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Seniors remain separate with brand new loan system 26501

Seniors remain separate with brand new loan system 26501

Some cool house equity loans pictures:

Seniors stay separate with brand new loan system 26501
home equity financial loans
Image by PremierofAlberta
The Seniors Residence Adaptation and fix program assists seniors upgrade their particular domiciles so that they can preserve their independency and stay in their communities close to family and friends.

Lori Sigurdson, Minister of Seniors and Housing went to with recipients of home-equity loan, David and Jill Osborne, in their Sherwood Park home on Friday, January 13, 2017.

The Seniors Home Adaptation and fix Act includes measures to safeguard customers, including a provision to review the expense of repair jobs to ensure they have been fair.

Fast realities :

This program provides low-interest house equity financial loans to at the most ,000 per household to seniors with children earnings of ,000 or less. Home owners will need to have about 25 percent home equity.
Low-income seniors who do maybe not be considered under the loan program can be qualified to receive a grant to simply help pay for essential home repairs.
Most required repairs or adaptations consist of:
House roofing
Hot-water tank
Typical loan amount:
,000 (few)
,100 (single)

(photography by Chris Schwarz/Government of Alberta)

Seniors stay separate with new loan program 26500
home equity loans
Image by PremierofAlberta
The Seniors Residence Adaptation and fix program helps seniors upgrade their particular homes for them to maintain their particular self-reliance and stay inside their communities near to family and friends.

Lori Sigurdson, Minister of Seniors and Housing visited with recipients of this home-equity loan, David and Jill Osborne, inside their Sherwood Park residence on Friday, January 13, 2017.

The Seniors Residence Adaptation and Repair Act includes measures to guard customers, including a provision to examine the expense of restoration projects to ensure they’ve been reasonable.

Quick details :

This program provides low-interest house equity financial loans to no more than ,000 per home to seniors with children income of ,000 or less. Property owners will need to have at the least 25 per cent residence equity.
Low-income seniors that do maybe not be considered beneath the loan system is entitled to a grant to aid purchase important residence repair works.
Many requested repairs or adaptations include:
House roofing
Hot water tank
Average loan quantity:
,000 (few)
,100 (single)

(photography by Chris Schwarz/Government of Alberta)

Cool Residence Equity Debts images

Cool Residence Equity Debts images

Consider these house equity loans photos:

Alex Neil – Pennywell Life development
home equity loans
Image by Scottish Federal Government
This picture is FREE to make use of – courtesy of Scottish national – The Scottish national should spend £195 million across after that 3 years on a shared equity system to assist around 6,500 homes buy a new-build house. The successor into the existing Help to Get (Scotland) scheme will concentrate on affordable domiciles, with qualified purchasers getting an equity loan towards the cost of a new-build house. There’ll be on-going support for little designers, building regarding the popularity of the tiny Developers scheme, launched in January. With this particular brand new capital, in addition to make it possible to Buy scheme, the house-building industry has received around half a billion pounds of support over a six-year duration. The Scottish national will work because of the house-building business and loan providers to agree on the way the brand-new system will operate – photo shows personal Justice Secretary Alex Neil meeting Adam McIntyre (a homeowner which bought their new house at Urban Union’s Pennywell Living development in Edinburgh through the current assist to Buy system) this morning (Wed 2nd) – for further information please contact Iain V Monk (Scottish federal government) on 0131 244 2972 or 07771 555 601 — picture by Donald MacLeod – 02.09.2015 – 07702 319 738 – –

Alex Neil – Pennywell Life development
home equity financial loans
Image by Scottish Government
This image is liberated to utilize – courtesy of Scottish national – The Scottish Government should spend £195 million throughout the after that three-years on a new provided equity scheme to greatly help around 6,500 families buy a new-build residence. The successor into current Help to Get (Scotland) scheme will consider affordable domiciles, with qualified purchasers receiving an equity loan to the cost of a new-build home. There’ll additionally be on-going assistance for small developers, building on popularity of the little Developers system, established in January. With this brand new financing, as well as the help Get system, the house-building industry need received around half a billion pounds of help over a six-year period. The Scottish Government will work using house-building business and loan providers to agree on the way the new scheme will function – image reveals personal Justice Secretary Alex Neil (centre) with (l to r) 1st 12 months Modern Apprentice plumbers Liam Fraser (from Aberlady) and Ryan Devenny (from Portobello), Adam McIntyre (a homeowner just who bought his new home at Urban Union’s Pennywell residing development in Edinburgh through the present make it possible to Buy plan), Clly Cammy Day (City of Edinburgh Council Housing commander) and Graeme Nicol (guy Dir, Urban Union Ltd) during the Penny Well Living development today (Wed 2nd) – for more information please contact Iain V Monk (Scottish federal government) on 0131 244 2972 or 07771 555 601 — photo by Donald MacLeod – 02.09.2015 – 07702 319 738 – –



Suzy Orman gives her take on how a Home Equity Line of Credit (HELOC) and a Home Equity Loans (HELOAN) basically work.

More info at:
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Image from page 129 of “Public health nurse quarterly” (1913)

Image from page 129 of “Public health nurse quarterly” (1913)

Check out these home equity loans images:

Image from page 129 of “Public health nurse quarterly” (1913)
home equity loans
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Identifier: publichealthnurs53nati
Title: Public health nurse quarterly
Year: 1913 (1910s)
Authors: National Organization for Public Health Nursing (U.S.)
Subjects: Public health nursing
Publisher: Baltimore, Md. : National Organization for Public Health Nursing
Contributing Library: UMass Amherst Libraries
Digitizing Sponsor: Boston Library Consortium Member Libraries

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About This Book: Catalog Entry
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Text Appearing Before Image:

Text Appearing After Image:
COMPLETE LINE OFSurgical Instruments, Dressings, Trusses,Supports, Deformity Apparatus, Sick RoomSupplies of All Kinds. TflP H H Hpcdpr Pr» 812 Superior Avenue-*- 11C !!• -LJ-* lltoolCl vjU» one STore only Cleveland, O, ^^^H^^JS^ ^^■^^^™ CANFIELDS CERTIFIED MILK Produced under the supervision of the MedicalMilk Commission of the city of Cleveland. DISTRIBUTED BY Walker-Gordon Laboratory Dept. AND CLOVERDALE DAIRY CO.L THE KORNER & WOOD CO. Books, Stationery, Pictures,Picture Framing. ^ 737 EUCLID AVENUE. ^) NURSES VISITING CASES We make to order to suit the particular work you are engaged in all kinds of Cases and Bags for Bottles, Bandages and Instruments. See us for Bags, Trunks, Suit Cases and all kinds of Traveling Equipment. The Likly & Rockett Trunk Co. 405 Superior Ave. N. W. 501 Prospect Ave. S. E. 46-48 Euclid Arcade fOUR savings deposited with us are seat red by first morl-gages on Cleveland Real Estate. We make loans tohelp build or buy HOMES. THE EQUITY SA

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Image from page 146 of “Appendix to the Journals of the Senate and Assembly of the … session of the Legislature of the State of California” (1853)
home equity loans
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Identifier: appendixtojourna19091cali
Title: Appendix to the Journals of the Senate and Assembly of the … session of the Legislature of the State of California
Year: 1853 (1850s)
Authors: California. Legislature
Subjects: Legislative journals
Publisher: Sacramento : State Printing
Contributing Library: San Francisco Public Library
Digitizing Sponsor: San Francisco Public Library

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l., The E. M. Allison Co Emeryville Warehouse Co Emeline Childs Co*. Emeryville Hardware and Tool Co.. . Emerald Oil Co Emma Louis. Inc E. Morganti & Co Empire Construction Co. of California Empire Fruit Co Empire Social Club Empire Oil and Development Co., The Empire California Mines Co Empire Athletic Club Empire Builders Co., The Empire Development Co Emrick Oil Thrust Bearing Co Emveaich Co E. M. Warn Lumber Go Encinal Oil Co Encinal Mining Co Encauto Heights Mutual Water Co.. Encinal Realty Co Enterprise Hall Association Enterprise Planing Mill Enterprise Supply and Manufacturing Co Entrepreneur, The Enterprise Electric Works Enterprise Publishing Co Enterprise Planing Mill Co Enterprise Dredging Co Enterprise Land and Investment Co.. Eugenic Society, The Engineering-Contracting Co Engineering and Maintenance Co….Englander Dravage and Warehouse 1 Co., The I English-Pell Pie Co I Entire House Filter Manufacturinsi Co Epidermoline Co.. The ] Equality Home Building and Loan

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Seniors stay independent with new loan program 26495
home equity loans
Image by PremierofAlberta
The Seniors Home Adaptation and Repair program helps seniors update their homes so they can maintain their independence and stay in their communities close to friends and family.

