Canada Mortgage and Housing Corp. has granted Pacific & Western Bank of Canada approved issuer status entitling it issue NHA Mortgage Backed Securities, the bank said Tuesday.

The bank has also been approved by CMHC as an approved seller under the CMHC Canada Mortgage Bonds Program.

“This welcome news will allow us to enhance our CMHC mortgage lending program, provides valuable added liquidity and flexibility in our lending portfolio, and increases our potential for additional profits,” said
David Taylor, president & CEO, Pacific & Western, in a release.

The bank, a wholly owned subsidiary of Pacific & Western Credit Corp., specializes in providing financing to relatively low risk markets that include government entities including hospitals, school boards, universities and colleges, municipalities, provincial and federal government agencies, and insured residential mortgages.

IE