RE:RE:HCG’s BOOK VALUE Quite the Contrary, They are asking the HCG's of the world to kend in these troubled times.
Yes they still have to follow sustainable risk, but lend nonetheless.
https://www.bnnbloomberg.ca/canada-beefs-up-liquidity-plan-with-expanded-mortgage-guarantee-1.1409625
Hcg like others is taking mortgage deferrals on a case by case basis
Email I got from a local broker Given the economic uncertainty for jobs and mortgage deferral support from major banks, our company is operating in full capacity to assist in refinancing your mortgage and approving home equity loans.
If you have equity in your home, you may be approved automatically for a home equity loan or refinance. In response to the pandemic, some our lenders have recently announced that they are offering "No-Payment" options for these home equity loans to help people facing a cash flow crunch. These have traditionally been referred to as reverse mortgages in the past, however our lenders have removed the minimum age requirement of 55+, and are approving anyone who owns home and has equity.
I've received many messages in the last week about deferring mortgage payments and I'm here to answer them for you. If you think that you qualify for a deferral, please let me know and I'll put you in contact with the right representative at your existing lender or explain the process in great detail for you. We've brought on more staff to handle the increased volume of calls and emails and hope that you reach out to us of you are feeling uncomfortable. We are here to help you.
The truth is, if you are not on the brink of missing your next mortgage payment, most lenders will not be able to approve you for the deferral. These lenders are only approving deferrals for clients who can show evidence of true financial hardship by way of bank statements, lay-off letters, etc. If you have any funds saved, you will not likely be approved. It's also important to understand that deferral of payments means that the interest on the mortgage gets added on the balance of your existing mortgage. The Canadian media has made it seem much easier than it actually is to be approved for this new program.
You may be better served exploring your options with regards to the new child tax benefit and employment insurance changes being made available to Canadians in the coming weeks.
There are other ways you can temporarily reduce monthly obligations by discussing deferral options with your utility and insurance companies. Bottom line, if you are making monthly payments for any service, it's worth it to reach out to them to see what payment options they are offering to Canadians during this time. If you are unsure on what the best course of action is for you and your family, please let us know and we can provide guidance during this difficult time.
The whole worls is fighting this corona thing RAFFy, and HCG is in a good positin to join in and help. I am sure OSFi and the Feds will look favorabl on HCG as it delays the buybacks to help the folks in need. I for one will be doing my part.
I would recommend that you think about what positive things you can do for society in these troubled times. HCG bashing doesn't really fall in that category.
Have a nice day ;)
RAFpilot wrote: Fair enough, but this time Canada will not bailout all these banks that gave mortgages to people that couldn’t afford a financial shock.