Tuesday, March 31, 2020

Canada's big banks field 213,000 requests for mortgage deferrals

Here is the article.

Canada’s biggest banks have fielded hundreds of thousands of requests from homeowners seeking to hold off making mortgage payments under a new coronavirus-related relief plan.
More than 213,000 requests to defer or skip payments have been completed or are being processed since the country’s six largest banks announced the plan last week, according to Mathieu Labreche, a spokesman for the Canadian Bankers Association In less than 10 days, the banks have deferred payments or are processing deferrals on about 4.5 per cent of the total number mortgages in their portfolios, he added.
“The large number of customers that have been helped continues to grow as the result of concerted efforts by front-line workers, contact-center agents and operations teams working diligently,” Labreche said in an interview Thursday.

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