The worst-kept secret in the channel is official – Karen Kinsley is stepping down as president and CEO of Canada Mortgage and Housing Corporation.
“CMHC has been my home away from home for 25 years,” wrote Kinsley in the annual report, released earlier today.
As head of the CMHC, Kinsley has overseen a tumultuous housing sector in the last five years, including repeated intervention in the mortgage market and a capping of CMHC’s insurance limit at $600 billion.
Karen Kinsley was reappointed as President and Chief Executive Officer of Canada Mortgage and Housing Corporation in March 2011 – a two-year term that expires this June. She was first appointed in June 2003.
Kinsley joined CMHC in 1987, and was later appointed Vice-President, Finance in 1990 and Treasurer in June 1995. In November 1996, Ms. Kinsley became the Vice-President, Corporate Services and Chief Financial Officer, then appointed Vice-President, Insurance and Securitization in May 2000.
Prior to joining CMHC, Kinsley was Vice-President and Treasurer with two real estate development companies.
Last week the government announced that Robert Kelly, a former Bank of New York Mellon CEO and long-time executive at Toronto-Dominion Bank, would be CMHC’s new chairman.
The Crown corporation insured $66-billion in loans last year for 386,222 units of housing, well below its plan of $94.5-billion for 550,335 units, largely as a result of its efforts to curb the sale of bulk insurance in order to stay within its $600-billion limit.