Mr. Speaker, Canadians are suffering under record levels of personal debt and according to the Bank of Canada, the fastest growth of that debt was back in 2008, which happened to be the year that saw half of the new mortgages taken out in Canada were 40 year mortgages. Those were the same 40 year, no down payment mortgages that were introduced by that Minister of Finance back in budget 2006.
Will the minister admit that it was his flawed policy decision in budget 2006 to bring U.S.-style mortgages into Canada that has led to this personal debt crisis?