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Mortgage Broker News | 23 May 2013, 12:00 AM Agree 0
Finance Minister Jim Flaherty told reporters last week that he had “no plans” to intervene in the nation’s housing market anytime soon – but only yesterday told a Senate committee that he is examining the role of the CMHC “very closely,” including a look at portfolio insurance.
  • Past Regulator | 24 May 2013, 10:40 AM Agree 0
    This is not the first time that CMHC's portfolio insurance program has been examined. CMHC does not perform any underwriting, but relies on the institution's ability to follow prudential underwriting standards. Before Confederation Life and Confederation Trust collapsed and without due diligence CMHC insured Confed's Limited partnership portfolios. Even after considerable questioning CMHC reps saw nothing wrong with their business practice, after all they were making money. When the companies collapsed and the portfolios reviewed CMHC management belatedly apologized. The damage had been done.
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