"One reason Canada’s banking industry has been cited as one of the world’s most stable is that the government backs all the mortgage insurance obligations in the market. That includes fully-backing mortgage insurance sold by Canada Mortgage & Housing Corp （CMHC）. and 90 per cent when sold by private insurers like Genworth MI Canada Inc. that compete with the government agency. This iron-clad government support on insured mortgages is “unique” in the world, according to the finance department."