Canadian Housing Mortgage Giant Scrutinized

CMHC_Canada_Mortgage_Housing_Corporation_Logo_posted at MHMSM.comThe Vancouver Sun reports the role of the Canada Mortgage and Housing Corporation (CMHC) has been reviewed by the CD Howe Institute, Fraser Institute and the Macdonald-Laurier Institute.   Each provided recommendations, including privatization.  Canadian taxpayers are on the hook for $500 billion to lenders.  Some fear that Canadian government owned CMHC could be headed for a housing bubble burst similar to their southern neighbor. The 2008 U.S. mortgage/housing collapse resulted in 20% foreclosures and some $6 trillion in losses.  Experts suggest Canada should create a mortgage insurance program subsidiary for the CMHC.  They also suggest bringing the CMHC under the Office of the Superintendent of Financial Institutions (OSFI) control for greater transparency.

(graphic: CMHC logo)

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