The Bank Loan Process, Creation and Destruction of Money

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ItsTheInterest's picture
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The Bank Loan Process, Creation and Destruction of Money

Do banks have to retire the principal portion of loans, or do they confiscate this also? I'm pretty clear about the confiscation of interest but the principal I've always assumed had to be retired. Thanks

SpotTheDog's picture
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Joined: Sep 12 2013
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I wouldn’t put it past them

I wouldn’t put it past them to confiscate the principal portion as well. It’s not surprising that banks would recover whatever they can from their borrowers, regardless of whether it is ethical or entirely legal (they will always come back with some obscure loophole if they were contested for such activity). They are managing and storing your money, so if you owe them money, then they supposedly have the right to access your money regardless of your financial situation. Borrow at your own risk…

Noahruth's picture
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Continuing the discussion with regards to CMHC's update

From June 1st, I believe, the premiums of mortgage loan insurance has increased and will be 15%. I'm in the real estate business and wondering how it is going to effect the business, even though CMHC has confirmed there won't be much change what-so-ever. I'm wondering how that can happen? I'm looking to take up a mortgage and it is undergoing pre approval process from 5 Year Mortgage right now, but I'm not sure will I be effected adversely or will it be favorable according to the change.

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Janet Kaufman
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Brenda Green
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