Evidence of meeting #15 for Finance in the 40th Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was mortgages.
A recording is available from Parliament.
10:55 a.m.
Prof. Ian Lee
I don't have that figure at my fingertips. I've seen the figure, but....
10:55 a.m.
Vice-President, Insurance Product and Business Development, Canada Mortgage and Housing Corporation
Are you asking in terms of the securitization?
10:55 a.m.
Prof. Ian Lee
Good question.
10:55 a.m.
Treasurer, Canada Mortgage and Housing Corporation
Total NHA MBSs outstanding and Canada mortgage bonds represent in the area of 22% of the mortgage market.
10:55 a.m.
Conservative
The Chair Conservative James Rajotte
What percent of the market would be covered by the alternative mortgage market, then? I'm told it's as high as 30% of the mortgages.
10:55 a.m.
Conservative
The Chair Conservative James Rajotte
Yes. I guess we'll have to ask another group.
There's a second issue I wanted to just quickly follow up on.
Mr. Lee, you talked about a national securities regulator. I appreciate that, but do you have recommendations in terms of how you would regulate asset-backed securities, derivatives...? The securities regulator is certainly one model, but you then need to have a system of regulation that falls under that model.
10:55 a.m.
Prof. Ian Lee
I haven't drilled down to that level yet, but there are proposals floating around in the States and in England. I can certainly get some ideas to you very quickly, but I don't have them with me.
11 a.m.
Conservative
The Chair Conservative James Rajotte
Okay. I would appreciate any information on that.
I want to thank all of you for being here with us today. If you have any further comments or any information you want to submit to the committee, please do so.
The meeting is adjourned.
