Canadian model ‘would give mortgage market credibility’

If the Irish mortgage market is to regain credibility then it should copy the Canadian model which has remained stable since the 1950s, according to Angel Mas, president and chief executive of Mortgage Insurance Europe at Genworth.

The Canadian model is based on a universal mortgage insurance scheme, which forces banks to take out protection against defaults.

In the 1950s, the Canadian government was faced with a twin dilemma, explains Mr Mas. It wanted a stable financial system as well as encouraging young people to take out mortgages.