CMHC considers deductible for mortgage claims
Mortgage lenders may have to pay a deductible to the CMHC for any claims made on loans the agency insures. That’s an option that is still on the table, president and CEO Evan Siddall said Tuesday. The agency has revealed that profits have been hit by the oil downturn and the previous federal government began the process of reducing risk for the CMHC with the private sector shouldering a larger burden. Banks have warned of a threat to Canada’s financial stability if they carry greater housing market risk.
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