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BMO changes some mortgage rules for steel, aluminum business owners due to trade war


Published on 2025-03-21 13:00:48 - Reuters
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  • Canada's Bank of Montreal has changed some terms of its mortgage process for steel and aluminum business owners, a memo sent to its brokers shows, as U.S. tariffs stoke uncertainties in the industry.

BMO has adjusted its mortgage policies for business owners in the steel and aluminum sectors due to the ongoing trade war between the U.S. and China. The bank now requires these business owners to provide additional financial documentation, including three years of financial statements, to assess their ability to withstand potential economic downturns caused by trade disputes. This change aims to mitigate risk for the bank by ensuring that borrowers in these industries can manage their mortgage payments amidst fluctuating market conditions. The move reflects broader concerns about the stability of these sectors, which have been significantly impacted by tariffs and trade uncertainties.

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[ https://www.msn.com/en-ca/money/topstories/bmo-changes-some-mortgage-rules-for-steel-aluminum-business-owners-due-to-trade-war/ar-AA1BoYOM ]