What Governments Should Do in Mortgage Markets

Finn Poschmann
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Finn Poschmann: C.D. Howe Institute

C.D. Howe Institute Commentary, 2011, issue 318

Abstract: The federal government’s role in mortgage markets is pervasive and should be scaled back, while encouraging more competition in the mortgage insurance business, according to this study. The author notes that the mortgage insurance book of Canada Mortgage and Housing Corporation, CMHC, which is a Crown agency, now backstops mortgage lending equivalent to more than 30 percent of gross domestic product. While the net exposure is less than this, the arrangement subjects Canadian taxpayers to large, ill-defined risks. The author suggests several steps to manage these risks better.

Keywords: Financial Services; Canada; Canada Mortgage and Housing Corporation (CMHC); mortgage insurance (search for similar items in EconPapers)
JEL-codes: G21 G28 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (15)

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