IMF says Ottawa should consider ending CMHC mortgage insurance

IMF says Ottawa should consider ending CMHC mortgage insurance

Jan 2010 to March 2010 CMHC Backed Loans

Summary by Pool Type

867 19 318,581,848.84

880 2 12,166,688.63

964 5 118,972,211.43

965 19 968,980,145.59

966 1 16,825,990.79

970 1 18,395,803.69

975 200 13,257,814,982.58

980 84 2,186,274,629.97

985 28 3,246,633,500.17

987 13 1,232,580,085.39

990 7 159,916,708.73

Total 379 $21,537,142,595.81

$21.5 Billion new mortgages insured by the CMHC in the first quarter of 2010.

Pool 975 is the biggest - covering standard 5 year term fixed rate mortgages. Average amortization is well over 300 months.

Pools 980, 985, and 987 are fairly large - covering variable rate mortgages with varying terms and conditions - average amortization is a bit higher at well over 300 months.

Timeline of CMHC product Launches

February 25, 2006 - CMHC to Insure 30 Year Mortgages on a Pilot Basis

http://www.cmhc.ca/en/corp/nero/nere/2006/2006-02-25-1400.cfm

June 28, 2006 – CMHC to Insure 35 Year Mortgages

http://www.cmhc.ca/en/corp/nero/nere/2006/2006-06-28-1400.cfm

November 18, 2006 – CMHC to Insure 40 Year Mortgages and 100% Mortgages

http://www.cmhc.ca/en/hoficlincl/moloin/moloin_003.cfm

Why Dissolve the CMHC?

The Canada Mortgage and Housing Corporation is a taxpayer backed subsidy to the Canadian banking business. The government shuold sell off the CMHC and let the private sector take over the task of insuring risky mortgages.

Why should my hard earned tax-dollars back up risky mortgage bonds?
Why does the government need to be involved?

Some facts:

About the CMHC
History

The Canada Mortgage and Housing Corporation DOES NOT serve the interests of the Canadian public. It is in the back pocket of the banking, development, and real estate industries. The economic analysis and products they offer only serve the interests of a select few wealthy individuals and corporations. These people recognize the massive risk they are offloading onto the unsuspecting Canadian taxpayer (that is you and me) and will do everything in their power to keep the status quo.