Third, most mortgages written by Canadian banks are insured by another state-owned body, the Canadian Mortgage and Housing Corporation. This insurance stopped a sudden drop in investor confidence in Canada’s widely collateralised mortgages. Then, during the crisis, the Canadian government instructed CMHC to buy back about C$70bn of the mortgages it had already insured, injecting liquidity into the banks at a crucial moment.
第三,加拿大银行发放的多数抵押贷款由另一家国有机构——加拿大抵押贷款和住房公司(Canadian Mortgage and Housing Corporation,CMHC)承保。这项保险防止了投资者对加拿大广泛担保的抵押贷款突然失去信心。而且,在危机期间,加拿大政府指示CMHC回购它已担保的约700亿加元抵押贷款,在关键时期为银行业注入了流动性。
Fourth, through the CMHC’s insurance system, the state regulates the quality of new mortgages. To qualify for insurance, mortgages must meet minimum standards regarding downpayments and amortisation. This will help Canada to avoid a future free-fall in housing prices. Canadian property is clearly overvalued, especially in Vancouver and Toronto, after four years of near-zero interest rates. But the superior quality of most Canadian mortgages means the market, already cooling off, is less likely to suddenly freeze.
第四,通过CMHC的保险体系,政府对新增抵押贷款的质量进行监管。要具备保险资格,抵押贷款必须满足有关首付和分期付款的最低标准。这将帮助加拿大避免未来出现房价暴跌。由于过去4年来利率处于近零水平,加拿大房产显然是被高估的,尤其在温哥华和多伦多地区。但加拿大绝大部分抵押贷款都属于优质贷款,这意味着已经冷却下来的市场不大可能突然冰冻。
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