’s really here now,” said Dr. Hsiu-Li Wang, associate medical officer of health.

The season may continue to be mild, said Wang, who expects the majority of the region’s cases will come in the next two months.

The flu is unpredictable, both when the virus arrives and which strains. The season can start as early as the fall — the H1N1 pandemic kicked off in September — but can stay away until well into the new year.

“This is a little later than usual, but not outside what we consider normal,” Wang said.

Those at risk of severe complications and death from the flu are the elderly, very young and people with chronic conditions. The person hospitalized is older with multiple medical conditions, which was the case with those who had the flu and died.

“It is unfortunate, but something we see every year,” Wang said of the death. “I expect we’ll have more as we go along in the season.”

http://www.therecord.com/news/local/art ... talization



Mexico Fears Second Outbreak of H1N1 as Cases Climb


Nearly three years after H1N1, so-called swine flu, first struck Mexico, the virus is making a comeback.
In January, Mexico recorded 1,623 cases of the flu, including 1,456 H1N1 cases. There were 1,000 flu cases in Mexico last year, Health Secretary Salomón Chertorivski Woldenberg said earlier this week. Since the year’s start, 29 people have died of H1N1. Only 35 people died from various flu strains all last year.

Yet, the number of H1N1 cases is not unexpected. The Associated Press reported that the Centers for Disease Control and Prevention (CDC) and the Pan-American Health Organization (PAHO) “say that H1N1 cases this year are within the normal range.”

Relative to 2009, when H1N1 caused worldwide panic, particularly in Mexico City where schools, museums, cinemas and restaurants were shuttered, the country is also more prepared to fight the illness, said Pablo Kuri-Morales, another official with Mexico’s Health Ministry.


“First, we know what the virus is,” he said, “second, we have the vaccine, of which 70 million doses were applied three years ago. Third, we know there’s a medicine that’s effective.”

Residents here remember wearing masks and surgical gloves on public transportation, and keeping their kids home. The flu particularly hurt the economy, keeping away clients and generally slowing the capital. Employees lost work days and pay.

“Yeah it was really heavy,” said Jorge Acosta, who runs a shoe repair stand near Chapultepec Park. He lost 70 to 80 percent of his usual income during the swine flu’s height.

“I was working that entire time,” he added.

When H1N1 deaths appeared in the news late January, Mexicans took notice. But looking back on 2009’s response, they’re less anxious.


