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Canada : CMHC announces more mortgage insurance changes

June 23, 2014

Canada Mortgage and Housing Corp. discontinued its mortgage loan insurance for the funding of multi-unit condominium construction.

The federal housing agency announced that it set up maximum house costs, amortization periods and debt servicing ratios for its low-ratio transactional mortgage loan insurance product, effective on 31 July 2014.

CMHC said, The changes are a business decision designed to increase market discipline in residential lending while reducing taxpayers exposure to the housing sector through CMHC. They are not changes to the government s mortgage loan insurance parameters and do not apply to private mortgage insurers products and services.

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Source: TendersInfo (India)

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