CMHC Releases 2017 First Quarter Financial Report
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 05/30/17 -- Canada Mortgage and Housing Corporation (CMHC) today released its 2017 first quarter financial report, as well as supplemental data on the Corporation''s Mortgage Loan Insurance, Securitization, and Covered Bonds business activities.
First Quarter Highlights
Mortgage Loan Insurance Portfolio Highlights
The quality of CMHC''s mortgage loan insurance portfolio has been improving in recent years. As at March 31, 2017, the average equity CMHC-insured homeowners hold in their property is 35.2% and the overall arrears rate stood at 0.32%.
Additional portfolio highlights for the three months ended March 31, 2017:
Dividend Framework
Going forward, CMHC will consider a quarterly dividend to the Government in the event its actual capital exceeds its capital target. CMHC will continue to hold capital for its commercial activities commensurate with its risk profile and in accordance with OSFI''s updated regulatory capital requirements for mortgage insurers. Historically, CMHC has retained all of its net income as capital. CMHC has not paid any dividends since its creation in 1946.
The implementation of a dividend framework aligns with recent direction from the Government to Canadian federal financial Crown corporations. The framework will ensure that CMHC effectively manages its capital in relation to risk and pays dividends to the Government when capital is in excess of levels required to deliver its objectives. As CMHC''s earnings are already consolidated into the Government''s accounts, the dividend will not impact the Government''s projected deficit.
CMHC also expects to declare a special dividend during the year to align its actual capital with its capital holding targets.
"As a Crown corporation, CMHC is the only mortgage insurer whose proceeds benefit all Canadians. The dividend balances returning excess capital to the Government of Canada with retaining enough capital to protect against housing market risks."
- Wojo Zielonka, Chief Financial Officer and Senior Vice-President, Capital Markets, Canada Mortgage and Housing Corporation
CMHC helps Canadians meet their housing needs. As Canada''s authority on housing, we contribute to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer objective housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of our operations.
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Contacts:
Media inquiries:
Audrey-Anne Coulombe
CMHC Media Relations
613-748-2573
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Datum: 30.05.2017 - 08:01 Uhr
Sprache: Deutsch
News-ID 1506460
Anzahl Zeichen: 3435
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OTTAWA, ONTARIO
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Commercial Real Estate
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