The most typical home mortgage in Canada is the five-year fixed-rate closed home loan, instead of the U.S. where the most common type is the 30-year fixed-rate open home loan. Throughout the financial crisis and the occurring recession, Canada's home mortgage market continued to function well, partially due to the property mortgage market's policy structure, which consists of an efficient regulatory and supervisory regime that applies to most loan providers.In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) launched guidelines for home mortgage insurance coverage service providers intended at tightening standards around underwriting and risk management. In a declaration, the OSFI has actually specified that the standard will "offer clarity about best practices in respect of residential home mortgage insurance coverage underwriting, which contribute to a steady financial system." This comes after several years of federal government examination over the CMHC, with previous Financing Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.