Banks show heart

Darrell
Darrell Cole
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With Canadian soldiers serving, and dying, in Afghanistan it has to be reassuring to know that this countrys banks arent going to take advantage of those widows whose husbands have made the supreme sacrifice.

With Canadian soldiers serving, and dying, in Afghanistan it has to be reassuring to know that this countrys banks arent going to take advantage of those widows whose husbands have made the supreme sacrifice.

Responding to concerns raised by widows who could not get their mortgage payments covered by insurance, the Canadian Bankers Association said earlier this week the financial institutions it represents will waive an exclusion clause thats caused mortgage problems.

Spokeswoman Maura Drew-Lytle said a number of banks will not apply an act-of-war clause that prevents clients from having their mortgage insurance covered.

The widows thought their mortgages would be covered when their husbands were killed in combat half a world away and were surprised, outraged and disappointed when they learned they werent. They claim when they bought the mortgage insurance they were not told by the banks that it might not apply if their spouses died in combat.

The banks have made the right decision by righting this wrong and those financial institutions that steadfastly refused to change their mind would likely have faced repercussions from Canadians. When our soldiers volunteer for service they should know that if something happened to them on a foreign battlefield that their families needs will be cared for after theyre gone.

Dealing with the stress of a lost loved one is hard enough for the families of killed servicemen and women. Facing financial ruin because of technicality would only add to this strain.

Geographic location: Afghanistan

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