I was thinking about US Banks !!! Google Canadian Banks.. they have no trouble at all ! They always profit. And btw, mortgage defaults can't happen by us, anyways. :
Mortgage insurance is a pillar of Canada's strong housing market
See the above link. If you don't have atleast 20% down, you'll need to get mortgage insurance !
I didnt check the link but we also have mortgage insurance in that instance klein. I am aware however that the mortgage structure works much different up there than it does down here.