Read more: http://latino.foxnews.com/latino/health ... z1lJTojeCD

Top 100 Items to Disappear First During a National Emergency

1. Generators (Good ones cost dearly. Gas storage, risky. Noisy...target of thieves; maintenance etc.)
2. Water Filters/Purifiers
3. Portable Toilets
4. Seasoned Firewood. Wood takes about 6 - 12 months to become dried, for home uses.
5. Lamp Oil, Wicks, Lamps (First Choice: Buy CLEAR oil. If scarce, stockpile ANY!)
6. Coleman Fuel. Impossible to stockpile too much.
7. Guns, Ammunition, Pepper Spray, Knives, Clubs, Bats & Slingshots.
8. Hand-can openers, & hand egg beaters, whisks.
9. Honey/Syrups/white, brown sugar
10. Rice - Beans - Wheat
11. Vegetable Oil (for cooking) Without it food burns/must be boiled etc.,)
12. Charcoal, Lighter Fluid (Will become scarce suddenly)
13. Water Containers (Urgent Item to obtain.) Any size. Small: HARD CLEAR PLASTIC ONLY - note - food grade if for drinking.
14. Mini Heater head (Propane) (Without this item, propane won't heat a room.)
15. Grain Grinder (Non-electric)
16. Propane Cylinders (Urgent: Definite shortages will occur.)
17. Survival Guide Book.
18. Mantles: Aladdin, Coleman, etc. (Without this item, longer-term lighting is difficult.)
19. Baby Supplies: Diapers/formula. ointments/aspirin, etc.
20. Washboards, Mop Bucket w/wringer (for Laundry)
21. Cookstoves (Propane, Coleman & Kerosene)
22. Vitamins
23. Propane Cylinder Handle-Holder (Urgent: Small canister use is dangerous without this item)
24. Feminine Hygiene/Haircare/Skin products.
25. Thermal underwear (Tops & Bottoms)
26. Bow saws, axes and hatchets, Wedges (also, honing oil)
27. Aluminum Foil Reg. & Heavy Duty (Great Cooking and Barter Item)
28. Gasoline Containers (Plastic & Metal)
29. Garbage Bags (Impossible To Have Too Many).
30. Toilet Paper, Kleenex, Paper Towels
31. Milk - Powdered & Condensed (Shake Liquid every 3 to 4 months)
32. Garden Seeds (Non-Hybrid) (A MUST)
33. Clothes pins/line/hangers (A MUST)
34. Coleman's Pump Repair Kit
35. Tuna Fish (in oil)
36. Fire Extinguishers (or..large box of Baking Soda in every room)
37. First aid kits
38. Batteries (all sizes...buy furthest-out for Expiration Dates)
39. Garlic, spices & vinegar, baking supplies
40. Big Dogs (and plenty of dog food)
41. Flour, yeast & salt
42. Matches. {"Strike Anywhere" preferred.) Boxed, wooden matches will go first
43. Writing paper/pads/pencils, solar calculators
44. Insulated ice chests (good for keeping items from freezing in Wintertime.)
45. Workboots, belts, Levis & durable shirts
46. Flashlights/LIGHTSTICKS & torches, "No. 76 Dietz" Lanterns
47. Journals, Diaries & Scrapbooks (jot down ideas, feelings, experience; Historic Times)
48. Garbage cans Plastic (great for storage, water, transporting - if with wheels)
49. Men's Hygiene: Shampoo, Toothbrush/paste, Mouthwash/floss, nail clippers, etc
50. Cast iron cookware (sturdy, efficient)
51. Fishing supplies/tools
52. Mosquito coils/repellent, sprays/creams
53. Duct Tape
54. Tarps/stakes/twine/nails/rope/spikes
55. Candles
56. Laundry Detergent (liquid)
57. Backpacks, Duffel Bags
58. Garden tools & supplies
59. Scissors, fabrics & sewing supplies
60. Canned Fruits, Veggies, Soups, stews, etc.
61. Bleach (plain, NOT scented: 4 to 6% sodium hypochlorite)
62. Canning supplies, (Jars/lids/wax)
63. Knives & Sharpening tools: files, stones, steel
64. Bicycles...Tires/tubes/pumps/chains, etc
65. Sleeping Bags & blankets/pillows/mats
66. Carbon Monoxide Alarm (battery powered)
67. Board Games, Cards, Dice
68. d-con Rat poison, MOUSE PRUFE II, Roach Killer
69. Mousetraps, Ant traps & cockroach magnets
70. Paper plates/cups/utensils (stock up, folks)
71. Baby wipes, oils, waterless & Antibacterial soap (saves a lot of water)
72. Rain gear, rubberized boots, etc.
73. Shaving supplies (razors & creams, talc, after shave)
74. Hand pumps & siphons (for water and for fuels)
75. Soysauce, vinegar, bullions/gravy/soupbase
76. Reading glasses
77. Chocolate/Cocoa/Tang/Punch (water enhancers)
78. "Survival-in-a-Can"
79. Woolen clothing, scarves/ear-muffs/mittens
80. Boy Scout Handbook, / also Leaders Catalog
81. Roll-on Window Insulation Kit (MANCO)
82. Graham crackers, saltines, pretzels, Trail mix/Jerky
83. Popcorn, Peanut Butter, Nuts
84. Socks, Underwear, T-shirts, etc. (extras)
85. Lumber (all types)
86. Wagons & carts (for transport to and from)
87. Cots & Inflatable mattress's
88. Gloves: Work/warming/gardening, etc.
89. Lantern Hangers
90. Screen Patches, glue, nails, screws,, nuts & bolts
91. Teas
92. Coffee
93. Cigarettes
94. Wine/Liquors (for bribes, medicinal, etc,)
95. Paraffin wax
96. Glue, nails, nuts, bolts, screws, etc.
97. Chewing gum/candies
98. Atomizers (for cooling/bathing)
99. Hats & cotton neckerchiefs
100. Livestock

top-100-items-to-disappear-first-during-a-national-emergency-t8035.html

pandemic insurance list


N95 masks
plastic tight gloves
cotton balls for ears,plastic ear plugs
goggles for eyes
shower caps(hats,ear muffs)
think about extra clothing(stuff that can be bleached or thrown out)

have a plan for a sick room and a 10 day room if you have to go outside for supplies

bring in lots of extra bleach for cleaning and most of all be mentally prepared for all of this

Where do you put all of these Preps...hiddy hiddy spots


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