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ARTICLE · 23 JUNE 2015

Legal Update Regarding Mortgage Insurance

McCarthy Tétrault
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Canada's regulatory and supervisory framework of its residential mortgage market has undergone significant change in the aftermath of the financial crisis.

CanadaFinance and Banking
Simon R. Fitzpatrick
Simon R. Fitzpatrick
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Introduction:

- Canada's regulatory and supervisory framework of its residential mortgage market has undergone significant change in the aftermath of the financial crisis

- The most recent and long-awaited changes to the regulatory framework were released on June 6, 2015, when the Finance Department published amendments to two sets of regulations governing the role of mortgage loan insurance in Canada

- The "Regulations Amending the Insurable Housing Loan Regulations" (the "CMHC Regulations") and the "Regulations Amending the Eligible Loan Regulations" (the "Approved Insurer Regulations" and, together with the CMHC Regulations, the "Proposed Regulations"), represent the Federal Government's legislative response to its stated policy initiatives regarding the prudent use of mortgage insurance that were first outlined in Canada's Economic Action Plan released in March 2013 and subsequently restated in each of the 2014 and 2015 federal budgets

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