Comment: What back door bailout from the US Federal Reserve? This did not and never would happen!! The only thing that happened in Canada is that the Bank of Canada purchased CMHC secured mortgages from the Banks and other Financial institutions. This gave the lenders liquidity to lend more out to the community. Otherwise the only other route was to turn off the access to credit especially to the commercial sector. 

When some idiot states that this was a sweetheart deal for the banks, I remind them that the banks never took up to the available limit. That was because they were giving up the interest rate return on solid investments. 

The Government of Canada made good money on that deal.