Monday 8 September 2014

CMHC could force banks to pay deductibles on mortgage insurance

http://business.financialpost.com/2014/09/08/cmhc-could-force-banks-to-pay-deductibles-on-mortgage-insurance/

The Canada Mortgage and Housing Corp. is looking at a new formula to push some of its losses on to financial institutions, essentially forcing them to pay a deductible on mortgages insured with the Crown corporation before claims are paid, according to sources.
The Financial Post has learned the Office of the Superintendent of Financial Institutions is involved in discussions with CMHC, which it oversees, while the Canadian Bankers Association is said to be against the measure.

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