Lori Sigurdson, Minister of Seniors and Housing visited with recipients of the home-equity loan, David and Jill Osborne, in their Sherwood Park home on Friday, January 13, 2017.

The Seniors Home Adaptation and Repair Act includes measures to protect consumers, including a provision to review the costs of repair projects to ensure they are fair.

Quick facts :

The program provides low-interest home equity loans to a maximum of ,000 per household to seniors with a household income of ,000 or less. Homeowners must have at least 25 per cent home equity.
Low-income seniors who do not qualify under the loan program may be eligible for a grant to help pay for essential home repairs.
Most requested repairs or adaptations include:
House roof
Hot water tank
Average loan amount:
,000 (couple)
,100 (single)

(photography by Chris Schwarz/Government of Alberta)

David Abromowitz

David Abromowitz

Some trendy house equity loans pictures:

David Abromowitz
home equity loans
< img alt=" home equity loans" src="" width=" 400"/ > Picture by
Facility for American Progression A New Method Forward: Finding a More Sustainable Strategy for Expanding Homeownership

February 24, 2010, 9:00 am– 10:30 am.

To enjoy the video clip, please click right here: < a href="" rel=" nofollow" > Regardless of the continuous foreclosure situation

that is leading to numerous households shedding their houses, it would be a mistake to get rid of homeownership for low- and also moderate-income households as a possible plan objective. As a matter of fact, we need not have a false dispute about either going back to previous homeownership techniques or deserting a house of one’s very own as an option for countless functioning American family members. Shared Equity Homeownership programs, which have actually been originated by hundreds of neighborhood and also state agencies and neighborhood groups, framework public aid as an investment as opposed to a give. This produces a much more sustainable path to budget-friendly real estate. Family members that purchase their homes via Shared Equity Homeownership programs have a strong track document of extremely reduced default and also repossession rates. These successes comparison with the end results for family members who stayed in the predatory car loan market, hence showing that when a shared equity technique is coupled with ideal economic products, homeownership can stay in the grasp of most Americans. Sustainable homeownership, through shared equity or various other methods, supplies owners genuine social and financial benefits as well as stays essential to conquering possession inequality
. Please join the Facility for American Development Activity Fund as well as NCB Funding Impact as we discuss the future of homeownership as well as just how Shared Equity Homeownership programs can place us
in the right instructions and also offer a brand-new way forward for government homeownership plan. Opening remarks:. Legislator Patrick Leahy (D-VT). Intro by:. Sarah Rosen Wartell, Executive Vice Head of state, Center for American Progression. Showcased Panelists:. John Barros, Dudley Road Neighborhood Campaign.
Rick Jacobus, NCB Funding Impact

. George McCarthy, Ford Foundation. Brenda Torpy, Champlain Real estate Trust. Regulated by:.

David Abromowitz, Senior citizen Fellow, Facility for American Progress.
Photographer. 202-487-5025.< a href="" rel= "nofollow" > Outdoors my bank< img alt=" home equity fundings" src="" size=" 400"/ > Photo by< a href=

”″ > Pahz Where I was today to repay the residence equity financing( day 247 of 365 image). I stopped on my
method out and
a few macro shots.

Nice Residence Equity Financing photos

Nice Residence Equity Financing photos

Consider these residence equity loans photos:

Dow Drops 500 Points
home equity financial loans
Image by YoTuT
AIG Tumbles 61percent, Pressing
Dow to a 500-Point decrease

September 15, 2008 6:13 p.m.

The stock market suffered its worst day-to-day plunge in almost seven many years Monday due to the fact bankruptcy of Lehman Brothers Holdings threw the U.S. financial system into an abyss, uncertain where the bottom of the credit-related dilemmas lies.

Lehman’s demise makes it the greatest casualty yet in long-running credit crisis, with thus far seen torrents of red-ink, restructurings and acquisitions, and shutterings of some commercial banking institutions. But until Sunday night, no Wall Street firm of such size and stature had experienced an all-out meltdown.

The Dow-Jones Industrial Average, which languished with a reduction between 200 and 300 points for most associated with time, saw its losings accelerate in the last time of trading to endure its worst daily point drop since trading resumed following the 9/11 terror assaults. The Dow ended down by 504.48 points on Monday, off 4.4%, at its everyday minimum of 10917.51, down 18per cent on year.

All 30 of Dow’s components dropped, save for Coca Cola, which rose 0.5percent.

United states Global Group plunged 60.8per cent. The Federal Reserve Monday requested Goldman Sachs Group and J.P. Morgan Chase to help with making – billion in financial loans available to the company, in accordance with men and women acquainted the situation. The insurer has been rushing to restructure its company and raise fresh capital to prevent a downgrade of their credit scoring.

How many huge people on Wall Street is dwindling, but traders stated it stays to be seen in which as well as just how much longer the ill-effects of soured credit bets will continue to surface. A series of events through the end associated with week, including a Fed meeting Tuesday and stock-options expiration Friday, could shed even more light in the condition of economic climate and send people on another dizzying ride.

"It’s a dicey scenario at this time," said Bill King, primary market strategist at M. Ramsey King Securities in Burr Ridge, Ill. "You have many dudes now that don’t understand whom to trade with due to counter-party issues," particularly in the credit areas, where dealers stated it stayed difficult to get buyers for several securities despite the final 24 hours’ realignment on Wall Street.

Bank of The united states ended up being another big decliner among Dow stocks, off 21.3per cent. The company was indeed a suitor for Lehman but pulled out of speaks because it became apparent in current days that Fed wouldn’t normally guarantee the financing of an acquisition as it performed in J.P. Morgan Chase’s purchase of Bear Stearns in March. Instead, Bank of The united states rapidly relocated to purchase Merrill Lynch on Monday. Merrill shares finished little changed.

Two continuing to be big investment banking institutions — Goldman and Morgan Stanley — saw their particular shares fall. Goldman had been down 12.1percent, while Morgan Stanley dropped 13.5per cent. Both companies are due to report their financial third-quarter causes the second few days and are also expected to attempt to make the case that they are different from Lehman and Merrill. Analysts are expecting each in which to stay the black but they are bracing for write-downs of billion to billion each at Goldman and Morgan Stanley.

Financial stocks when you look at the S&P 500 dropped 9% as a group. The sector features shed .27 trillion in marketplace price since October 2007. Financials today make up 14.4percent associated with the S&P 500, down from 22percent at the conclusion of 2006.

"Too much influence may be the alpha and omega for this story," stated Doug Kass, president associated with hedge fund Seabreeze Partners Management in Palm seashore, Fla., discussing financial organizations’ using borrowed money to make bets on securities linked with dangerous mortgages. In an email to customers Monday, he criticized some financial institutions’ using 30 bucks in influence for every dollar of security in recent years – a practice that efficiently amplified losings when rates of domiciles therefore the credit wagers on their own started initially to fall.

In an interview, Mr. Kass added: "we are stepping into the timeframe by which it’s a good idea to consider well-valued (economic) stocks. But people should nonetheless just take a conventional approach," including reasonably small-sized bets on a recovery after significantly more than per year of rocky credit trading and plummeting share costs within the economic industry.

