Minister of Finance
2) Rates are at all time lows, banks are falling over themselves to lend at very low rates and prices are at all time highs. To provide insurance at such a time to vulnerable borrowers is setting these borrowers up for disaster should there be the slightest change from the current ideal circumstances and exposing us all to excessive risk.
May I offer some suggestions, at this late hour to mitigate the risk we are all now exposed to:
In fact the CMHC should have its horns clipped significantly. As mentioned, insuring vulnerable lenders at all time low rates and all time high prices is doing no one any favours. I would encourage you to continue on your path of tightening lending requirements.
Privatizing the CMHC would be the ideal solution to allowing the market-place to properly evaluate risk and reduce the burden on the tax-payer.
3) The Board of the CMHC needs to revamped. I have reprinted the names and occupations of the Board members taken from the CMHC site, below:
Chair of the Board of Directors, CMHC
Principal, Chiesa Group
President and Chief Executive Officer
James A. Millar
National Capital Region
The Sussex Circle
André G. Plourde
President, Groupe immobilier de Montréal Inc.
E. Anne MacDonald
Pictou, Nova Scotia
Chief Financial Officer
Partner, Practical Plumbing Co. Ltd.