Scotiabank defends lending practices
Scotiabank is defending its income verification practices in light of a report that says Canadian banks allow foreign borrowers to qualify for mortgages without having to prove the source of their income.
A Globe and Mail report Wednesday said that Scotiabank’s (TSX:BNS) internal guidelines don’t require its loan officers to verify foreign clients’ income sources if the down payment on a property is at least 50 per cent.
Scotiabank spokeswoman Diane Flanagan said the bank regularly makes exceptions to accommodate clients who can’t provide standard documentation, such as Canadian tax returns and pay stubs, to verify their income.
Certain types of borrowers — such as non-residents, self-employed people and new Canadians — simply don’t have those documents, Flanagan said.
Squinting a sign preschooler may need glasses
Angie Illerbrun had no idea her daughter Olivia was having trouble seeing until she had her own eyes checked and the optometrist suggested he take a look at the toddler’s eyes as well.
While Olivia, then about age 2 1/2, watched a cartoon in his exam room, Dr. Barry Thienes shone a light in her eyes. His verdict, recalled Illerbrun: her daughter had extremely bad eyes.
“There was never even a clue that there was anything wrong,” said Illerbrun, a legal assistant in Shaunavon, Sask., southwest of Regina, who also helps work her mother’s farm outside town.
“When she was little, she would watch TV like a normal kid. We would hand her a book and my husband would kind of tease her and put it upside-down, and she would turn it right-side up,” she said. “On the farm, she didn’t trip or walk into anything.”
But it turned out seeing the world up close wasn’t the problem — it was making out objects at a distance. Olivia was near-sighted and had an astigmatism. She was initially prescribed glasses with a mild correction, which was progressively strengthened every six months until she reached age six.
The move comes as the retail giant and the credit card company remain locked in a battle over merchant fees.
Walmart pledged in June that it would stop accepting Visa at its more than 400 Canadian stores, saying it pays more than $100 million in fees annually for customers using credit cards.
But the retailer took only a small step toward fulfilling that June pledge when it dropped the credit card from its three locations in Thunder Bay, Ont., on July 18.