Canadian banks urge borrowers to renegotiate mortgages if necessary Ottawa, banks take action to rescue mortgages: "As the recession deepens, Canada's big banks and its federal mortgage insurer are moving to head off a rise in defaults by homeowners. Ottawa is launching a campaign to urge the cash-strapped to approach their banks for mortgage relief, as the banks adopt more flexible practices aimed at preventing borrowers from falling behind on payments. The measures by the banks and the Canada Mortgage and Housing Corp., the federal agency that guarantees mortgages, signal growing concern about increasing levels of household debt. With house prices dropping, job losses rising and the economy not yet showing signs of recovery, both the government and lenders are pushing consumers to be proactive if they think they might have problems paying their debts."
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What a concept.
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