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CMHC Releases 2014 Third Quarter Results

Press Release

OTTAWA, November 28, 2014 — Canada Mortgage and Housing Corporation (CMHC) continues to manage government risk exposure to the housing sector through sound investment strategies, capital management, and prudent underwriting practices.

Third quarter financial results released today show total insurance-in-force declining to $546 billion over the nine-month period, down $11 billion from December 31, 2013. CMHC expects insurance-in-force to decline gradually as normal mortgage repayments continue to offset new insurance written.

Total insured volumes (units) in the first nine months of 2014 were 13.2% lower than the same period in 2013, largely as a result of declining portfolio business due to the portfolio allocation in place.

The implementation of a new asset allocation strategy for the mortgage loan insurance investment portfolio resulted in CMHC’s net income rising to $1,747 million in the nine-month period ended September 30, 2014.

In line with international practices and Canadian guidelines for mortgage insurers, CMHC raised its capital targets by 20 points during the quarter. Higher capital helps reduce government exposure to the housing market and contributes to the long-term stability of the financial system.

Ensuring overall portfolio quality through prudent underwriting reduces the risk associated with the mortgage loan insurance business. An average credit score of 745 for transactional homeowner loans, and an average gross debt service (GDS) ratio of 25.7% for the nine-month period ended September 30, 2014, demonstrate a strong ability among homebuyers with CMHC-insured mortgages to manage their debts.

The strength of CMHC’s mortgage insurance portfolio is further demonstrated by an overall arrears rate of 0.34% at September 30, 2014, and 6.5% fewer claims paid over the nine-month period.

CMHC works closely with provinces, territories and housing providers, including First Nations, to help low-income Canadians access affordable, better quality housing off- and on-reserve. For the nine-month period ended September 30, 2014, CMHC provided more than $1.5 billion for housing programs on behalf of the Government of Canada.

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.

A copy of the Quarterly Financial Report and Mortgage Loan Insurance Business Supplement are available at:

Follow CMHC on Twitter @CMHC_CA

Information on this release:

Charles Sauriol, Media Relations
[email protected]


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