Banks in better shape to absorb losses from possible housing crisis: Moody’s [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Financial Post
Banks in better shape to absorb losses from possible housing crisis: Moody's While aggregate potential losses for the seven largest Canadian mortgage lenders climbed to $14.3 billion in Moody’s stress test, the buffers also rose Surging house prices and increased mortgage lending by Canada’s biggest banks — particularly in hot regions around Vancouver and Toronto — have boosted potential losses in the event of a U.S.-style housing crisis, according to the latest stress test by Moody’s Investors Service. But steps taken by governments and regulators, and by the financial institutions themselves, mean the banks are in a stronger position to absorb such losses than they were in 2016. “Banks are in better shape than two years ago,” said Jason Mercer, a senior analyst at Moody’s and lead author of the ratings agency’s report released Wednesday. “Our stress results indicate banks would experience higher losses… because house prices have continued to increase and mortgage loans have grown,”
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