THE NDP OPPOSED TO THE PRIVATIZATION OF THE CMHC

OTTAWA – NDP Housing Critic, Marjolaine Boutin-Sweet, believes that privatization of the Canada Mortgage and Housing Corporation (CMHC) would be a grave mistake and hopes the Minister of Finance, Jim Flaherty, will abandon the idea.

“What the minister hopes to do is abandon the best tool Canadians have at their disposal to ensure confidence and stability in the country’s real estate market”, said New Democratic MP Marjolaine Boutin-Sweet (Hochelaga).

According to Boutin-Sweet, the government should learn from the Fannie Mae and Freddie Mac experience of creating  organizations so large that we can’t  afford for them to fail. “If the CMHC is privatized and then fails, the government will have to pick up the pieces. We cannot afford such a catastrophe.” 

MP Boutin-Sweet believes the Minister of Finance is utterly mistaken if he believes that privatization of the CMHC will relieve the growing household debt of Canadians. “The main goal of private enterprise is to turn a profit”, said Boutin-Sweet. “Not to come to people’s aid and help them find solutions to their housing problems.”

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