CMHC says risk to its business is low as workers are mobile

by Steve Randall16 Mar 2020

The president and chief executive of Canada Mortgage and Housing Corporation (CMHC) says that the organization is well-placed to operate during the COVID-19 outbreak.

In a statement, Evan Siddall also issued a reminder that CMHC and other mortgage insurers have programs in place to assist homeowners who may struggle financially.

He stated that the risk to CMHC’s business is currently believed to be low but it has convened a Crisis Management Committee to ensure that the correct steps are being taken in collaboration with other government agencies.

For the corporation’s employees are being urged to make use of the available technology to work remotely, something the mobile nature of its workforce naturally facilitates. For those that do need to work in the office, the kind of hygiene procedures that are now commonplace have been implemented.

Business as usual

Meanwhile, work goes on with CMHC proceeding with a commitment to price a $6 billion mortgage bond last week.

“Employers need to balance public health concerns with business requirements and public agencies like ourselves must promote stability. We recognize that we face a period of uncertainty in the coming weeks. As circumstances change, you will receive follow up communications from us,” Siddall concluded.

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