Specifically, the last few days’ activities have actually underscored the challenges dealing with the Fed, the Treasury division, and other national regulators, who will be trying to hit a fine stability between setting up a durable framework for the economic climate while simultaneously allowing areas to reward wise choices and punish bad ones. By firmly taking the relief choice off the dining table for Lehman, the U.S. government successfully declared there are limitations to its role as backstop-in-chief — an idea that may have implications for other distressed businesses into the months forward.

Just the other day, the federal government seized mortgage giants Fannie Mae and Freddie Mac, and months prior it brokered the purchase of Bear Stearns to J.P. Morgan. The good news is, Washington seems to want Wall Street to mostly fix its own problems.

"We’ve re-established ‘moral hazard,’" people mixed up in Lehman talks informed the Journal, talking about the notion that the federal government should eschew bailouts, since economic organizations usually takes more risks if they are insulated from the effects. "is the fact that a good thing or a bad thing? We’re going to find out."

Various other economic bellwethers experienced Monday. Wachovia plummeted 25% as experts raised questions regarding the possibility significance of Wachovia to increase brand-new money to soak up future losses. Mike Mayo of Deutsche Bank downgraded the stock to "Hold" from "Buy," concerned with Wachovia’s large portfolio of risky wagers on adjustable-rate mortgages, that he labeled as a wild card in analyzing the company.

"Our view happens to be that Wachovia does not need more money," he said in a research note, since he believes loan losses on the next several years will be less than anticipated. But given increased concerns about financial development and intense anxiety in monetary areas, "this margin of protection happens to be paid down."

Troubled Washington Mutual tumbled 26.7per cent as investors dreaded it wouldn’t be able to discover a buyer to shore up its books.

Following the close, S&P reviews providers lowered its credit scoring on Washington Mutual to junk. "Increasing market chaos plus the associated impact from handling its concentrated mortgage team within difficult housing and credit period led to the downgrade of WAMU," said S&P credit analyst Victoria Wagner. "The organization’s poor equity pricing in the markets can be a concern, also it more and more seems that marketplace conditions could overtake credit fundamentals and leave the organization with considerably diminished economic versatility."

Various other stock yardsticks experienced Monday. The Nasdaq Composite Index had been off 4.7% to 2179.91, near a 6-month reduced and down 18per cent on the year. The small-stock Russell 2000 dropped 4.2% to 689.76, down 19percent in the 12 months. The S&P 500 ended up being off 4.7% to 1192.96, down 19% regarding the year. All of the broad measure’s areas fell.

Among brands noted on this new York Stock Exchange, about 8.1 billion stocks changed arms, a record. Decliners outnumbered advancers nearly 19 to one on the exchange.

Credit markets showed couple of signs and symptoms of relief. The Fed-funds price exchanged as high as 6.5percent Monday, really over the main lender’s 2% target as demand for money far outstripped offer. The shortage pushed the Fed to inject a massive billion cash via its everyday repurchase-agreement operation, which helped lower the rate to 3.5%.

Traders said that different Wall Street companies supplied an astounding 3 billion in mortgage-backed report to use as collateral for repo agreements, nevertheless the Fed only accepted about billion of it — an indication that most of that debt remains too harmful for Fed to assume on its books.

Meanwhile, the three-month Libor/OIS spread, a gauge of stress into the money markets, widened to around 104.6 basis things from around 84.5 basis things Friday. Monday’s reading ended up being its widest since December if the space risen to above 110 basis points, a record.

"These areas just continue to be damaged," said Don Wilson, head of DRW Trading, a proprietary firm active in Chicago’s interest-rate pits.

Treasury prices surged, pressing interest levels reduced as people desired safe havens. The two-year note had been recently up 23/32, producing 1.844per cent. The benchmark 10-year note was up 1-18/32, producing 3.527percent. The 30-year relationship jumped 2-3/32 to yield 4.193percent.

Crude-oil futures settled down .47 at .71 on New York Mercantile Exchange on Monday on concerns that financial crisis could more slow the wider economy and fuel need. It had been oil’s very first finish below 0 since very early March.

The dollar dropped up against the Japanese currency, changing arms recently at 105.47 yen, down from 107.87 yen belated Friday. However the buck been able to upload gains up against the euro and British pound.

Write to Peter A. McKay at

Back into Class Vaccinations
home equity loans
Image by 666isMONEY ☮ ♥ & ☠
"no-one are turned away for an inability to pay for."

Prices at River City continue steadily to slip-slide away.
home equity loans
Image by
How reduced could you get?

What if your single function in life were to act as an illustration to others…for what NOT to do? This is apparently the karma for bad 800 S. Wells, also referred to as River City. The building appears like a cross between a space ship outside and a submarine inside. The tangible wall space may be discouraging as well as the roofing over the lobby is known to leak. A slew of River City properties are short product sales or perhaps in property foreclosure.

Made up of 448 devices sitting on 20 miles of land southwest of Printer’s Row, there are studios, one-, two- and three-bedroom units. The lowest-priced available studio is a recently listed quick purchase provided by ,000; the lowest-priced one-bedroom is a foreclosure residential property supplied ,000 that will be down through the initial price tag of 0,000. The lowest-priced available two-bedroom device will set you back 6,400. It absolutely was originally provided by 8,900. This unit is…wait because of it, here it comes…in foreclosure. Ditto the lowest-priced three-bedroom which can be now provided by 5,500 after sitting available for a total of 348 times.

There must be one or more gobsmacked River City homeowner asking himself, “What happened?”

The clear answer is: an amazing violent storm of a developer which over-promised and an economic climate that has been bucking for a giant reset.

When River City converted to condos in 2001, United states Invsco supplied purchasers couple of years of free tests and taxes plus a guaranteed tenant for just two many years. Back then finance companies had been thrilled to underwrite pie-in-the-sky loans to applicants whose eyes had been bigger than their particular checkbooks. So why not leap in?!

We realize how that tale played out.

Nevertheless they say there’s a lid for each and every cooking pot. River City is reasonable for purchasers with certain goals. Some take pleasure in the special design. Some like becoming in close proximity to the Chicago River (perfect for cruising and kayaking). Some cannot resist the incredible condo deals to be had – invest today, keep consitently the residential property for a few many years, watching the equity create.
Therefore if you’re a sturdy soul and a little bit of a casino player, River City could be a bet available. Wish more info? Contact Ted Guarnero at Baird & Warner, (312) 810-6693 or search all domiciles at



Several good residence equity loans photos i discovered:

home equity financial loans
Image by A.Davey
When a building’s inside is exposed such as this, the structure manages to lose its feeling of permanence, and also the lifestyle rooms look like stage sets.

This building, which sticks in my own head principally whilst the home associated with long-shuttered Jazz Quarry and another of Portland’s last "adult" cinemas, it being demolished in order to make technique the Sky 3 Apartments.

Brand new condo construction in Portland died aided by the international financial crisis of 2007-2008 and has now however to be resurrected. So, while home rates rise, no brand-new condos are arriving on the web, only flats. The price of a perch in another of our hip "Portlandia" areas can now go beyond 0K. One explanation finance companies aren’t funding brand new condominiums is the very high chance of construction-defect litigation, which can be virtually inescapable today. At the least townhouses will always be being built, however they’re out-of picture as well if they are inside core.

It was stated that the "Las Las vegas based Molasky set of businesses . . .and Portland-based E&F Properties are planning to build a 15-story mixed-use building with 196 products, at Southwest Jefferson Street and 11th Avenue."

The delopers applied for a 10-year property taxation exemption of virtually 0,000 in return for maintaining some of the units at below-market rents to promote the option of moderate-income housing.

"While most associated with the products of Sky3 Put would hire at market rate – up to ,250 per month for a two-bedroom apartment – 20 per cent would lease at a reasonable price for people making 80 % associated with area’s median household earnings – ,850 for an individual or ,500 for a family of four. Those flats would range in lease from 1 per month for a studio to ,118 for a two-bedroom device."…

Seriously, i can not imagine spending ,250 in after-tax bucks on rent, whenever residence ownership and a home loan would provide tax-deductible interest and home fees, the likelihood of equity later on and, depending on the level of the loan, reduced monthly payments.

