Which organization is the primary provider of mortgage default insurance for high-ratio mortgages in Canada?
Correct Answer
C) Canada Mortgage and Housing Corporation (CMHC)
CMHC, a federal Crown corporation, is Canada's national housing agency and the main provider of mortgage default insurance for high-ratio mortgages, those with less than 20% down. Private insurers Sagen (formerly Genworth Canada) and Canada Guaranty also offer this insurance. The Bank of Canada, OSFI and FCAC are a central bank and regulators; none of them sells mortgage insurance.
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