Canada mortgage bonds (CMBs) could go extinct
This week, capital markets executives were alarmed by an esoteric blurb buried deep in Tuesday’s federal budget.
In that passage, the government hinted at terminating the $260 billion Canada Mortgage Bond (CMB) program.
For lenders—especially non-deposit-taking bank competitors—that could be a problem. They rely on CMBs to fund their mortgages.
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