My nomination for the understatement of the year goes to Finance Minister Jim Flaherty, who in early December observed that “regrettably, CMHC became something rather more grand I think than it was intended to be.”
Indeed. The Crown corporation, which originally had a humble mandate of helping first-time buyers obtain favourable financing, now insures $560-billion of some of Canada’s riskiest mortgages, more than double what it insured in 2005.
via Four changes CMHC needs to make to rein in its mortgage market influence – The Globe and Mail.
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