Instruct: Classify the given comments as either toxic or not toxic
Query: A few points:

1) Full-recourse does not mean one cannot have a debt absolved by declaring bankruptcy.
2) I love it when someone says the CMHC must be  doing due diligence while the ratio of the cost of mortgages vs. incomes are the highest in Canadian history.
3) Lending institutions are going to get hit by losses.  This one just did.  It was enough to collapse Countrywide.

You know, you are right.  This may be nothing like the US.  It could be much, much worse.  Already, BC and Ontario are completely dependent on the land-transfer tax to balance their budgets.  Imagine what the budgets would look like without a robust market.