Many don’t know if they could make higher mortgage payments: poll

Nearly 20 per cent of Canadians don’t know if they’ll be able to make their mortgage payments if interest rates increase, according to a poll released Thursday by Bank of Montreal – disturbing findings given that BMO expects the Bank of Canada to raise its benchmark rate by at least one per cent by the end of the year.

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Many don’t know if they could make higher mortgage payments: poll

BMO aims to jump-start mortgage arm

The Globe and Mail- Bank of Montreal is planning to kick its mortgage business back into growth mode, after another quarter in which it lost market share to rivals.

BMO reported a first-quarter profit of $657-million yesterday, up from $225-million a year ago, making it the third Canadian bank to consecutively top analysts expectations. Its cash earnings per share came in at $1.13, while the Street had been forecasting profit of about $1.03 per share.

The bulk of BMO’s earnings came from its Canadian lending operations, while profit from its U.S. lending business was 43 per cent lower than a year ago.

"We just had our sixth terrific quarter in a row," Frank Techar, the head of the bank’s Canadian lending arm, said in an interview.

Mr. Techar took over those struggling operations in July 2006, after a period in which the bank’s profits were suffering partially because of a strategy that sought to lure customers with cheap mortgages and high interest rates on savings accounts…

BMO aims to jump-start mortgage arm – The Globe and Mail

Ottawa’s mortgage aid may cost banks

 Globe and Mail – Canada – “There is little doubt that in a time of poor liquidity, it ensured mortgage credit continued to flow and that Canada’s banks remained liquid,” the BMO …

Ottawa’s mortgage aid may cost banks – The Globe and Mail