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From Credit Unions, For Credit Unions

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How Canadian Credit Unions Are Preparing for COVID-19 Homeowner Hardships

The following post is provided by the Canadian Credit Union Association (CCUA), World Council's direct member organization in Canada.

Last month, CCUA participated in a consultation with the Canada Mortgage and Housing Corporation (CMHC) regarding next steps and policy recommendations to assist homeowners facing hardships due to COVID-19.

To inform our discussion, we surveyed credit unions to understand their views on existing CMHC default management tools, and their recommendations to improve and expand them. A summary report of the survey results is available here.

The consultation was productive and three positive developments are shown below:

  1. With input from CCUA, CMHC has created a Default Management Playbook (‘the Playook’) with Canada’s other two mortgage loan insurers (Genworth Financial, Canada Guaranty). The Playbook includes lists of scenarios, available default prevention tools, and recommended solutions. You can access the Playbook here.
  2. A document with CMHC’s responses to credit union questions raised in the survey is available here.
  3. CMHC will organize a webinar for credit unions in early September (Date TBD) to discuss mortgage deferrals and other default prevention tools.

CCUA will continue to work closely with CMHC over the coming months, acting as a strong and unified voice for the credit union system.