CMHC gave Maple Bank green light shortly before banking watchdog seized bank’s assets
TORONTO — Canada’s national housing agency gave Maple Bank GmbH’s Canadian branch the green light during a financial review, just one month before the federal banking watchdog seized the company’s assets amid a German tax investigation, documents show.
Documents obtained by The Canadian Press through an access-to-information request show that the Canada Mortgage and Housing Corporation reviewed Maple Bank GmbH’s status as an issuer of mortgage-backed securities and a seller of Canada Mortgage Bonds in January 2016.
At the time, CMHC’s so-called operations support division said it was “comfortable” maintaining Maple Bank’s status, the documents show.
The housing agency was aware of the German bank’s dispute with authorities, which had been ongoing for about four years, according to the documents.