Mr. Speaker, I could not agree more with my colleague. I would refer to the fact that we have students who have huge debtloads. We have students who have now taken out credit cards because of aggressive marketing. The interest rates are going up. When they cannot pay even the minimum payment, they are suddenly being assessed huge fees.
I raised the issue of young couples who are literally two paycheques away from bankruptcy if one of them loses his or her job. I am talking about people who are university and college graduates. I am talking about lawyers and young MBAs. They are in a difficult position.
People in my province cannot buy a 1,000 square foot condominium for under $600,000. Some people do buy them because they need a place to live but if they lose their home because they cannot pay the mortgage, then they must look for rental accommodations. However, there are no rentals in my city.
I am not exaggerating when I say that we will be seeing people, maybe within two months, who will be out on the street because they are bankrupt. There is data to support this increasing risk to middle income families, what we used to call good, solid, middle income families, that may lose absolutely everything in this recession.
Studying things alone, as the government is doing, hoping that the banks will come on-side, is not good enough. That is why we support the intent of this motion. We have work going on in the Senate to make it happen quickly.