Mortgages here unlike in the US are not securitized (banks selling them to intermediaries which repackage them into instruments of varying risks for institutional investors). And they are not securitized because our financial system is relatively primitive, a lot of players don't give two hoots about satisfying client needs and are instead busy abusing them in more ways than one. Our laws also need to be modified to allow this activity.
Hmm... Maybe not as long as political idiots keep on nominating incompetent people in positions of huge responsibility who don't even know that a government guarantee is the best loan you can get.
