Thank you, Madam Chair. Let me qualify by saying that this will be an independent business partially seeded by government and subject to the other investors coming forward. My understanding is that, if not all, close to all of the mortgages will be CMHC guaranteed, as they are done with banks. I don't have the percentage here. However, it's certainly the intent to have this operation run no different in terms of the conventional banks and their conditions of lending. It may practice some different ways of doing it but CMHC would be intimately involved in this operation. Thank you.
Hon. John Todd on Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
In the Legislative Assembly on May 28th, 1996. See this statement in context.
Committee Motion 12-13(3): To Amend Clause 3(2) Of Bill 11, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
May 28th, 1996
Page 719
John Todd
See context to find out what was said next.