Which mortgage default insurance provider is government-owned in Canada?
Correct Answer
A) CMHC
CMHC (Canada Mortgage and Housing Corporation) is a federal Crown corporation and the only government-owned mortgage default insurer. Sagen, formerly Genworth MI Canada, and Canada Guaranty are private insurers, and CDIC is a Crown corporation that insures bank deposits, not mortgages.
Why This Is the Correct Answer
CMHC is a federal Crown corporation, so it is the government-owned provider of mortgage default insurance. The other default insurers operating in Canada are private companies.
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