In short, the myth that they did not require a ‘bailout’ in response to the GFC was disproved. Walks explained it is because the Canadian state was successfully able to direct a crown corporation (the CMHC) to absorb securitized mortgage assets, which were issued under subprime lending standards. Although it was not as extensive as the bailouts and nationalizations employed in the United States or United Kingdom, the Canadian experience exposes a degree of intervention similar to that implemented
In short, the myth that they did not require a ‘bailout’ in response to the GFC was disproved. Walks explained it is because the Canadian state was successfully able to direct a crown corporation (the CMHC) to absorb securitized mortgage assets, which were issued under subprime lending standards. Although it was not as extensive as the bailouts and nationalizations employed in the United States or United Kingdom, the Canadian experience exposes a degree of intervention similar to that implemented