The most common home mortgage in Canada is the five-year fixed-rate closed home mortgage, rather than the U.S. where the most typical type is the 30-year fixed-rate open home loan. Throughout the financial crisis and the occurring economic downturn, Canada's mortgage market continued to work well, partly due to the residential home loan market's policy framework, that includes an effective regulative and supervisory regime that applies to many lending institutions.In April 2014, the Workplace of the Superintendent of Financial Institutions (OSFI) released standards for home mortgage insurance coverage suppliers intended at tightening up standards around underwriting and risk management. In a declaration, the OSFI has actually mentioned that the standard will "supply clarity about finest practices in regard of residential mortgage insurance coverage underwriting, which add to a steady monetary system." This follows a number of years of federal government examination over the CMHC, with former Financing Minister Jim Flaherty musing openly as far back as 2012 about privatizing the Crown corporation.