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Message: Lest We Forget
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We'll hear about it when it is beneficial and convenient to someone. ergo Rahm Emanuel - Never let a serious crisis go to waste. I wonder if the GOP pulls the Obama/Corzine connection into the mix once the republican race is finalized? Looks like that may be the case. Politics. Similar to all the dirt coming out on the conservatives that was never covered by the MSM when the perps were actually in the act. Robo signing, IMPP, etc. Now it's almost front page yet we were talking about Canadian banks offloading toxic mortgage debt on tax payers during the 2008 ABCP debacle last year. Thanks F.


In 2008, when banks around the world were struggling to lend, Mr. Flaherty created a program through which Ottawa essentially bought more than $66-billion worth of mortgages from Canadian banks. The government raised the cap on the amount of mortgage insurance that CMHC can have outstanding twice since the end of 2007, from $350-billion to $450-billion and then to $600-billion. With CMHC approaching that limit, Mr. Flaherty made it clear earlier this year that Ottawa does not want to raise the cap again.

Taxpayers are ultimately on the hook for the insurance, which is used to reimburse banks when borrowers default on their mortgages. CMHC said in its corporate plan this week that it expects the amount of insurance it has in force to creep up to $587.7-billion between now and 2016. It forecast growth of just $30.8-billion from 2011 to 2014, marking a sharp slowdown from the nearly $170-billion increase in the agency’s mortgage insurance outstanding from 2007 to 2010.

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