Is it just to start over, or is it for a different program?” he says in the video.
This story was funded in part by an intern from the nonprofit, Independent Journal Review.
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The government of Ontario has approved a plan by Toronto-Dominion Bank (TD), which is under government supervision, to reduce its mortgage debt levels over the next five years. The bank has said that its plan will cost Canadian taxpayers about £8-billion over the five years, and a lot more if the plan includes a move to equity in mortgages.
Bank of Canada Governor Stephen Poloz announces plans to impose new regulations on the country’s bank regulators on Friday after a meeting with a group of Toronto-Dominion Bank shareholders and executives in Toronto. ( Christopher Katsarov / THE CANADIAN PRESS )
On Friday, Bank of Canada Governor Stephen Poloz announced the bank’s plans to impose new regulations on its regulator, the Financial Services Commission of Ontario ( FSCO ), to try and address the mortgage mortgage market crunch. They are likely to impact all Canadian banks, but specifically TD, because it holds the majority of deposits in the market. TD announced its plan in a press release in October 2014. TD told the Financial Post newspaper it would be introducing an investment vehicle in partnership with an institutional lender. The bank is not required to share details of the scheme with it shareholders, but it said that it expects it to help “retain value.”
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In his press release, Poloz said that the FSCO should have been doing more to combat the housing bubble, noting it was not doing anything to reduce its own market share. He acknowledged that the lender’s new scheme could make TD more affordable to consumers, but said “the bank will not reduce its exposure to mortgage markets by the measure proposed by the bank.” But he said the plan includes an equity strategy for bank investors and suggested that FSCO should be looking at alternative ways to manage its risks on mortgages, such as taking down part of the mortgages and offering a loan to low-income households. In the press release accompanying the announcement, FDIC Insurance Commissioner Mary Schapiro said that the new regulator’s rules would help to keep Canadians safer.
“If these measures were to be implemented, the FDIC’s Insurance Products Division has been providing financial regulatory consulting and services to help the FSCO and the FDIC Board manage the risks posed by
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