UPDATE 1-Canadian banks have processed 670,000 mortgage deferrals in first month [Reuters]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Reuters
UPDATE 1-Canadian banks have processed 670,000 mortgage deferrals in first month (Adds numbers of credit card deferrals, business loans) By Nichola Saminather TORONTO, April 17 (Reuters) - Canadian banks processed more than 670,000 mortgage deferrals or skipped payments in the month since announcing a measure to help consumers weather the economic hit from the COVID-19 outbreak, the Canadian Bankers Association said on Friday. That represents about 14% of 13 lenders’ home loan books, and the vast majority of requests were approved, the industry group said in an e-mailed statement. Most of the deferrals came in the first two weeks, when the lenders received half a million requests. Canadian lenders announced a coordinated effort on March 17 to offer payment holidays on mortgages and other loans to customers suffering income disruptions as businesses shut down in response to the pandemic and social distancing measures. Canada’s Big Six banks - Royal Bank of Canada, Toronto-Dominion Bank
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