Which Canadian mortgage default insurer is a federal Crown corporation?
Correct Answer
C) CMHC
CMHC (Canada Mortgage and Housing Corporation) is a federal Crown corporation; the CMHC Act makes it an agent of the Crown for all purposes. Sagen (formerly Genworth's Canadian business) and Canada Guaranty are privately owned insurers, although their policies also carry a federal guarantee under the Protection of Residential Mortgage or Hypothecary Insurance Act.
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