Speech (House debate)

{
    "time": "2012-02-03 10:20:00",
    "attribution": {
        "en": "Mr. Ted Hsu (Kingston and the Islands, Lib.)",
        "fr": ""
    },
    "content": {
        "en": "<p data-HoCid=\"2673748\" data-originallang=\"en\">Madam Speaker, while I listened to the hon. parliamentary secretary, I could not help but be struck by what I would consider taking undue credit for the strength of the Canadian financial system. I am glad the legislation has some renewals on sunset clauses and technical amendments because, in the past, Conservatives urged deregulation of Canada's financial system. I believe the strength of Canada's financial system really is due to the resistance by previous Liberal governments to deregulate.</p>\n<p data-HoCid=\"2673749\" data-originallang=\"en\">After the 2006 election, we had proof of the Conservative's desire to deregulate when the finance minister brought in 40-year mortgages with no down payment. Over the years, they realized that was a mistake because it encouraged consumers to take on too much risk. We know that the allowance of these mortgages was amended over the years. A couple of years later it was changed so that only 35 years was allowed for the period of a mortgage, requiring a down payment of 5%. Just last year they said that was maybe a little too risky. They had to back off some more and changed it to 30 years, with a 5% down payment.</p>\n<p data-HoCid=\"2673750\" data-originallang=\"en\">The bill is worth supporting because the renewal of the sunset clauses is needed as well as some of the technical amendments, which could be tweaked. However, I want to counter what the parliamentary secretary has said in taking credit for the strength of Canada's financial system, which is recognized by the rest of the world. Having heard\u2014</p>",
        "fr": "<p data-HoCid=\"2673748\" data-originallang=\"en\">Madame la Pr\u00e9sidente, pendant l'intervention de la secr\u00e9taire parlementaire, je n'ai pu m'emp\u00eacher d'\u00eatre frapp\u00e9 par le fait qu'elle attribue au gouvernement, \u00e0 mon avis de mani\u00e8re injustifi\u00e9e, le m\u00e9rite de la vigueur du syst\u00e8me financier canadien. Je suis heureux que la mesure l\u00e9gislative pr\u00e9voit le renouvellement de certaines dispositions de caducit\u00e9 et des modifications de forme du fait que, dans le pass\u00e9, les conservateurs ont pr\u00f4n\u00e9 la d\u00e9r\u00e9glementation du syst\u00e8me financier canadien. En r\u00e9alit\u00e9, je crois que la vigueur de ce dernier est attribuable aux gouvernements lib\u00e9raux pr\u00e9c\u00e9dents qui se sont oppos\u00e9s \u00e0 la d\u00e9r\u00e9glementation.</p>\n<p data-HoCid=\"2673749\" data-originallang=\"en\">Apr\u00e8s les \u00e9lections de 2006, les conservateurs ont manifest\u00e9 leur position \u00e0 cet \u00e9gard quand le ministre des Finances a instaur\u00e9 des pr\u00eats hypoth\u00e9caires sans mise de fonds assortis de p\u00e9riodes d'amortissement de 40 ans. Au fil des ans, ils ont constat\u00e9 leur erreur du fait que cela encourageait les consommateurs \u00e0 prendre trop de risques. Par cons\u00e9quent, les dispositions d'admissibilit\u00e9 \u00e0 ces pr\u00eats ont \u00e9t\u00e9 modifi\u00e9es au cours des derni\u00e8res ann\u00e9es, notamment de mani\u00e8re \u00e0 exiger une mise de fonds de 5 p. 100 et \u00e0 limiter la p\u00e9riode d'amortissement \u00e0 35 ans. L'an dernier, les conservateurs ont dit que ces dispositions pr\u00e9sentaient peut-\u00eatre un peu trop de risques et ils se sont ravis\u00e9s en limitant la p\u00e9riode d'amortissement \u00e0 30 ans avec une mise de fonds de 5 p. 100.</p>\n<p data-HoCid=\"2673750\" data-originallang=\"en\">Le projet de loi est digne d'appui parce qu'il importe de renouveler les dispositions de caducit\u00e9 et d'apporter certaines modifications techniques \u00e0 la loi, qui pourrait \u00eatre peaufin\u00e9e. Toutefois, je m'oppose aux propos de la secr\u00e9taire parlementaire selon lesquels le gouvernement s'attribue le m\u00e9rite de la vigueur du syst\u00e8me financier canadien, dont les autres pays reconnaissent le bien-fond\u00e9. Ayant entendu...</p>"
    },
    "url": "/debates/2012/2/3/ted-hsu-1/",
    "politician_url": "/politicians/ted-hsu/",
    "politician_membership_url": "/politicians/memberships/4111/",
    "procedural": false,
    "source_id": "6485704",
    "h1": {
        "en": "Government Orders",
        "fr": ""
    },
    "h2": {
        "en": "Financial System Review Act",
        "fr": ""
    },
    "document_url": "/debates/2012/2/3/",
    "related": {
        "document_speeches_url": "/speeches/?document=%2Fdebates%2F2012%2F2%2F3%2F"
    }
}