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George Furey

The Hon. George  Furey, Q.C., B.A., B.A. (Ed.), M.Ed., LL.B. A distinguished educator and lawyer with deep roots in the community, Senator George Furey is one of the leading citizens of Newfoundland and Labrador. He was appointed to the Senate on August 11, 1999, by the Rt. Honourable Jean Chrétien.

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Financial System

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Statement made on 02 May 2012 by Senator Wilfred Moore

Hon. Wilfred P. Moore:

Honourable senators, my question is directed to the Leader of the Government in the Senate. It is a follow-up to the questions asked yesterday by my colleague Senator Hervieux-Payette with regard to the $114-billion support that the Canadian chartered banks received during the economic downturn.

In Budget 2006, Finance Minister Flaherty made some changes to deregulate mortgage rules in Canada, and I will quote from page 88 of that budget document.

The Government is confirming arrangements that would allow new players entering the mortgage insurance market to gain access to that facility, and is also increasing the amount of business that can be covered under the Government's authority from $100 billion to $200 billion in order to keep pace with the increase in housing prices and the growth in the mortgage market. These changes will result in greater choice and innovation in the market for mortgage insurance, benefiting consumers and promoting home ownership.

The result of these new players was a 40-year amortization period with no down payment, which only led to overheating of the housing market and also allowed people to get into homes they could not otherwise afford. Therefore, when everything went sour, the Canadian government was forced to buy $69 billion in bad mortgage debt from our banks. Why did the government, and the leader as a member of it, create this perfect financial storm for such a disaster that occurred to the Canadian banking system?

Please click here to read the full text of the Senator's question

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