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Showing posts from March, 2020

A Letter to a Friend about Covid-19

A letter to a friend, During March Break, we enjoyed several spectacular hikes in the woods with the sun shining and few people around. The world seemed to be as it has always been. But the world has changed and most of us are shell-shocked. A few weeks ago, we were going about our business as usual. The economy was good, March Break vacations were planned, our practices were humming away, and we enjoyed a stream of face to face meetings, events, and gatherings. Everything has suddenly changed. One thing that has caught my eye is that many people are living and working as if this is a temporary bump. The Corona-virus/Covid-19 crisis is not a temporary inconvenience. This is a long-term restructuring of our society. In the short-term, governments are shutting down places where people interact with one another. These include thousands of our clients, and potential clients, being shut down. Disease continues to spread because interactions are not shut down quickl

Is a mortgage holiday coming to Canada?

According to the BBC and multiple news sources , U.K. bankers are providing mortgage holidays and adjusting the costs of other banking services to assist their customers in dealing with the impact of Covid-19.  The U.K. Banks are also announcing additional support for affected business. There do seem to be some challenges. For example, how will bankers decide who should benefit and who should not? How long should customers have before they resume their payments? How will they deal with new borrowers? The advice is to receive these commitments in writing so that credit is not damaged and misunderstandings do not occur. Similar measures are being implemented in Italy and considered elsewhere in Europe. This is wise, foremost because it avoids government intervention and stifling regulation. For landlords who might enjoy not making payments while still collecting rents, legislated rent holidays for tenants might be in the works. So fa