Mortgage lenders flag up risk from reduced CMHC exposure

The previous Conservative government’s strategy of reducing the Canada Mortgage and Housing Corporation’s exposure to mortgage loan risk was challenged by the lenders’ body. The Canadian Bankers Association told the government that shifting more of the risk onto lenders added risk to the stability of the financial system. The warning has been discovered following am access-to-information request from The Canadian Press which revealed that the CBA highlighted the “implications on the housing and mortgage markets.” The letter from August 2014 said that shifting the risk onto lenders would likely lead to higher mortgage rates. The Liberal government has not yet confirmed its intentions regarding the previous government’s plan.

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