Mr. Speaker, the member said if the bill is turned down, CMHC will not be able to continue to operate. That is simply not true.
CMHC will still have the hundred billion dollars it has had for years to operate. This bill is about increasing that limit. It is not about whether CMHC operates or not. I believe there is an attempt by members on the other side to make it appear that if this bill fails, all mortgages across Canada will collapse. That is not true.
In the event of a collapse in the market, as in the early eighties, and if CMHC will not cost Canadians any money, in the event of a downturn, who picks up the tab on these defaulted mortgages?