Superintendent of Financial Institutions Peter Routledge says the recent decision to relax a mortgage stress test rule was driven by concerns about public perception of the agency being overly involved in bank lending decisions.
Ian Bickis, The Canadian PressRob McLister, mortgage strategist of MortgageLogic.news joins BNN Bloomberg to discuss the effects of rate cuts on real estate, housing market.
Superintendent of Financial Institutions Peter Routledge says the removal of the need to stress test uninsured mortgages when borrowers are making a straight switch between lenders came after the regulator heard concerns from both consumers and brokers about it being so directly involved in bank lending decisions.
The removal of the stress test requirement, set to take effect Nov. 21, comes as the regulator is also looking at a broader switch away from the wider B-20 stress test on individual borrowers, to a system that would regulate mortgage risk at a bank portfolio level.
Mortgagerules Bankingregulation OSFI Stresstest Publicperception
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadians want a ‘more personal relationship’ with financial institutions amid financial stress: SurveyA recent survey found that Canadians are seriously stressed about their finances, financial institutions, and financial futures.
Read more »
Financial stability, community, investing: Best of Financial FreestyleIn this episode of 'Financial Freestyle with Ross Mac,' Ross Mac takes a look back at some noteworthy moments from the show. First, TIAA Chief Administrative...
Read more »
Canada needs an action plan to combat financial scams ahead of open banking, real-time paymentsOpen banking, a new real-time payments network will provide criminals with new vectors for exploitation
Read more »
Canada Post plans to raise stamp prices again to address financial ‘issues’Pending approval, the 25-per-cent increase would take effect in January 2025, 'after the busy holiday mailing season,' Canada Post said Friday.
Read more »
‘We lost everything’: Gaza refugees facing financial uncertainty in CanadaNearly one year after the Oct. 7 Hamas attacks on Israel triggered the war in Gaza, Canada's promise of being a safe haven for thousands of Gazan refugees remains largely unfilled. As Heather Yourex-West explains, the few hundred Palestinians who are now safe in Canada still face significant financial struggles.
Read more »
Air Canada, pilots reach tentative deal, averting strikeAir Canada and Air Canada Rouge will continue to operate as normal, airline says.
Read more »