John Rafferty on Questions Passed as Orders for Returns

With respect to the Fall 2008 purchase by the government of $150 billion in mortgage securities from Canadian banks through Canada Mortgage and Housing Corporation (CMHC): (a) what conditions were sought and received from the banks by the government in return for extending this credit swap, and what conditions, if any, were sought by the government but rejected by the banks; (b) were any conditionalities sought on executive compensation; (c) did the federal government seek assurances of interest rate cuts or greater credit access by consumers and companies in return for the credit swap and, if not, why not; (d) what oversight measures are in place to monitor how the banks use the credit; (e) how was the $150 billion sum disbursed, (i) which banks or financial institutions accessed funds, (ii) on what dates, (iii) in what amounts; (f) what was the presumed economic stimulus of this bailout; (g) how long does the government anticipate holding these mortgages and what is the anticipated return from this credit swap; and (h) in the event of a mortgagee defaulting on their loan, what are the financial liabilities and responsibilities borne by the government?