Canadian Banks Directed to Prepare for Mortgage Default Risks and ‘Credit Losses’

Published on March 16, 2024

The chief bank inspector has directed financial institutions to start assessing mortgages that could be at risk for default. Superintendent of Financial Institutions Peter Routledge made the comments in a regulatory notice on March 11, saying bankers should focus on risky products, like variable rate mortgages with fixed payments, as first reported by Blacklock’s Reporter. The notice says that mortgage holders are already facing higher payments, and others will soon face “payment shock” when they renew this year. An estimated 2.2 million mortgages are expected to come up for renewal in 2024 and 2025, which is about 45 percent of all outstanding mortgages in the country, said the Canadian Mortgage and Housing Corporation (CMHC)....

Continue reading on website
Other news

Alameda County Voters Approve Measure Prohibiting Recall of Appointed Officials

March 16, 2024
With recall efforts underway in Alameda County targeting elected officials, voters have approved a measure to protect appointed officials from recall.According to unofficial results, nearly 65 percent of almost 210,000 Alameda County voters in the March 5 primary voted in favor of Measure B—a proposal that says those appointed cannot be recalled, but also changes guidelines for recall efforts for

Trump Vows to Axe Every Open Border Policy of Biden Administration on Day One

March 17, 2024
Former President Donald Trump said at a Saturday rally that, if elected in November, he would move quickly to fix a host of problems plaguing the country, including using executive power to free Jan. 6 “hostages” and ending every single “open border policy of the Biden administration” on day one after taking office.The former president opened his March 16 rally in Dayton, Ohio, with a standing sal