Unpacking Canada's Mortgage Charter: Toothless Tiger or Consumer Champion?

A Department of Finance official confirmed on Friday that the six Canadian Mortgage Charter (CMC) provisions are expectations (she called them "rules") but most won't be regulations.

The official wouldn't commit to saying banks had to follow all six rules, but they are "expected" to.

"This is the government putting in black and white in a fiscal document what Canadians should expect when they are up for renewal," the official said, speaking on background. "And if they feel their banks are not holding up their end of the bargain, there are places they can turn to, like the FCAC."

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