Mr. Lloyd Axworthy (Winnipeg-Fort Garry):
I have a question for the Minister of Finance. By this time, the Minister of Finance must be aware that as a consequence of the high interest rate policy of his government, thousands of Canadian families are facing the horrendous prospect of renegotiating their mortgages at a time when rates have gone up anywhere from 30 per cent to 50 per cent. To put it in other terms, where mortgage rates have gone up, carrying costs have risen as much as $1,500 a year.
Under those circumstances, and now that the Prime Minister has agreed it is time to review policies, is the Minister of Finance also prepared to agree that it is time he took some action to relieve those hardships? In particular, is he prepared to give directives to banks and lending institutions that they provide short-term loans for people caught in those circumstances?
More importantly, is he prepared to provide some shortterm, emergency assistance or low-rate mortgages to enable people to carry over until those great halcyon days when interests rates may go down?
Topic: ORAL QUESTION PERIOD
Subtopic: HIGH INTEREST RATES-RENEGOTIATION OF MORTGAGES CAUSED THEREBY