Canada Mortgage and Housing Corporation main function is to provide mortgage insurance of residential mortgage loans to Canadian home buyers. This insurance protects margin lenders against mortgage defaults on mortgage of less than 20 percent down. CMHC also makes financial loan to cities at lower rates for the development of housing projects.
Home buyers are now being granted a higher cost of mortgages for their first home purchase. Through this CMHC plans insuring an $813 billion via a combination of mortgage insurance and mortgage-back securities (MBS).
CMHC, government and the private sector aim is to give the home buyers affordable houses.
Please go to Article:http://en.wikipedia.org/wiki/Canada_Mortgage_and_Housing_Corporation
Home buyers are now being granted a higher cost of mortgages for their first home purchase. Through this CMHC plans insuring an $813 billion via a combination of mortgage insurance and mortgage-back securities (MBS).
CMHC, government and the private sector aim is to give the home buyers affordable houses.
Please go to Article:http://en.wikipedia.org/wiki/Canada_Mortgage_and_Housing_Corporation
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