Canada's housing watchdog released a set of long-awaited guidelines for the country's three mortgage insurers on Monday.
The new guidelines spell out the practices that the Office of the Superintendent of Financial Institutions wants to see from the country’s three mortgage insurers, Canada Mortgage and Housing Corp., Genworth MI Canada and Canada Guaranty.
Here are answers to three key questions about the proposed rules:
Why is Canada’s financial regulator releasing new mortgage insurance guidelines?
What will happen now?
Is this different from the new rules for mortgage insurers that former Finance Minister Jim Flaherty brought in?
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