Opportunity Has To Be Knocking
home equity loans
Image by Viewminder
As soon as the federal government assured each one of these mortgages and really house equity loans…

not a lot of people were bitching towards banks.

Money was easy…

financial obligation was being distributed like candy on Halloween.

Today the cash’s kinda dried-up.

As well as the men and women gotta make good on those loans their particular federal government assured.

Four years back I didn’t must view the news to observe how the economic climate ended up being performing.

I possibly could inform on garbage time.

I would see all of these vacant bins for plasma display tvs and other large consumer things produced in Asia.

Today garbage time seems various.

At least in my neighbor hood there is a lot less consumin’ goin’ on.

I’ve heard some amazing a few ideas at the Occupy Chicago demonstration.

I’ve heard some actually nutty tips.

The single thing that would make every person delighted… at the very least individuals using capability to be happy… is when the playing area had been levelled…

if there clearly was chance for everybody else.

Twelve years ago I started a company… I strolled to the bank with just my drivers lisense and a quarter-hour We walked completely with two lender reports as well as 2 checkbooks.

A year ago I went to start two start up business lender records.

I possibly couldn’t believe the documents I required.

It took me a couple of weeks to get it altogether.

We went along to Six Flags on the weekend for FrightNight.

I experienced to walk-through material detectors and be afflicted by search.

I’d to give up my small pocket-knife after walking through metal detectors.

I guess i really could have walked the mile back again to my car and stashed it there in the interest of general public safety nevertheless children had been jonesin’ to hop on a rollercoaster.

I am all for layin’ along the legislation to kick some terrorist butt…

but it is things like that which makes me groan.

If it had been our freedom the terrorists were wanting to destroy…

they made their particular point and they scored.

We do not need more rules.

We don’t have to call it quits any longer legal rights.

We require more freedom.

Less legislation.

One of the ironies I see with the Occupy action… and there are lots of…

is wanting to make use of government to fix the problem.

I like how Ronald Reagan place it…

‘Government could be the problem.’

Redemption Tune

CPR / My Neighbour to the West

CPR / My Neighbour to the West

Check out these home equity loans images:

CPR / My Neighbour to the West
home equity loans
Image by bill barber
From my set entitled “Our Home, Streetsville”
In my collection entitled “Places”…
In my photostream

I’ve always lived close to railway lines. When I was growing up in Orangeville, Ontario, I lived near the main station. Both the Canadian National Railway (CNR) and the Canadian Pacific Railway (CPR) passed through town. When my sister and I moved to a fifty acre farm in Dixie, Ontario (near Toronto) in 1960, the CPR bisected our land.

For the twenty-two years Karen and I have lived at our current address in Streetsville, Ontario, the CPR has been our neighbour across the back fence. People ask us, “Don’t the trains bother you?” We answer that we don’t even hear them.

We sit on the deck and view a lot of interesting stuff go by. One day I watched a trainload of tanks pass. Didn’t know Canada had so many tanks. We also see intriguing graffiti on the sides of tankers and boxcars. And there are cars from all over the U.S. and Canada.

This is the first shot of the trains I have taken from the deck, but there will be more. It’s best to take such pictures after the leaves have dropped, since it’s hard to see the trains through the summer foliage.

Reproduced from Wikipedia, the free encyclopedia
The Canadian Pacific Railway (CPR; AAR reporting marks CP, CPAA, CPI), known as CP Rail between 1968 and 1996, is a Canadian Class I railway operated by Canadian Pacific Railway Limited. Its rail network stretches from Vancouver to Montreal, and also serves major cities in the United States such as Minneapolis, Chicago, and New York City. Its headquarters are in Calgary, Alberta.

The railway was originally built between eastern Canada and British Columbia between 1881 and 1885 (connecting with Ottawa Valley and Georgian Bay area lines built earlier), fulfilling a promise extended to British Columbia when it entered Confederation in 1871. It was Canada’s first transcontinental railway. Now primarily a freight railway, the CPR was for decades the only practical means of long distance passenger transport in most regions of Canada, and was instrumental in the settlement and development of Western Canada. The CP company became one of the largest and most powerful in Canada, a position it held as late as 1975.[1] Its primary passenger services were eliminated in 1986 after being assumed by VIA Rail Canada in 1978. A beaver was chosen as the railway’s logo because it is one of the national symbols of Canada and represents the hardworking character of the company. The object of both praise and condemnation for over 120 years, the CPR remains an indisputable icon of Canadian nationalism.

The Canadian Pacific Railway is a public company with over 15,000 employees and market capitalization of 7 billion USD in 2008.[2]

Canada’s very existence depended on the successful completion of the major civil engineering project, the creation of a transcontinental railway. Creation of the Canadian Pacific Railway was a task originally undertaken for a combination of reasons by the Conservative government of Prime Minister Sir John A. Macdonald. British Columbia had insisted upon a transport link to the east as a condition for joining the Confederation of Canada (initially requesting a wagon road). The government however, proposed to build a railway linking the Pacific province to the eastern provinces within ten years of July 20, 1871. Macdonald also saw it as essential to the creation of a unified Canadian nation that would stretch across the continent. Moreover, manufacturing interests in Quebec and Ontario desired access to sources of raw materials and markets in Canada’s west.

The first obstacle to its construction was economic. The logical route went through the American Midwest and the city of Chicago, Illinois. In addition to the obvious difficulty of building a railroad through the Canadian Rockies, an entirely Canadian route would require crossing 1,600 km (1,000 miles) of rugged terrain of the barren Canadian Shield and muskeg of Northern Ontario. To ensure this routing, the government offered huge incentives including vast grants of land in Western Canada.

In 1872, Sir John A. Macdonald and other high-ranking politicians, swayed by bribes in the so-called Pacific Scandal, granted federal contracts to Hugh Allan’s "Canada Pacific Railway Company" (which was unrelated to the current company) and to the Inter-Ocean Railway Company. Because of this scandal, the Conservative party was removed from office in 1873. The new Liberal prime minister, Alexander Mackenzie, began construction of segments of the railway as a public enterprise under the supervision of the Department of Public Works. The Thunder Bay branch linking Lake Superior to Winnipeg was commenced in 1875. Progress was discouragingly slow because of the lack of public money. With Sir John A. Macdonald’s return to power on October 16, 1878, a more aggressive construction policy was adopted. Macdonald confirmed that Port Moody would be the terminus of the transcontinental railway, and announced that the railway would follow the Fraser and Thompson rivers between Port Moody and Kamloops. In 1879, the federal government floated bonds in London and called for tenders to construct the 206 km (128 mile) section of the railway from Yale, British Columbia to Savona’s Ferry on Kamloops Lake. The contract was awarded to Andrew Onderdonk, whose men started work on May 15, 1880. After the completion of that section, Onderdonk received contracts to build between Yale and Port Moody, and between Savona’s Ferry and Eagle Pass.

On October 21, 1880, a new syndicate, unrelated to Hugh Allan’s, signed a contract with the Macdonald government. They agreed to build the railway in exchange for ,000,000 (approximately 5,000,000 in modern Canadian dollars) in credit from the Canadian government and a grant of 25,000,000 acres (100,000 km²) of land. The government transferred to the new company those sections of the railway it had constructed under government ownership. The government also defrayed surveying costs and exempted the railway from property taxes for 20 years. The Montreal-based syndicate officially comprised five men: George Stephen, James J. Hill, Duncan McIntyre, Richard B. Angus, and John Stewart Kennedy. Donald A. Smith and Norman Kittson were unofficial silent partners with a significant financial interest. On February 15, 1881, legislation confirming the contract received royal assent, and the Canadian Pacific Railway Company was formally incorporated the next day.

