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008180719s2018    oncd    ob   f000 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
043 |an-cn---
0861 |aFB3-7/2018-24E-PDF
1001 |aMordel, Adi.
24514|aThe characteristics of uninsured mortgages and their securitization potential |h[electronic resource] / |cby Adi Mordel and Maria teNyenhuis.
260 |a[Ottawa] : |bBank of Canada, |cc2018.
300 |aii, 5 p. : |bcol. charts.
4901 |aStaff analytical note = Note analytique du personnel, |x2369-9639 ; |v2018-24
500 |aCover title.
504 |aIncludes bibliographical references.
5203 |a"Following changes to housing finance policies that target insured mortgages, uninsured mortgage credit has been growing. This robust growth creates a larger pool of mortgages that may be suitable for private-label residential mortgage-backed securities (RMBS). The development and viability of the Canadian private-label RMBS market would depend on the characteristics of the underlying collateral. We address this data gap by documenting the key features of uninsured mortgages originated since 2014, comparing them across two groups of federally regulated financial institutions, i.e., domestic systemically important banks (DSIBs) and non-DSIBs. We find that on average, non-DSIB mortgages exhibit riskier characteristics, including lower credit scores, and higher debt-service and loan-to-income ratios. When compared with the prime quality collateral backing domestically issued RMBS to date, we estimate that the non-DSIBs’ securitization potential since 2014 has been about $17 billion. Growing that issuance further would require approaches to broaden the pool of acceptable mortgages"--Abstract, p. ii.
546 |aIncludes abstract in French.
693 4|aMortgage-backed securities
7001 |ateNyenhuis, Maria.
7102 |aBank of Canada.
830#0|aStaff analytical note (Bank of Canada)|x2369-9639 ; |v2018-24.|w(CaOODSP)9.807323
85640|qPDF|s440 KB|uhttps://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-7-2018-24-eng.pdf