Unlike the United States, where thousands of lenders compete tooth and nail, the industry in this country is concentrated in the hands of the banks and the credit unions, with a handful of smaller players focusing on borrowers the banks don't want to deal with. "Canadian banks have all the pricing power and the consumer doesn't," said Rob Sedran, an analyst at CIBC World Markets. Another reason banks like the business is because the riskiest mortgages are insured by Canada Mortgage and Housing Corp., a Crown corporation.
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