I hear the parliamentary secretary saying they are.
This tool is not the answer to it.
When I questioned people at Mortgage Professionals Canada how long it would take the brokerages to get their IT systems ready to go, because they need IT systems to do their underwriting, securitization, double-check loans and all the details that need to be figured out, the said eight to 10 months. That is eight to 10 months on a program the government wants to be effective in September.
When I asked the Department of Finance officials about the details of the program, the terms and conditions, the fees, if there would be a premium on these shared equity mortgages, they told me they did not know those details because they had not been decided yet.
When I asked the CEO of CMHC, I was told it had not decided yet what those details would be. When I asked when the board of CMHC was informed that it would be handling the shared equity mortgages on behalf of the Government of Canada, he told me the night of the budget. That means the board of CMHC had no idea it would be administering this large-scale program.
If we want to know what God thinks of money, we should look at the people he has given it to, what they have done with it and how badly they have mismanaged it. With a problem like housing, the policy tools chosen to address it are completely inadequate.
I will not be supporting this bill and I encourage all members not to support it.