Mr. Speaker, Canada Mortgage and Housing Corporation was doing a very good job of providing mortgage insurance, and even returned a profit to Canadians. Yet the government opened the door to U.S. insurers, then pushed to relax the rules so these insurers could offer riskier mortgages, which they did. They encouraged people to sign on to mortgages they could not afford.
Why is the government asking taxpayers to risk billions of dollars for these private companies when CMHC is a much more secure, more stable way of helping homebuyers? Why is that?