Robert Kelly, former Bank of New York Mellon Corp. chief executive officer, was named chairman of the Canada Mortgage & Housing Corp. in the government’s latest move to bolster oversight of the federal housing agency.
“Mr. Kelly has extensive Canadian and U.S. experience in both housing finance and capital markets, which will be of great benefit to CMHC,” Human Resources Minister Diane Finley said in a statement today. “His expertise and leadership will ensure the continued strong governance of Canada’s national housing agency.”
Finance Minister Jim Flaherty gave new powers last year to the nation’s banking regulator to oversee CMHC’s finances and added two government deputy ministers to the agency’s board of directors.
Most mortgage insurance in Canada is provided by CMHC, which is backed by the federal government’s top credit rating.
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