How high-risk mortgages crept north

"stokes" said
Quote "In the fall of 2005, a tiny paragraph buried in a 280-page federal government estimate of expenditures signalled a new era of competition in the industry."

I love how the G&M blames Harper as the evil man who caused this mess, but the Liberals screwed up in the first place allowing this to even happen....dont they have lawyers to read through things properly to avoid this?

Ultimately, Parliament did not vote on the Finance Department's proposal, thanks to the 2006 federal election and the Conservatives' rise to office. But the U.S. insurers' efforts weren't for naught; the new Harper government quickly embraced the idea of them coming north.

On May 2, 2006, in his first budget, Mr. Flaherty announced that not only would Ottawa guarantee the business of U.S. insurers, it was doubling the guarantee to $200-billion.