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The most common mortgage in Canada is the five-year fixed-rate closed mortgage, rather than the U.S. where the most typical 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 residential mortgage market's policy framework, which includes a reliable regulative and supervisory regime that uses to most loan providers.
In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) launched guidelines for home mortgage insurance companies focused on tightening up requirements around underwriting and danger management. In a statement, the OSFI has actually stated that the standard will "offer clearness about best practices in regard of domestic home loan insurance coverage underwriting, which add to a steady monetary system." This comes after numerous years of federal government scrutiny over the CMHC, with former Finance Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.
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