The CPR started its westward expansion from Bonfield, Ontario (previously called Callander Station) where the first spike was driven into a sunken railway tie. Bonfield, Ontario was inducted into Canadian Railway Hall of Fame in 2002 as the CPR First Spike location. That was the point where the Canada Central Railway extension ended. The CCR was owned by Duncan McIntyre who amalgamated it with the CPR and became one of the handful of officers of the newly formed CPR. The CCR started in Brockville and extended to Pembroke. It then followed a westward route along the Ottawa River passing through places like Cobden, Deux-Rivières, and eventually to Mattawa at the confluence of the Mattawa and Ottawa Rivers. It then proceeded cross-country towards its final destination Bonfield (previously called Callander Station).

Duncan McIntyre and his contractor James Worthington piloted the CCR expansion. Worthington continued on as the construction superintendent for the CPR past Bonfield. He remained with the CPR for about a year until he left the company. McIntyre was uncle to John Ferguson who staked out future North Bay after getting assurance from his uncle and Worthington that it would be the divisional and a location of some importance.

It was assumed that the railway would travel through the rich "Fertile Belt" of the North Saskatchewan River valley and cross the Rocky Mountains via the Yellowhead Pass, a route suggested by Sir Sandford Fleming based on a decade of work. However, the CPR quickly discarded this plan in favour of a more southerly route across the arid Palliser’s Triangle in Saskatchewan and through Kicking Horse Pass over the Field Hill. This route was more direct and closer to the American border, making it easier for the CPR to keep American railways from encroaching on the Canadian market. However, this route also had several disadvantages.

One consequence was that the CPR would need to find a route through the Selkirk Mountains, as at the time it was not known whether a route even existed. The job of finding a pass was assigned to a surveyor named Major Albert Bowman Rogers. The CPR promised him a cheque for ,000 and that the pass would be named in his honour. Rogers became obsessed with finding the pass that would immortalize his name. He found the pass on May 29, 1881, and true to its word, the CPR named the pass "Rogers Pass" and gave him the cheque. This however, he at first refused to cash, preferring to frame it, and saying he did not do it for the money. He later agreed to cash it with the promise of an engraved watch.

Another obstacle was that the proposed route crossed land controlled by the Blackfoot First Nation. This difficulty was overcome when a missionary priest, Albert Lacombe, persuaded the Blackfoot chief Crowfoot that construction of the railway was inevitable.

In return for his assent, Crowfoot was famously rewarded with a lifetime pass to ride the CPR. A more lasting consequence of the choice of route was that, unlike the one proposed by Fleming, the land surrounding the railway often proved too arid for successful agriculture. The CPR may have placed too much reliance on a report from naturalist John Macoun, who had crossed the prairies at a time of very high rainfall and had reported that the area was fertile.

The greatest disadvantage of the route was in Kicking Horse Pass. In the first 6 km (3.7 miles) west of the 1,625 metre (5,330 ft) high summit, the Kicking Horse River drops 350 metres (1,150 ft). The steep drop would force the cash-strapped CPR to build a 7 km (4.5 mile) long stretch of track with a very steep 4.5% gradient once it reached the pass in 1884. This was over four times the maximum gradient recommended for railways of this era, and even modern railways rarely exceed a 2% gradient. However, this route was far more direct than one through the Yellowhead Pass, and saved hours for both passengers and freight. This section of track was the CPR’s Big Hill. Safety switches were installed at several points, the speed limit for descending trains was set at 10 km per hour (6 mph), and special locomotives were ordered. Despite these measures, several serious runaways still occurred. CPR officials insisted that this was a temporary expediency, but this state of affairs would last for 25 years until the completion of the Spiral Tunnels in the early 20th century.

In 1881 construction progressed at a pace too slow for the railway’s officials, who in 1882 hired the renowned railway executive William Cornelius Van Horne, to oversee construction with the inducement of a generous salary and the intriguing challenge of handling such a difficult railway project. Van Horne stated that he would have 800 km (500 miles) of main line built in 1882. Floods delayed the start of the construction season, but over 672 km (417 miles) of main line, as well as various sidings and branch lines, were built that year. The Thunder Bay branch (west from Fort William) was completed in June 1882 by the Department of Railways and Canals and turned over to the company in May 1883, permitting all-Canadian lake and rail traffic from eastern Canada to Winnipeg for the first time in Canada’s history. By the end of 1883, the railway had reached the Rocky Mountains, just eight km (5 miles) east of Kicking Horse Pass. The construction seasons of 1884 and 1885 would be spent in the mountains of British Columbia and on the north shore of Lake Superior.

Many thousands of navvies worked on the railway. Many were European immigrants. In British Columbia, the CPR hired workers from China, nicknamed coolies. A navvy received between and .50 per day, but had to pay for his own food, clothing, transportation to the job site, mail, and medical care. After two and a half months of back-breaking labour, they could net as little as . Chinese navvies in British Columbia made only between .75 and .25 a day, not including expenses, leaving barely anything to send home. They did the most dangerous construction jobs, such as working with explosives. The families of the Chinese who were killed received no compensation, or even notification of loss of life. Many of the men who survived did not have enough money to return to their families in China. Many spent years in lonely, sad and often poor conditions. Yet the Chinese were hard working and played a key role in building the western stretch of the railway; even some boys as young as 12 years old served as tea-boys.

By 1883, railway construction was progressing rapidly, but the CPR was in danger of running out of funds. In response, on January 31, 1884, the government passed the Railway Relief Bill, providing a further ,500,000 in loans to the CPR. The bill received royal assent on March 6, 1884.

In March 1885, the North-West Rebellion broke out in the District of Saskatchewan. Van Horne, in Ottawa at the time, suggested to the government that the CPR could transport troops to Qu’Appelle, Assiniboia, in eleven days. Some sections of track were incomplete or had not been used before, but the trip to Winnipeg was made in nine days and the rebellion was quickly put down. Perhaps because the government was grateful for this service, they subsequently re-organized the CPR’s debt and provided a further ,000,000 loan. This money was desperately needed by the CPR. On November 7, 1885 the Last Spike was driven at Craigellachie, British Columbia, making good on the original promise. Four days earlier, the last spike of the Lake Superior section was driven in just west of Jackfish, Ontario. While the railway was completed four years after the original 1881 deadline, it was completed more than five years ahead of the new date of 1891 that Macdonald gave in 1881.

The successful construction of such a massive project, although troubled by delays and scandal, was considered an impressive feat of engineering and political will for a country with such a small population, limited capital, and difficult terrain. It was by far the longest railway ever constructed at the time. It had taken 12,000 men, 5,000 horses, and 300 dog-sled teams to build the railway.

Meanwhile, in Eastern Canada, the CPR had created a network of lines reaching from Quebec City to St. Thomas, Ontario by 1885, and had launched a fleet of Great Lakes ships to link its terminals. The CPR had effected purchases and long-term leases of several railways through an associated railway company, the Ontario and Quebec Railway (O&Q). The O&Q built a line between Perth, Ontario, and Toronto (completed on May 5, 1884) to connect these acquisitions. The CPR obtained a 999-year lease on the O&Q on January 4, 1884. Later, in 1895, it acquired a minority interest in the Toronto, Hamilton and Buffalo Railway, giving it a link to New York and the northeast US.

So many cost-cutting shortcuts were taken in constructing the railway that regular transcontinental service could not start for another seven months while work was done to improve the railway’s condition. However, had these shortcuts not been taken, it is conceivable that the CPR might have had to default financially, leaving the railway unfinished. The first transcontinental passenger train departed from Montreal’s Dalhousie Station, located at Berri Street and Notre Dame Street on June 28, 1886 at 8:00 p.m. and arrived at Port Moody on July 4, 1886 at noon. This train consisted of two baggage cars, a mail car, one second-class coach, two immigrant sleepers, two first-class coaches, two sleeping cars, and a diner.

By that time, however, the CPR had decided to move its western terminus from Port Moody to Gastown, which was renamed "Vancouver" later that year. The first official train destined for Vancouver arrived on May 23, 1887, although the line had already been in use for three months. The CPR quickly became profitable, and all loans from the Federal government were repaid years ahead of time.

In 1888, a branch line was opened between Sudbury and Sault Ste. Marie where the CPR connected with the American railway system and its own steamships. That same year, work was started on a line from London, Ontario to the American border at Windsor, Ontario. That line opened on June 12, 1890.

