Feds publish guideline on how banks should deal with mortgagors ‘during challenging times’

By Anosha Khan (July 5, 2023, 3:20 PM EDT) -- On July 5, the Financial Consumer Agency of Canada (FCAC) announced its publication of a Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances, which sets out how it expects federally regulated financial institutions (FRFI) “to provide tailored support to consumers with mortgages on their principal residence who are experiencing severe financial difficulty.”...