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The most typical home loan 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 financial crisis and the taking place economic downturn, Canada's home mortgage market continued to function well, partially due to the property home mortgage market's policy framework, which includes an efficient regulatory and supervisory program that uses to the majority of loan providers.
In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) launched guidelines for mortgage insurance coverage service providers focused on tightening standards around underwriting and danger management. In a statement, the OSFI has specified that the standard will "provide clearness about finest practices in respect of residential home mortgage insurance coverage underwriting, which add to a stable monetary system." This comes after numerous years of federal government examination over the CMHC, with former Finance Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.
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