119 – Privatize CMHC?  A Politician Says Yes

119 – Privatize CMHC? A Politician Says Yes

Author: Doug Hoyes December 10, 2016 Duration: 31:18

My guest today is Michael Chong, the Member of Parliament for the federal riding of Wellington-Halton Hills, and an advocate for the privatization of the Canada Mortgage and Housing Corporation.  First, some background:

As we have discussed on we've previous shows, the big banks are required to have mortgage insurance on all mortgages where the borrower has less than a 20% down payment, and the biggest mortgage insurer in Canada is CMHC.

According to Michael Chong, while there are two private mortgage insurers in Canada (Genworth and Canada Guaranty), CMHC insures 80% of all insured mortgages in Canada, and they currently insure over $500 billion in mortgages.  That's huge.

Mr. Chong's position is easy to understand: with mortgage insurance, it is almost impossible for a bank to lose money on a mortgage, so they have a strong incentive to lend as much money as possible to maximize their profits. 


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

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