The most common home mortgage in Canada is the five-year fixed-rate closed home mortgage, instead of the U.S. where the most common type is the 30-year fixed-rate open mortgage. Throughout the monetary crisis and the taking place economic downturn, Canada's home loan market continued to operate well, partially due to the residential mortgage market's policy structure, that includes a reliable regulative and supervisory routine that uses to most lending institutions.In April 2014, the Office of the Superintendent of Financial Institutions (OSFI) released standards for mortgage insurance coverage companies intended at tightening requirements around underwriting and threat management. In a statement, the OSFI has specified that the guideline will "offer clarity about best practices in respect of property home loan insurance underwriting, which add to a steady financial system." This follows a number of years of federal government analysis over the CMHC, with former Financing Minister Jim Flaherty musing publicly as far back as 2012 about privatizing the Crown corporation.