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Canada regime still appeals to MFAA

02 April 2014 5:01PM
The mother of all industry support schemes continues to hold appeal for some in the finance sector.The Mortgage and Finance Association of Australia is calling, once again, for a local version of the Canadian government underwriting of mortgage-backed securities, a regime in force there since the 1980s.In its submission to the Financial System Inquiry, the MFAA said that "in general it subscribes to the principle that governments should not intervene in markets unless it can be demonstrated that that there is an imbalance in competition which regulatory measures would correct," and backed its mortgage market funding proposal "under this principle."The MFAA submission otherwise griped about the need for regulatory proposals to be competitively neutral.It railed against "attempts to micro-manage business," which is its take on the modern consumer credit law.

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