A sign in the window of an estate agents advertising mortgage advice services in Brentwood, UK, on Tuesday, June 27, 2023. Rising mortgage payments are squeezing the finances of millions of borrowers in Britain, threatening to undermine household spending and the broader economy. Photographer: Chris Ratcliffe/Bloomberg
Exact numbers are hard to come by, but regulatory filings from Canada's biggest banks show roughly one-fifth of the mortgages on the books at Bank of Montreal, TD and CIBC were negatively amortizing last quarter. A 47-year mortgage? They're out there — and even longer ones could be coming
As things stand now, "only $23 goes to pay the capital of my mortgage and the rest is all in interest," he told CBC News. "And my mortgage went from 25 years to 47."Negative amortization happens when the monthly loan payments are no longer enough to pay down anything but interest, meaning the balance is actually growing. It can result in payment terms ballooning by years, even decades, to compensate.
Exact numbers are hard to come by, but regulatory filings from Canada's biggest banks show roughly one-fifth of the mortgages on the books at Bank of Montreal, TD and CIBC were negatively amortizing last quarter. Canada's five largest grocery chains have delivered plans to stabilize food prices to the federal government, Industry Minister François-Philippe Champagne said Thursday.
"These measures will bring a much-needed more competitive marketplace, and the winners of that are obviously Canadians," he said, adding that Canadians should expect to see grocers start rolling out these plans "within days." It's the latest legal move by U.S. authorities aimed at breaking Big Tech's dominance of the internet.
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