ABOUT: This article discusses the Financial Consumer Agency of Canada's guidelines for supporting consumers with mortgage loans during exceptional circumstances.
LINK: Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances
Summary
The Financial Consumer Agency of Canada (FCAC) has issued a comprehensive guideline for federally regulated financial institutions (FRFIs) on managing existing consumer mortgage loans during exceptional circumstances. This guideline aims to protect consumers facing severe financial stress due to extraordinary situations, such as high household indebtedness, rising interest rates, and increased living costs. It outlines the expectations for FRFIs in offering tailored support to consumers at risk of mortgage default, emphasizing fairness, appropriateness, and accessibility of mortgage relief measures.
Key Points and Ideas
The guideline targets consumers at risk, specifically those with existing residential mortgage loans on their principal ...
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