Canada’s largest private mortgage insurer is exercising “heightened vigilance” in Western Canada in preparation for a potential rise in delinquencies.
Canada’s largest private mortgage insurer is exercising “heightened vigilance” in Western Canada in preparation for a potential rise in delinquencies. Genworth president and CEO Stuart Levings says that the company isn’t pulling out of the region but is weighing the risks of each policy very carefully and it may mean some circumstances are no longer acceptable for the company to insure. Those working in the oil and gas industries for example could find that their cases are given more scrutiny. Levings says that he expects the level of delinquent loans, which has been low and stable in recent years, to see “moderate” increases although in Alberta it could be sharper. Read the full story.
