The most typical mortgage in Canada is the five-year fixed-rate closed mortgage, rather than the U.S. where the most common type is the 30-year fixed-rate open home mortgage. Throughout the monetary crisis and the occurring recession, Canada's home mortgage market continued to function well, partly due to the domestic home mortgage market's policy framework, which includes an effective regulatory and supervisory regime that uses to many lenders.In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) launched standards for home mortgage insurance coverage providers targeted at tightening up standards around underwriting and danger management. In a statement, the OSFI has specified that the guideline will "provide clearness about best practices in regard of residential mortgage insurance coverage underwriting, which add to a steady monetary system." This comes after several years of federal government analysis over the CMHC, with former Finance Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.