In the economic fall statement, the Liberal government unveiled an initiative called the Canadian Mortgage Charter.

According to the statement, the charter will rely on the current guidelines and expectations regarding how financial institutions treat borrowers.

For her part, Deputy Prime Minister and Finance Minister Chrystia Freeland said on Tuesday that the charter was one of the most important items in the economic statement.

The Canadian Mortgage Charter is not a law, and there are no plans to enact legislation to make it law.

A spokesperson from the Department of Finance told CBC News that the best way to understand the charter is to think of it as a list of rules and expectations that banks must follow.

Also under the charter, banks are expected to do things like allow a temporary extension of the amortization period for mortgage holders and waive fees and costs that should have been imposed on mortgage relief measures.

The charter will also require banks to speak with homeowners four to six months before their mortgage renewal to inform them of affordability options.