The CPR also leased the New Brunswick Railway for 999 years and built the International Railway of Maine, connecting Montreal with Saint John, New Brunswick in 1889. The connection with Saint John on the Atlantic coast made the CPR the first truly transcontinental railway company and permitted trans-Atlantic cargo and passenger services to continue year-round when sea ice in the Gulf of St. Lawrence closed the port of Montreal during the winter months.

By 1896, competition with the Great Northern Railway for traffic in southern British Columbia forced the CPR to construct a second line across the province, south of the original line. Van Horne, now president of the CPR, asked for government aid, and the government agreed to provide around .6 million to construct a railway from Lethbridge, Alberta through Crowsnest Pass to the south shore of Kootenay Lake, in exchange for the CPR agreeing to reduce freight rates in perpetuity for key commodities shipped in Western Canada. The controversial Crowsnest Pass Agreement effectively locked the eastbound rate on grain products and westbound rates on certain "settlers’ effects" at the 1897 level. Although temporarily suspended during World War I, it was not until 1983 that the "Crow Rate" was permanently replaced by the Western Grain Transportation Act which allowed for the gradual increase of grain shipping prices. The Crowsnest Pass line opened on June 18, 1899.

Practically speaking, the CPR had built a railway that operated mostly in the wilderness. The usefulness of the Prairies was questionable in the minds of many. The thinking prevailed that the Prairies had great potential. Under the initial contract with the Canadian Government to build the railway, the CPR was granted 25,000,000 acres (100,000 km²). Proving already to be a very resourceful organization, Canadian Pacific began an intense campaign to bring immigrants to Canada.

Canadian Pacific agents operated in many overseas locations. Immigrants were often sold a package that included passage on a CP ship, travel on a CP train, and land sold by the CP railway. Land was priced at .50 an acre and up. Immigrants paid very little for a seven-day journey to the West. They rode in Colonist cars that had sleeping facilities and a small kitchen at one end of the car. Children were not allowed off the train, lest they wander off and be left behind. The directors of the CPR knew that not only were they creating a nation, but also a long-term source of revenue for their company.

During the first decade of the twentieth century, the CPR continued to build more lines. In 1908 the CPR opened a line connecting Toronto with Sudbury. Previously, westbound traffic originating in southern Ontario took a circuitous route through eastern Ontario.
Several operational improvements were also made to the railway in western Canada. In 1909 the CPR completed two significant engineering accomplishments. The most significant was the replacement of the Big Hill, which had become a major bottleneck in the CPR’s main line, with the Spiral Tunnels, reducing the grade to 2.2% from 4.5%. The Spiral Tunnels opened in August. On November 3, 1909, the Lethbridge Viaduct over the Oldman River valley at Lethbridge, Alberta was opened. It is 1,624 metres (5,327 ft) long and, at its maximum, 96 metres (314 ft) high, making it the longest railway bridge in Canada. In 1916 the CPR replaced its line through Rogers Pass, which was prone to avalanches, with the Connaught Tunnel, an eight km (5 mile) long tunnel under Mount Macdonald that was, at the time of its opening, the longest railway tunnel in the Western Hemisphere.

The CPR acquired several smaller railways via long-term leases in 1912. On January 3, 1912, the CPR acquired the Dominion Atlantic Railway, a railway that ran in western Nova Scotia. This acquisition gave the CPR a connection to Halifax, a significant port on the Atlantic Ocean. The Dominion Atlantic was isolated from the rest of the CPR network and used the CNR to facilitate interchange; the DAR also operated ferry services across the Bay of Fundy for passengers and cargo (but not rail cars) from the port of Digby, Nova Scotia to the CPR at Saint John, New Brunswick. DAR steamships also provided connections for passengers and cargo between Yarmouth, Boston and New York.

On July 1, 1912, the CPR acquired the Esquimalt and Nanaimo Railway, a railway on Vancouver Island that connected to the CPR using a railcar ferry. The CPR also acquired the Quebec Central Railway on December 14, 1912.

During the late 19th century, the railway undertook an ambitious program of hotel construction, building the Château Frontenac in Quebec City, the Royal York Hotel in Toronto, the Banff Springs Hotel, and several other major Canadian landmarks. By then, the CPR had competition from three other transcontinental lines, all of them money-losers. In 1919, these lines were consolidated, along with the track of the old Intercolonial Railway and its spurs, into the government-owned Canadian National Railways.

When World War I broke out in 1914, the CPR devoted resources to the war effort, and managed to stay profitable while its competitors struggled to remain solvent. After the war, the Federal government created Canadian National Railways (CNR, later CN) out of several bankrupt railways that fell into government hands during and after the war. CNR would become the main competitor to the CPR in Canada.

The Great Depression, which lasted from 1929 until 1939, hit many companies heavily. While the CPR was affected, it was not affected to the extent of its rival CNR because it, unlike the CNR, was debt-free. The CPR scaled back on some of its passenger and freight services, and stopped issuing dividends to its shareholders after 1932.

One highlight of the 1930s, both for the railway and for Canada, was the visit of King George VI and Queen Elizabeth to Canada in 1939, the first time that the reigning monarch had visited the country. The CPR and the CNR shared the honours of pulling the royal train across the country, with the CPR undertaking the westbound journey from Quebec City to Vancouver.

Later that year, World War II began. As it had done in World War I, the CPR devoted much of its resources to the war effort. It retooled its Angus Shops in Montreal to produce Valentine tanks, and transported troops and resources across the country. As well, 22 of the CPR’s ships went to warfare, 12 of which were sunk.

After World War II, the transportation industry in Canada changed. Where railways had previously provided almost universal freight and passenger services, cars, trucks, and airplanes started to take traffic away from railways. This naturally helped the CPR’s air and trucking operations, and the railway’s freight operations continued to thrive hauling resource traffic and bulk commodities. However, passenger trains quickly became unprofitable.

During the 1950s, the railway introduced new innovations in passenger service, and in 1955 introduced The Canadian, a new luxury transcontinental train. However, starting in the 1960s the company started to pull out of passenger services, ending services on many of its branch lines. It also discontinued its transcontinental train The Dominion in 1966, and in 1970 unsuccessfully applied to discontinue The Canadian. For the next eight years, it continued to apply to discontinue the service, and service on The Canadian declined markedly. On October 29, 1978, CP Rail transferred its passenger services to VIA Rail, a new federal Crown corporation that is responsible for managing all intercity passenger service formerly handled by both CP Rail and CN. VIA eventually took almost all of its passenger trains, including The Canadian, off CP’s lines.

In 1968, as part of a corporate re-organization, each of the CPR’s major operations, including its rail operations, were organized as separate subsidiaries. The name of the railway was changed to CP Rail, and the parent company changed its name to Canadian Pacific Limited in 1971. Its express, telecommunications, hotel and real estate holdings were spun off, and ownership of all of the companies transferred to Canadian Pacific Investments. The company discarded its beaver logo, adopting the new Multimark logo that could be used for each of its operations.

In 1984 CP Rail commenced construction of the Mount Macdonald Tunnel to augment the Connaught Tunnel under the Selkirk Mountains. The first revenue train passed through the tunnel in 1988. At 14.7 km (9 miles), it is the longest tunnel in the Americas.

During the 1980s, the Soo Line, in which CP Rail still owned a controlling interest, underwent several changes. It acquired the Minneapolis, Northfield and Southern Railway in 1982. Then on February 21, 1985, the Soo Line obtained a controlling interest in the Milwaukee Road, merging it into its system on January 1, 1986. Also in 1980 Canadian Pacific bought out the controlling interests of the Toronto, Hamilton and Buffalo Railway (TH&B) from Conrail and molded it into the Canadian Pacific System, dissolving the TH&B’s name from the books in 1985. In 1987 most of CPR’s trackage in the Great Lakes region, including much of the original Soo Line, were spun off into a new railway, the Wisconsin Central, which was subsequently purchased by CN.

