The most common home mortgage in Canada is the five-year fixed-rate closed home loan, as opposed to the U.S. where the most typical type is the 30-year fixed-rate open mortgage. Throughout the monetary crisis and the taking place economic downturn, Canada's home loan market continued to function well, partially due to the property home mortgage market's policy framework, that includes a reliable regulative and supervisory regime that uses to most loan providers.In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) launched guidelines for mortgage insurance coverage suppliers aimed at tightening requirements around underwriting and threat management. In a statement, the OSFI has mentioned that the guideline will "supply clarity about finest practices in respect of domestic home mortgage insurance underwriting, which add to a steady financial system." This follows several years of federal government examination over the CMHC, with previous Finance Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.