And since we rarely get to talk to Bank Managers, the media also asked about all this property foreclosures that take up so many pages of the newspapers every week. It's heartbreaking and clearly suggestive of deeper problems in the housing sector - but Shaw said that form the perspective of Scotiabank - those are in the past:...
Michael Shaw, Managing Director, Scotia Bank
"The truth is that those houses that are up for sale, we are not seeing that level of default currently. What you are seeing is I would say house that maybe in the market for maybe greater than 5 years, that have now gone through the auction state. What I would want to assure you is that our stance on it, is that we will give the customer every single opportunity to make good prior to taking that step, because we know home ownership is something that is really dear to the heart of a customer. It is a major investment that they will make. And our first priority is certainly not to take somebody's house. It is an absolute last resort that we would take that stance."
"And as such what you would see in terms of we are trying to clean that portfolio are legacy loans. Meaning that they are more than 5-10 years old. Currently we are not having those challenges."
Email
Print