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The most common home loan in Canada is the five-year fixed-rate closed home loan, rather than the U.S. where the most typical type is the 30-year fixed-rate open home loan. Throughout the monetary crisis and the taking place recession, Canada's home mortgage market continued to operate well, partly due to the domestic mortgage market's policy structure, that includes an effective regulative and supervisory regime that uses to most loan providers.
In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) released guidelines for mortgage insurance coverage companies aimed at tightening requirements around underwriting and threat management. In a declaration, the OSFI has actually stated that the standard will "provide clearness about finest practices in respect of property home loan insurance coverage underwriting, which add to a stable financial system." This comes after numerous years of federal government examination 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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