The most common home loan in Canada is the five-year fixed-rate closed mortgage, instead of the U.S. where the most common type is the 30-year fixed-rate open home loan. Throughout the monetary crisis and the ensuing economic downturn, Canada's mortgage market continued to function well, partly due to the property home mortgage market's policy framework, that includes an efficient regulative and supervisory program that applies to a lot of lenders.In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) launched guidelines for home loan insurance coverage providers targeted at tightening up standards around underwriting and threat management. In a statement, the OSFI has actually stated that the standard will "supply clarity about finest practices in regard of property home mortgage insurance underwriting, which add to a stable monetary system." This follows a number of years of federal government analysis over the CMHC, with previous Finance Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.