CMHC Suspends Maple Bank Toronto Branch
Ottawa, February 9, 2016
Effective immediately, Canada Mortgage and Housing Corporation (CMHC) has suspended Maple Bank GmbH — Toronto Branch as an Approved Issuer of National Housing Act Mortgage-Backed Securities (NHA MBS). The suspension is the result of restrictions placed on the operations of Maple Bank GmbH by Germany’s Federal Financial Supervisory Authority (BaFin) that affect its ability to fulfill its obligations as an Approved Issuer.
CMHC provides a timely payment guarantee of interest and principal to NHA MBS investors. CMHC`s guarantee of NHA MBS issued by Maple Bank GmbH — Toronto Branch are not impacted by the suspension.
Equitable Bank Assumes Issuer Responsibilities and Rights
Ottawa, October 18, 2016
Upon the successful closing of the transfer of administrative and issuer responsibilities to Equitable Bank of outstanding NHA MBS pools originally issued by Maple Bank GmbH — Toronto Branch, Equitable Bank has assumed issuer responsibilities and rights for the remaining balance of $3.1 billion. Equitable Bank will be responsible for all NHA MBS Issuer responsibilities including payments to investors going forward, and will receive excess interest spread generated by the underlying mortgage pools.
CMHC has approved the transfer of administrative and issuer responsibilities to Equitable Bank. CMHC’s timely payment guarantee of interest and principal to NHA MBS investors continues and is not impacted.