Parliamentarians need to take off the blinders and think laterally by ensuring OSFI, FinTRAC and the RCMP are able to collaborate effectively to counter threats to the Canadian public
Canada s Mortgage Stress Test Is Imperfect ; Review Ongoing -Regulator Head usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
The head of Canada's banking regulator said on Thursday its mortgage stress test was "imperfect" and "incomplete" as homeowners on a variable rate mortgages struggle to repay their loans after the central bank's series of interest rate hikes. Office of the Superintendent of Financial Institutions' (OFSI) Superintendent Peter Routledge, speaking at the Scotiabank Financials Summit, addressed the rising financial pressure Canadians are facing such as payment shock at the time of renewal as their fixed payment largely covers only the interest portion of their mortgage. He estimates that variable-rate, fixed-payment mortgages stood at C$369 billion ($269.70 billion) in a mortgage market of C$2.1 trillion.
By Robb M. Stewart OTTAWA Canada's banking regulator will require the country's largest banks to set aside more capital to shield against the risks to the.