The most common mortgage in Canada is the five-year fixed-rate closed home mortgage, instead of the U.S. where the most typical type is the 30-year fixed-rate open home mortgage. Throughout the financial crisis and the occurring economic crisis, Canada's home mortgage market continued to work well, partly due to the residential home loan market's policy structure, that includes an efficient regulatory and supervisory regime that applies to most lenders.In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) released guidelines for home loan insurance coverage suppliers targeted at tightening up standards around underwriting and threat management. In a statement, the OSFI has actually specified that the standard will "offer clearness about finest practices in regard of property home mortgage insurance underwriting, which contribute to a steady financial system." This comes after numerous years of federal government analysis over the CMHC, with previous Financing Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.