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Residential Mortgage Securitization in Canada: A Review
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Residential Mortgage Securitization in Canada: A Review
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Residential Mortgage Securitization in Canada: A Review
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Trade Publication Article
Residential Mortgage Securitization in Canada: A Review
2015
Overview
Mortgage Securitization in Canada: The Context Institutional background The federal government supports housing finance in Canada through mortgage insurance and public securitization programs.3 Federally regulated lenders are required to obtain mortgage insurance on loans in which the homebuyer has made a down payment of less than 20 per cent of the purchase price.4 Mortgage insurance is provided by the Canada Mortgage and Flousing Corporation (CMFIC) and private insurers; insurance from both sources is guaranteed by the government, although not to the same degree.5 In Table 1, we illustrate the interaction between mortgage insurance and securitization in Canada. To reduce taxpayer exposure and encourage development of private mortgage markets, the government announced its intention to prohibit the use of insured mortgages as collateral in non-CMHC securitization vehicles.6 To date, private-label securitization of uninsured mortgages primarily consists of short-term asset-backed commercial paper (ABCP)7 and some longer-term residential mortgage-backed securities (RMBS).
Publisher
Bank of Canada
Subject
