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Finance

Moody's downgrades credit ratings for Canada's Big 6 banks

http://www.cbc.ca/news/business/moodys-banks-1.4109847Moody's says high debt levels and soaring house prices could be bad news for Canada's big banks, and has downgraded their credit rating as a result.

Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada and Royal Bank of Canada all saw their credit ratings cut by one notch late Wednesday.

Moody's cited a "more challenging operating environment for banks in Canada for the remainder of 2017 and beyond."

"Today's downgrade of the Canadian banks reflects our ongoing concerns that expanding levels of private-sector debt could weaken asset quality in the future," Moody's vice-president David Beattie said. 

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Home Capital to sell $1.5B worth of mortgages to mystery buyer

A subsidiary of alternative mortgage lender Home Capital has struck a deal to sell $1.5 billion worth of mortgage commitments and renewals to an unnamed buyer.

Home Trust, a division of Home Capital licensed to conduct business across Canada, announced the move in a news release early Tuesday. 

Although it described the deal as "non-binding," Home Trust says the mystery buyer intends to:

- Buy up to $1 billion worth of uninsured mortgages, up to half of which would come immediately via existing commitments and/or mortgage renewals.
- Buy an additional $500 million worth of insured mortgages, provided they have proper documentation.

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Wynne pours cash on Ontario teachers

Apparently Ontario's finances are in such great shape that Premier Kathleen Wynne can afford to open up the spending spigots to buy peace with Ontario's teacher unions in time for next year's provincial election.

Last year, Wynne said she was prepared to loosen the government's purse strings for all public sector workers, presumably because the Liberals have done such a great job of financial management.

As reported by the Toronto Sun's Sue-Ann Levy, documents obtained by the Sun indicate the model, two-year contract extension Wynne is offering teachers to ensure labour peace safely beyond the spring, 2018 Ontario election, include a 4% pay hike, a 4$ annual hike in benefits and a 0.5$ lump sum payment for "supplies".

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Foreign money funds anti-Conservative “shadow campaigns” in Canada

image from www.therebel.mediaFederally there’s some proof that foreign money is being used by the left to fight elections in Canada. A Senate committee hearing last week found that untold millions could be used and there’s nothing Elections Canada can do about it.

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Ontario's double whammy of debt

Premier Kathleen Wynne's government is finally promising to balance Ontario's operating budget next year after nine consecutive deficits.

But if anybody thinks that means an end to growing government debt in Ontario, they should think again.

The fact is the province plans to continue adding billions of dollars in new debt.

Once you factor in the growth in debt the federal government has planned, the burden carried by Ontarians will actually continue to grow even faster than before.

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