Oh, my lord. It was a 5 column report.
Banks are stable. They make and hold mortgages. They do not bundle and securitize them, and the Canadian Mortgage and Housing Corporation is not a government sponsored enterprise. It is a government agency. Lenders have recourse to borrowers. They may walk away from the home, but they do not walk away from the loan. Mortgage interest is not tax deductable, discouraging the investment component of home ownership, yet Canadian home ownership is about the same as in the US.
Some members of G-20 want to kick in on an international bank tax. Flaherty is oppposed and point out that this is favored by nations that put taxpayer money into their financial institutions, and those that did not. Canada did not.