Posted AT 4:03 PM EST on 31/07/08
CMHC to expand bond program for banks
Canada Mortgage and Housing Corporation is going to expand the Canada Mortgage Bond program to include a bond with a 10-year maturity, a move that will please the country's major banks, which use the program as a cheap source of mortgage financing.
Chief executives of Canada's big six banks had been pressing Finance Minister Jim Flaherty to expand the program because ongoing financial turmoil has increased the amount banks must pay to raise funds to lend to borrowers.
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