Financial Post – Garry Marr – May 9, 2016
Canada Mortgage and Housing Corp., the Crown corporation that controls a majority of the mortgage default insurance market in the country, continues to reduce its exposure to the housing market.
In its annual report released Monday, CMHC said its mortgage loan insurance-in-force decreased to $526 billion last year from $543 billion at year-end 2014. Its legislative maximum is $600 billion, which it had been approaching in previous years.
“Focusing our risk management on those areas we are best equipped to manage is the key to how we operate. We want to be a best-in-class risk manager for household mortgage credit, our most significant financial risk,” said Evan Siddall, in a statement as part of the the Crown corporation’s 2015 report.
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