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CMHC: Banks should pay deductible on mortgage insurance
– moneysense.ca
TORONTO – Canada Mortgage and Housing Corporation is continuing to explore the possibility of forcing banks to shoulder more of the risk associated with home mortgage loans.
During a speech in Calgary, CMHC president and CEO Evan Siddall said the option of requiring lenders to pay a deductible on mortgage insurance claims is still on a table.
According to speaking notes posted on the website of the federal housing agency, Siddall told his audience that the CMHC is working with a number of government entities, including the Department of Finance and the Bank of Canada, to examine ways of better distributing risk across the financial system.
We don’t charge you mortgage insurance: CMHC »
The idea of having banks pay a deductible on mortgage insurance claims was first floated by CMHC under the previous Conservative government.
It’s been unclear whether the new Liberal government is interested in pursuing the idea.
Homebuyers with less than a 20 per cent down payment are required to obtain mortgage default insurance from either CMHC or one of the private mortgage insurers…
During a speech in Calgary, CMHC president and CEO Evan Siddall said the option of requiring lenders to pay a deductible on mortgage insurance claims is still on a table.
According to speaking notes posted on the website of the federal housing agency, Siddall told his audience that the CMHC is working with a number of government entities, including the Department of Finance and the Bank of Canada, to examine ways of better distributing risk across the financial system.
We don’t charge you mortgage insurance: CMHC »
The idea of having banks pay a deductible on mortgage insurance claims was first floated by CMHC under the previous Conservative government.
It’s been unclear whether the new Liberal government is interested in pursuing the idea.
Homebuyers with less than a 20 per cent down payment are required to obtain mortgage default insurance from either CMHC or one of the private mortgage insurers…
Canada Mortgage and Housing Corporation is continuing to explore the possibility of forcing banks to shoulder more of the risk associated with home mortgage loans.
