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The most common mortgage in Canada is the five-year fixed-rate closed mortgage, as opposed to the U.S. where the most common type is the 30-year fixed-rate open home loan. Throughout the financial crisis and the taking place economic downturn, Canada's home loan market continued to operate well, partially due to the property home mortgage market's policy structure, which includes an effective regulative and supervisory routine that uses to many loan providers.
In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) released guidelines for home mortgage insurance coverage suppliers aimed at tightening up requirements around underwriting and danger management. In a declaration, the OSFI has actually mentioned that the guideline will "supply clarity about finest practices in respect of domestic mortgage insurance coverage underwriting, which add to a stable financial system." This comes after a number of years of federal government examination over the CMHC, with previous Finance Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.
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