Influenced by the Canada-U.S. Free Trade Agreement of 1989 which liberalized trade between the two nations, the CPR’s expansion continued during the early 1990s: CP Rail gained full control of the Soo Line in 1990, and bought the Delaware and Hudson Railway in 1991. These two acquisitions gave CP Rail routes to the major American cities of Chicago (via the Soo Line) and New York City (via the D&H).

During the next few years CP Rail downsized its route, and several Canadian branch lines were either sold to short lines or abandoned. This included all of its lines east of Montreal, with the routes operating across Maine and New Brunswick to the port of Saint John (operating as the Canadian Atlantic Railway) being sold or abandoned, severing CPR’s transcontinental status (in Canada); the opening of the St. Lawrence Seaway in the late 1950s, coupled with subsidized icebreaking services, made Saint John surplus to CPR’s requirements. During the 1990s, both CP Rail and CN attempted unsuccessfully to buy out the eastern assets of the other, so as to permit further rationalization. As well, it closed divisional and regional offices, drastically reduced white collar staff, and consolidated its Canadian traffic control system in Calgary, Alberta.

Finally, in 1996, reflecting the increased importance of western traffic to the railway, CP Rail moved its head office to Calgary from Montreal and changed its name back to Canadian Pacific Railway. A new subsidiary company, the St. Lawrence and Hudson Railway, was created to operate its money-losing lines in eastern North America, covering Quebec, Southern and Eastern Ontario, trackage rights to Chicago, Illinois, as well as the Delaware and Hudson Railway in the U.S. Northeast. However, the new subsidiary, threatened with being sold off and free to innovate, quickly spun off losing track to short lines, instituted scheduled freight service, and produced an unexpected turn-around in profitability. After only four years, CPR revised its opinion and the StL&H formally re-amalgamated with its parent on January 1, 2001.

In 2001, the CPR’s parent company, Canadian Pacific Limited, spun off its five subsidiaries, including the CPR, into independent companies. Canadian Pacific Railway formally (but, not legally) shortened its name to Canadian Pacific in early 2007, dropping the word "railway" in order to reflect more operational flexibility. Shortly after the name revision, Canadian Pacific announced that it had committed to becoming a major sponsor and logistics provider to the 2010 Olympic Winter Games in Vancouver, British Columbia.

On September 4, 2007, CPR announced it was acquiring the Dakota, Minnesota and Eastern Railroad from its present owners, London-based Electra Private Equity.[3] The transaction is an "end-to-end" consolidation,[4][5] and will give CPR access to U.S. shippers of agricultural products, ethanol, and coal. CPR has stated its intention to use this purchase to gain access to the rich coal fields of Wyoming’s Powder River Basin. The purchase price is US.48 billion, and future payments of over US.0 billion contingent on commencement of construction on the smaller railroad’s Powder River extension and specified volumes of coal shipments from the Powder River basin.[4] The transaction was subject to approval of the U.S. Surface Transportation Board (STB), which was expected to take a year.[4] On October 4, 2007, CPR announced it has completed the financial transactions required for the acquisition, placing the DM&E and IC&E in a voting trust with Richard Hamlin appointed as the trustee. CPR planned to integrate the railroads’ operations once the STB approves the acquisition.[6] The merger was completed as of October 31, 2008.[7]

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~ Bailout ~ Bubbles ~ Burst ~
home equity loans
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BLOGGED: 08 Oct. 2008:

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By: Industry/Corporation
By: Year
What Happened?
Cost in 2008 U.S. Dollars.

● Penn Central Railroad
1970 .2 billion
In May 1970, Penn Central Railroad, then on the verge of bankruptcy, appealed to the Federal Reserve for aid on the grounds that it provided crucial national defense transportation services. The Nixon administration and the Federal Reserve supported providing financial assistance to Penn Central, but Congress refused to adopt the measure. Penn Central declared bankruptcy on June 21, 1970, which freed the corporation from its commercial paper obligations. To counteract the devastating ripple effects to the money market, the Federal Reserve Board told commercial banks it would provide the reserves needed to allow them to meet the credit needs of their customers.

● Lockheed 1971 .4 billion
In August 1971, Congress passed the Emergency Loan Guarantee Act, which could provide funds to any major business enterprise in crisis. Lockheed was the first recipient. Its failure would have meant significant job loss in California, a loss to the GNP and an impact on national defense.

● Franklin National Bank
1974 .7 billion
In the first five months of 1974 the bank lost .6 million. The Federal Reserve stepped in with a loan of .75 billion.

● New York City 1975 .4 billion
During the 1970s, New York City became over-extended and entered a period of financial crisis. In 1975 President Ford signed the New York City Seasonal Financing Act, which released .3 billion in loans to the city.

● Chrysler 1980 .9 billion
In 1979 Chrysler suffered a loss of .1 billion. That year the corporation requested aid from the government. In 1980 the Chrysler Loan Guarantee Act was passed, which provided .5 billion in loans to rescue Chrysler from insolvency. In addition, the government’s aid was to be matched by U.S. and foreign banks.

● Continental Illinois National Bank & Trust Co.
1984 .5 billion
Then the nation’s eighth largest bank, Continental Illinois had
suffered significant losses after purchasing billion in energy loans from the failed Penn Square Bank of Oklahoma. The FDIC and Federal Reserve devised a plan to rescue the bank that included replacing the bank’s top executives.

● Savings & Loan
1989 3.8 billion
After the widespread failure of savings and loan institutions, President George H. W. Bush signed and Congress enacted the Financial Institutions Reform Recovery and Enforcement Act in 1989.

● Airline Industry 2001 .6 billion
The terrorist attacks of September 11 crippled an already financially troubled industry. To bail out the airlines, President Bush signed into law the Air Transportation Safety and Stabilization Act, which compensated airlines for the mandatory grounding of aircraft after the attacks. The act released billion in compensation and an additional billion in loan guarantees or other federal credit instruments.
(What happened after the bailout?)

● Bear Stearns 2008 billion
JP Morgan Chase and the federal government bailed out Bear Stearns when the financial giant neared collapse. JP Morgan purchased Bear Stearns for 6 million; the Federal Reserve provided a billion credit line to ensure the sale could move forward.

● Fannie Mae / Freddie Mac
2008 0 billion
The near collapse of two of the nation’s largest housing finance entities was yet another symptom of the sub-prime mortgage and housing market crisis. In an effort to prevent further turmoil within the financial market, the U.S. government seized control of Fannie Mae and Freddie Mac and guaranteed up to 0 billion for each company to ensure they would not fall into bankruptcy.

● A.I.G. 2008 billion
When AIG was unable to secure a private-sector loan, the federal government intervened by seizing control of the insurance giant.

● Auto Industry 2008 billion
In late September 2008, Congress approved a more than 0 billion spending bill, which included a measure for billion in loans to the auto industry. These low-interest loans are intended to aid the industry in its push to build more fuel-efficient, environmentally-friendly vehicles. The Detroit 3-General Motors, Ford and Chrysler-are the primary beneficiaries.

● Troubled Asset Relief Program 2008 0+ billion
The Bush administration has proposed a rescue plan to ease the current crisis on Wall Street. If approved by Congress, the Treasury Department will be authorized to purchase up to 0 billion of distressed mortgage-backed securities and other assets and then resell the mortgages to investors.


Why should responsible Americans be forced to pay for the mistakes of others?

A bailout is morally irresponsible because it encourages reckless and irrational behavior. Here’s a short list of the many "moral hazards" a bailout enables:

A bailout sends the wrong message about personal responsibility. It tells Americans in no uncertain terms that their financial decisions have no consequences; the government will pick up the tab.

A bailout tells responsible Americans that they are suckers. If responsible American had been smart, they would have overextended themselves, purchased homes they could not afford, and taken out home equity loans based on the paper value of their property. Then, when the bill came due, they could just pass it to the government.

A bailout allows banks, mortgage brokers, speculators, and re-financers to benefit from their abuse of the system. By doing so, it encourages these people to act irresponsibly, in future.

