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The most typical home mortgage in Canada is the five-year fixed-rate closed mortgage, instead of the U.S. where the most common type is the 30-year fixed-rate open home mortgage. Throughout the monetary crisis and the occurring recession, Canada's mortgage market continued to work well, partly due to the domestic home mortgage market's policy structure, which includes an efficient regulatory and supervisory routine that applies to a lot of lenders.
In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) released guidelines for home loan insurance coverage suppliers focused on tightening requirements around underwriting and danger management. In a declaration, the OSFI has mentioned that the standard will "provide clearness about finest practices in respect of domestic mortgage insurance underwriting, which contribute to a stable financial system." This follows a number of years of federal government scrutiny over the CMHC, with previous Financing Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.
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