Ottawa to limit taxpayers' exposure to mortgage market
In the federal budget tabled Thursday, Ottawa announced further steps to limit taxpayers' exposure to the mortgage market by cracking down on banks' ability to use bulk mortgage insurance as a tool to offset their risks and boost their bottom lines.
Canada plans to buy up to C$25 billion in insured residential mortgages to help cushion banks from the global financial crisis and address a ``scarcity'' of private-sector lending, Finance Minister Jim Flaherty said on Friday.