A bailout will force Americans who acted responsibly to pay for those who did not. The average American – who saved and scrimped for years to buy a house, but could not because speculators and over-extenders boosted home prices beyond affordability – will now be forced to pay for the homes of those who were less scrupulous.

A bailout will have a disproportionately negative affect on minorities and youth. Minorities and Americans under 35 are disproportionately underrepresented among homeowners. While non-Hispanic whites enjoy a 75% homeownership rate, less than 50% of blacks and Hispanics own homes. Similarly, only 42% of Americans under 35 own homes, compared to 80% for Americans 55 and older. A government bailout will perpetuate this race and generation gap by propping-up inflated house prices, thereby permanently pricing minorities and a generation of youth out of the market. And, in a Kafkaesque irony, these folks will actually have to pay to prevent themselves from buying homes (i.e., taxes).

A bailout is also fiscally irresponsible:

A bailout props up over-inflated housing prices, thereby putting homeownership out of reach for young families and responsible Americans who recognized that there was a bubble. The housing market needs the correction that the bailout seeks to prevent because the average American cannot afford to purchase a home. "You cannot be both in favor of affordable housing and in favor of propping up home prices!"

A bailout creates perverse incentives. Rather than punishing their behavior, it encourages fiscal irresponsibility among bankers, mortgage brokers, speculators, and refinancers. These folks made money hand over fist in the past nine years (remember, home borrowers who tapped their home equity received cash money to pay for Escalades, vacations, and stainless steel appliances; now they want you to pay for it!). Why change your behavior when you benefit from it?

A bailout shifts the risks of falling market prices from financially secure banks to the American taxpayer. As a result, either taxes or the federal deficit will skyrocket! This is a government handout we simply cannot afford & moreover, It Is Wrong!

A bailout is contrary to the free market principles upon which our economy is based. It jams a huge wrench into the market correction, with negative effects that will be both severe and long-term.

Residence Equity Loans Canada- Your Questions Addressed

Residence Equity Loans Canada- Your Questions Addressed

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In a November, 2007 report, the Canadian Organization of Accredited Mortgage Professionals (CAAMP) stated that in the previous One Year, 17% of home mortgage holders took out home equity car loans or raised their home loan. The ordinary equity lending was $ 35,400.

Exactly what are individuals doing with all this loan? Paying down debts, sending the children to institution, investing in their residences – there are several possible response to that question. If you have actually ever before thought about taking advantage of your house’s equity, the adhering to Frequently asked questions can aid you decide whether residence equity loans are the ideal method for you.

What Are Home Equity Car loans?

Residence equity is the difference between the marketplace worth of your residence as well as exactly what you still owe on the home mortgage. So if your residence is valued at $ 300,000 and you still have $ 260,000 impressive on your mortgage, your equity would be $ 40,000.

House equity financings enable you to borrow against that equity. These financings are also called bank loans because they are a 2nd funding (the primary mortgage being the first) that utilizes your residence as security.

Just how much Can You Obtain?

With most home equity fundings you can obtain anywhere approximately 85% of the amount of your house equity. For the instance over, with $ 40,000 in equity, the home owner could obtain $ 34,000.

Some lending institutions have more generous alternatives, even providing to offer 100% of the amount of equity in your residence.

Exactly how is a Home Equity Line of Debt Different?

A residence equity credit line (HELOC) is much the exact same as a typical credit line, yet it utilizes your home’s equity for safety and security. With a HELOC you could commonly borrow as much as 90% of your house’s equity. With $ 40,000 in equity, you could get a HELOC for $ 36,000.

With a HELOC, you do not always have to make use of all of the credit simultaneously. You can use it as needed and repay what you obtain, much like a typical credit line.

On the various other hand, residence equity car loans are single, round figure funding. If you require more loan, you’ll need another loan.

The general guideline is that a HELOC is best for those who need access to varying quantities of cash for continuous expenses, whereas a house equity loan is better suited to those needing a certain quantity for one huge cost, like a home restoration.

What Concerning Rate of interest?

Residence equity finances usually have dealt with rate of interest rates, while HELOC prices vary. The rate of interest for both are typically secured to an establishment’s prime price, as well as are frequently dramatically less than those charged for car finances, charge card and also personal financings.

Just what is Mortgage Refinancing?

With refinancing, you pay off your existing home mortgage and get a second home loan for a lower rates of interest. With a “cash-out” mortgage or re-finance you could obtain greater than exactly what you owe on your home mortgage. You can after that take the money and also utilize it for costs like tuition, house enhancements and more. Refinancing might consist of expenses for home mortgage fees and also prepayment penalties.

Just what are the Advantages and disadvantages?

On the bonus side, home equity fundings supply low-priced credit rating for crucial expenditures. In extreme instances, the threats are that the home market reduces as well as you finish up owing more than the worth of your residence, or that you spend beyond your means and also fail, which suggests the loss of your residence.

For many individuals the pros exceed the cons. To ensure if a HELOC or financing is appropriate for you, it is best to seek advice from with a home loan specialist.

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A residence equity finance is simply where you’re taking a bank loan against your home. So, I understand that might appear a little complicated, but let me offer you an example.

Let’s say my house is worth 0,000, and I have a home mortgage on it, and also I owe 0,000 on that home mortgage. So, that indicates there’s 0,000 of equity there because residential or commercial property. As well as among the difficulties, at some point, is you pay your home loan down, you could wish to utilize that equity or several of that value, for various other economic objectives you’re seeking to achieve. So, how do you do that?

The method you do that, is by taking out a house equity finance against the residential property. And also most residence equity financings could be a 10 or Twenty Years loan, and also you’re borrowing the loan. As well as usually you’re going to pay a little higher rate of interest rate compared to you would on your routine home loan, because, practically, if you don’t make your settlements, the bank that holds the initial mortgage has the initial right to your security. And the loan provider for the bank loan, or the home equity lending, would certainly be following in line. So due to the fact that of that, there’s a bit more risk, and also you’ll usually be examined a little much more passion, as a result of that danger.

Currently, there are 2 primary sorts of house equity lendings. There’s a collection financing, a residence equity loan where I obtain a certain amount. Let’s claim, I borrow,000. I pay interest on it, and also on a monthly basis I make my regular monthly payment. So, I recognize precisely when I’ll be done, and also I recognize specifically just what my monthly settlement will be. That’s recognized in the market as a house equity car loan.

One more sort of house equity, is just what’s called a house equity credit line. This is where you have accessibility to loan, but you’re just gon na pay rate of interest, if you in fact utilize it. So, it functions really just like a charge card where, if I’m not using the cash, I’m typically not paying rate of interest. However as soon as I use it, then there’s a balance, and also a month-to-month payment connected with it.

So, actually essential, a whole lot of times people take charge card financial debt, or various other kinds of financial obligation, and also they intend to consolidate it into a house equity car loan. As well as the reason they wish to do that is, number one, to simplify their economic life. Number two, house equity lendings usually have a reduced rates of interest, than charge card, for instance. And number three, in some cases the rate of interest on a house equity funding is tax deductible. So, those are all good advantages.

But if you do this, know that when you do that, you’re residence is now in jeopardy. To puts it simply, if I can’t make my charge card repayments, the lending institution cannot come take my home. Yet if I can’t make my home equity lending repayments, my residence currently goes to risk. So, that’s a big difference.

Number two, many house equity financings take a whole lot of time. They’re 10, Twenty Years lendings. And, like we were talking about, if you extend financial obligation, commonly times you could pay even more over the long term, although your monthly payment might go down.

As well as lastly, when combining financial obligation onto a residence equity financing, know that you’re stagnating financial debt around versus paying it off. Because I see a great deal of people, they removal bank card debt to their residence equity financing, and also then in a couple of years, exactly what happens? The credit score card financial obligation starts coming back, and also they owe cash on the residence equity. So, they have even more financial obligation. They’re addressing some of the signs, and not the reason.

So, house equity financings could be a great method to give you accessibility to loan and also equity that’s bound in your residential property. But just see to it you do not come under any one of those trouble locations, because I see that happen a whole lot. And individuals take too lightly the threat that they incur.
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