Through such nimbleness, this region has contributed to the 100-fold expansion of the broader Canadian economy over the Chamber’s lifetime. Of course, there have been occasional setbacks over the past 125 years, with more than 20 recessions, one depression and one near miss. In general, the recoveries that have followed have relied importantly on exports (Chart 1). However, this one is different.
The interagency examination and review focuses on foreclosure practices generally, but with an emphasis on the breakdowns that led to inaccurate affidavits and other questionable legal documents being used in the foreclosure process. The regulators expect the initial on-site portion of our work to be completed this year and currently plan to publish a summary overview of industrywide practices in early 2011.