09:18:18 EDT Fri 29 Mar 2024
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or Name
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Toronto-Dominion Bank
Symbol TD
Shares Issued 1,830,059,644
Close 2023-03-29 C$ 80.34
Market Cap C$ 147,026,991,799
Recent Sedar Documents

Globe says Big Six see FCAC endorse longer mtge terms

2023-03-30 09:32 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada

The Globe and Mail reports in its Thursday edition that Financial Consumer Agency of Canada (FCAC) has released a set of proposed guidelines for how lenders give cash-strapped mortgage borrowers help, including lengthening the time it takes for homeowners to pay down their loan, allowing mortgages to expand beyond their original size and not charging penalties for any relief. The Globe's Erica Alini and Rachelle Younglai write that the FCAC proposals are aimed at ensuring fairness and consistency in terms of relief offered for struggling borrowers. The plan was highlighted in the federal budget this week in a clear sign that Ottawa endorses the idea of allowing mortgages to grow to keep payments down. Borrowers have faced increasing pressure with every Bank of Canada interest-rate hike. Those with variable-rate mortgages have immediately paid more interest. As a result, many variable-rate borrowers have either had to increase their monthly payment or had their amortization period drastically extended. The FCAC said it developed the guidelines for mortgage borrowers at risk of missing monthly payments because of what it called "exceptional circumstances." The FCAC did not define "exceptional circumstances."

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