The chief bank inspector has directed financial institutions to start assessing mortgages that could be at risk for default.

Superintendent of Financial Institutions Peter Routledge made the comments in a regulatory notice on March 11, saying bankers should focus on risky products, like variable rate mortgages with fixed payments, as first reported by Blacklock’s Reporter.

The notice says that mortgage holders are already facing higher payments, and others will soon face “payment shock” when they renew this year.

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