Start Date: 2024-12-14
End Date: 2025-01-03

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Mortgage Relief Measures Implemented by FCAC

The Financial Consumer Agency of Canada (FCAC) reported over 8,000 mortgage relief measures for Canadians with federally regulated financial institutions (FRFIs) between July 2023 and June 2024. These measures helped mortgage holders avoid $4 million in penalties and fees. The relief was in response to FCAC's guideline on consumer mortgage loans in exceptional circumstances, emphasizing early detection of financial stress and proactive communication with at-risk mortgage holders. The FCAC continues to monitor industry compliance to ensure mortgage relief options are available to those in need.

Sources: ['Announcements: www.canada.ca']