Thank you, Chairman.
The motion is as was presented to members of this committee a couple of weeks ago. I'd like to have a look at what has happened in the American real estate market and pose the question of whether we stand in any danger of having that happen here in Canada, particularly because it was this committee that had hearings two years ago into changes that were proposed in budget 2006, which actually passed, which changed the mortgage market in Canada. It allowed the creation of 40-year mortgages, which many people believe have had a pretty substantial impact on the real estate market.
I'd like us to be able to have a look now, two years later, at the impact of that in the marketplace--positive or negative--and also have a look at what happened in the U.S. housing market and see if there's any concern that this may happen here. The Governor of the Bank of Canada expressed concern today. He said they're watching the changes to the amortization, and I think that's a very astute comment of his. I'd like to make sure that we as a committee are having a look here in the interest of our voters, citizens, and homeowners, that we're making sure we are protecting them as well as we possibly can.
That is the intent of my motion.