Canadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals [Financial Post (Toronto, Ontario, Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Financial Post
Canadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals Borrowers have been flooding phone lines with thousands of calls seeking assistance or information Canadian banks have already received nearly half-a-million requests by borrowers to defer or skip mortgage payments in just a little more than two weeks, amid the swift financial uncertainty caused by the coronavirus pandemic. The Canadian Bankers Association said Friday almost 500,000 requests had been completed or were being processed since lenders announced last month they would offer some financial relief, such as up to six months of deferred home-loan payments. Borrowers quickly tried to take the banks up on their offer, flooding their phone lines with thousands of calls seeking assistance or information. The CBA said Canada’s six biggest banks have already deferred payments on more than 10 per cent of mortgages in their portfolio. “The large number of customers who have been helped contin
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