The Canadian government bought C$2.33 billion ($2.08 billion) of mortgages from banks, less than the C$4 billion it had offered, as part of a program to encourage new lending.
Canada Mortgage and Housing Corp., a state-run agency, announced the purchase today on its Web site. The transaction is aimed at helping banks fund new loans to consumers and businesses. Finance Minister Jim Flaherty began the program with a plan to buy just C$25 billion, later expanding it to as much as C$125 billion.
Read Alexandre Deslongchamps’ full article “Canada Buys C$2.33 Billion of Bank Mortgages, Less Than Offered” in Bloomberg (July 15, 2009).