BUSINESS

CMHC Privatization? Flaherty Eyes Selling Off Mortgage Insurer Within 5 To 10 Years

10/22/2012 08:14 EDT | Updated 10/22/2012 08:38 EDT
AP
Minister of Finance Jim Flaherty holds a news conference at the National Press Theatre in Ottawa, Canada on Thursday, June 21, 2012. Flaherty is tightening mortgage rules to make it harder for people to buy or borrow on their homes. (AP Photo/The Canadian Press,Sean Kilpatrick )

TORONTO — The Globe and Mail reports that Finance Minister Jim Flaherty would like to privatize Canada Mortgage and Housing Corp. within five to 10 years.

The Globe's story is based on remarks Flaherty made during an interview.

The story notes Flaherty has introduced reforms to limit the government's exposure to Canada's mortgage insurance business, which CMHC dominates.

The Globe reports Flaherty would like to go even further and get out of the mortgage insurance business entirely.

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