"Government-owned Canada Mortgage and Housing Corp. has become “something more grand, I think, than it was intended to be."
Mr. Flaherty said Friday he has sought to limit the risk CMHC poses to the broader government, and to taxpayers, citing government moves to tighten mortgage-insurance regulations four times in the past five years. Those restrictions have put a cap on the amount of liability the CMHC can assume.OSFI is expected to introduce new guidelines governing mortgage insurers in 2015, CMHC said last week. CMHC also said that, at the behest of Mr. Flaherty, it is now charging a so-called risk fee on mortgages it insures, a move seen as helping compensate the Canadian government for the risk it is exposed to.
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