I agree 100%. The Canadian banking system is more stable because it does not have securitization. All mortgages stay on the banks; books. 5% mortgages are insured but 20% mortgages are not. The banks keep all the risk on theses. Here's a link to my article, Why Fanny Failed, setting this out in more detail: https://medium.com/@janweirlaw/why-fannie-failed-9f011a5fc673