Friday, 23 December 2011

IMF 呼吁加拿大政府管紧CMHC的风险承担度

IMF 今天都发表新闻,呼吁加拿大政府管紧CMHC (联邦房贷保险公司) 的风险承担度, 以免造成房市泡沫继续扩大。 现在CMHC的资产及杠杆程度是政府部门中唯一保密的, 而且CMHC也不受其他政府机构管辖。因为它属于一种 "crown corporation", 所以它的资产/债务/杠杆程度都不算在政府的 balance sheet 里头。 但最近在媒体,舆论,及官方的压力下,有可能在数月内公开一部分目前秘密的数据。

IMF calls for review of CMHC risk management
Friday, Dec. 23, 2011 10:25AM

The International Monetary Fund is calling for a review of the rules that govern Canada Mortgage and Housing Corp. to ensure there is sufficient oversight of the Crown corporation.

... IMF simply thinks the government should evaluate closely whether it’s appropriate for one of the country’s largest financial institutions to operate without formal oversight.

Critics such as the C.D. Howe Institute have long called for legislators to re-evaluate the system and consider spinning off, or even winding down, CMHC’s main mortgage business. The IMF’s report comes after Finance Minister Jim Flaherty made moves to enhance Ottawa’s authority earlier this year, suggesting the IMF believes those changes have not gone far enough.

Strengthening oversight of the [CMHC] will be particularly important,” given Canada’s record levels of household debt and evidence that some cities are experiencing house-price bubbles, the IMF's executive board said in a separate statement.

加拿大的房市早已不是健康的自由市场, 而是加拿大政府经由 CMHC 联邦房贷保险公司一手捧起来的市场。 (CMHC 等于美国的Fannie Mae 房利美 及 Freddie Mac 房地美)

之前的40年0首付贷款政策 (包括现在还算极其宽松的30年5%首付房贷)都是政府介入,假象提高人民购买力, 经由CMHC承担应该是银行本身的贷款风险。

赚的钱是银行赚,亏的话是付税的老百姓承担, 银行何乐不为?

所以,你若要加拿大政府"不介入房市" 那第一步就是让CMHC减少对银行房贷的保险,让银行对自己的借贷负更多的责任,进而降低人民的杠杆程度及国家经济未来的风险。

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