March 26, 2020 / 4:08 PM / in 7 days

Canada triples potential mortgage securities purchases to C$150 billion

TORONTO, March 26 (Reuters) - Canada is expanding its Insured Mortgage Purchase Program (IMPP) in an effort to bolster funding for banks and mortgage lenders so that money continues to flow to consumers and businesses, the government’s housing agency said in a news release.

The amount of insured mortgage pools that the Canadian government stands ready to purchase is being increased to C$150 billion from C$50 billion announced earlier this month, the Canadian Mortgage and Housing Corporation said. (Reporting by Fergal Smith)

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