top of page
< Back
Category:

​

Save this article  > 

Canada’s financial consumer watchdog unveils guidelines to support at-risk mortgage borrowers

Author: 
Steve Huebl
Publication date:
July 5, 2023
Article Summary: 

The Financial Consumer Agency of Canada (FCAC) has issued new guidelines urging financial institutions to support mortgage holders facing severe financial stress and at risk of default. The guidelines encourage fair and consistent approaches in providing appropriate relief measures for at-risk clients. FCAC offers examples of support measures, including waiving prepayment penalties, internal fees, and interest on interest, as well as extending amortizations. The agency also expects financial institutions to offer advantageous rates during mortgage renewals for struggling borrowers. FCAC's guidelines come as research shows a growing number of Canadian mortgage holders are facing challenges in meeting their financial commitments.

Keywords: 

Canada, FCAC, Financial Consumer Agency of Canada, Mortgage Borrowers, Guidelines, Support Measures, Severe Financial Stress, Default, Relief Measures, Financial Institutions, Fixed-Payment Variable-Rate Mortgages, Fixed-Rate Mortgages, Renewals, At-Risk Clients, Financial Commitments, Borrowing, Daily Needs, Financial Challenges.

Source Citation: 
Steve Huebl
Canada’s financial consumer watchdog unveils guidelines to support at-risk mortgage borrowers
July 5, 2023
https://www.canadianmortgagetrends.com/2023/07/canadas-financial-consumer-watchdog-unveils-guidelines-to-support-at-risk-mortgage-borrowers/
Did you find this article useful? 
Your feedback is important not only to us, but to all the other key players in the condo industry.  Help us by letting us know if this article is relevant and useful.  This will help us prioritize articles that provide helpful guidance to other key players like you. 

Please login to use this feature.

bottom of page