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Canada Mortgage and Housing Corporation Supports Canadian Credit Markets

OTTAWA, Ontario, October 10, 2008 — Canada Mortgage and Housing Corporation (CMHC) will purchase up to $25 billion in insured mortgage pools as part of the Government of Canada’s plan, announced today, to maintain the availability of longer-term credit in Canada.

The first purchase of $5 billion will be made October 16, 2008 through a competitive auction process. The mortgages involved are high-quality assets that are already guaranteed through government-backed mortgage insurance. The Government will announce a schedule of future purchase dates to take place over the coming weeks.

Canada Mortgage and Housing Corporation (CMHC) has been Canada’s national housing agency for more than 60 years. CMHC is committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country.

Please refer to the backgrounder for details on the competitive auction process.

For more information please contact:

Stephanie Rubec
CMHC Media Relations
Tel: 613-748-2300 ext. 3064
srubec@cmhc-schl.gc.ca

Julie Girard
CMHC Media Relations
Tel: 613-748-4684
jagirard@cmhc-schl-gc.ca

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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