See I told you…
This from the National Post this morning;“In this round, CMHC said it would hand over $7-billion in cash to Canadian financial institutions, which agreed in return to pay a minimum interest rate of 2.78% (this is the rate at which the government was able to raise the cash through the sale of Treasury bonds and bills). The government eventually received an average rate of 3.78% in return for taking on the mortgage-backed securities — a 1% profit for the government. Estimates suggest that if demand from the banks remains strong for the remaining auction rounds, Ottawa could net $750-million in profit. ”
