Evidence of meeting #59 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was change.
A recording is available from Parliament.
9:10 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
They're hypothetical when you speak about something that might happen. I'm speaking about something that already happened.
9:15 p.m.
Conservative
9:15 p.m.
Conservative
9:15 p.m.
Conservative
The Chair Conservative James Rajotte
Order.
As the chair, I just wish we'd follow Ms. McLeod's advice—because there are some different opinions on this—and get the full story for the committee.
But Mr. Brison is within his rights to question in this manner.
9:15 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
Mr. Jean, what I'm simply trying to do is help, because Ms. McLeod was kind enough to seek edification on behalf of the committee, as was Mr. Rajotte. I'm just trying to work on a non-partisan basis—
9:15 p.m.
Voices
Oh, oh!
9:15 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
—so we can all get to the bottom of this.
The reason it's pertinent and germane to our current study is that we don't want to repeat these kinds of egregious errors now and in the future, because we've learned something from all of this.
I appreciate very much your insight.
9:15 p.m.
Conservative
9:15 p.m.
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
Mr. Chair, on that very point, I'm wondering if the egregious errors include the $25 billion in social transfers that the Liberals took from the provinces back in the nineties. If he's going to talk about history and historical references, we could talk about that a little bit.
9:15 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
We're talking about provisions around the governance and the prudential strength of our regulatory framework around mortgages.
9:15 p.m.
Conservative
The Chair Conservative James Rajotte
Mr. Brison, you have a minute and 45 seconds left to elucidate the history of the mortgage market in Canada.
9:15 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
I'm actually quite satisfied that the record has been set straight now, and that we can try to avoid these kinds of errors that almost led us off the cliff, following the rest of the lemmings in the U.S. on this sort of thing. I appreciate very much that clarification.
9:15 p.m.
Conservative
The Chair Conservative James Rajotte
I thought I would perhaps take an extra round. I look forward to the report in response to Ms. McLeod's question.
I just thought members might be interested in a news release that they can find on the Finance Canada website for July 9, 2008, so not the fall of 2008, but July 9, 2008. Perhaps we'll have the staff send this out to all the members: “fixing the maximum amortization period for new government-backed mortgages to 35 years; requiring a minimum down payment of five per cent for new government-backed mortgages; establishing a consistent minimum credit score requirement; and introducing new loan documentation standards”.
I love this website. There's so much fantastic information on it. Everybody really should go to this regularly.
There's more I'd love to read, but really, I think what we should do is follow Ms. McLeod's advice, and we will have a full report on the history of the mortgage market in Canada for the benefit of all members.
Do I have any further...?
I have Ms. McLeod.
9:15 p.m.
Conservative
Cathy McLeod Conservative Kamloops—Thompson—Cariboo, BC
I just have one hopefully final quick question. With government-insured mortgages, will they be allowed to be included in the covered bonds, and what would the implications for government be?
9:15 p.m.
Director, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
There is a prohibition on using insured mortgages in the legislated covered bond pool.
9:15 p.m.
Conservative
The Chair Conservative James Rajotte
Thank you, Ms. McLeod.
We have about ten minutes left.
Ms. Nash, you wanted to make a point. Go ahead, please.
