The most typical home loan in Canada is the five-year fixed-rate closed home mortgage, rather than the U.S. where the most typical type is the 30-year fixed-rate open home loan. Throughout the financial crisis and the occurring economic crisis, Canada's mortgage market continued to operate well, partly due to the domestic mortgage market's policy framework, which consists of an effective regulatory and supervisory program that applies to the majority of loan providers.In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) launched standards for mortgage insurance coverage companies targeted at tightening requirements around underwriting and threat management. In a declaration, the OSFI has specified that the standard will "provide clearness about best practices in respect of property mortgage insurance underwriting, which contribute to a steady financial system." This comes after several years of federal government analysis over the CMHC, with previous Finance Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.
