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The most common home loan in Canada is the five-year fixed-rate closed home loan, as opposed to the U.S. where the most typical type is the 30-year fixed-rate open home loan. Throughout the monetary crisis and the ensuing recession, Canada's mortgage market continued to work well, partially due to the property home mortgage market's policy framework, that includes an effective regulatory and supervisory routine that uses to a lot of lenders.
In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) launched standards for mortgage insurance providers intended at tightening up standards around underwriting and risk management. In a declaration, the OSFI has actually stated that the standard will "offer clearness about finest practices in respect of domestic home mortgage insurance coverage underwriting, which add to a stable financial system." This follows numerous years of federal government analysis 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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