WE'VE MOVED! FH&P HAS RELOCATED TO LANDMARK 4 (400 – 1628 DICKSON AVE).
January 29, 2024 by Clay Williams, Tanvir Gill
The latest episode of FH&P Lawyers' "Law Talk", hosted by Clay Williams and Tanvir Gill with guest speaker Nancy Ling, examine the charter's potential effectiveness and its symbolic versus practical value in addressing the current economic climate. For anyone currently holding a mortgage or applying for a new loan, this episode offers essential insights into these new government guidelines.
Background: The charter is a government initiative aimed at assisting borrowers amidst economic challenges.
The consensus around the mortgage charter discussion is one of skepticism. There's reasonable doubts about the practical implementation of these measures by banks, primarily due to the voluntary nature of the charter and the lack of legal enforcement. Special Guest Nancy Ling points out that these are more suggestions than actionable requirements and together they question the likelihood of banks voluntarily foregoing profits or changing their standard operational procedures without a legal mandate.
"It's not a law. It's entirely voluntary. There's no enforcement measures, meaning it's got no teeth" Clay Williams, Partner.
Without legal backing, the charter's recommendations are unlikely to be effectively adopted by banks.