Canada will monitor banks' compliance with mortgage rules

OTTAWA, Oct 17 - Canada will closely monitor how major banks are complying with mortgage rules designed to provide relief to people struggling to make payments, Finance Minister Chrystia Freeland told a press conference on Tuesday.

"I told them that it is my firm expectation that they abide by our government's mortgage guidelines, as published by the Financial Consumer Agency of Canada." According to the FCAC's guidelines, financial institutions are required to provide support to variable-rate and fixed-payment consumers at risk as their monthly payment has either surged or going only towards the interest portion.

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