Bundling Mortgage backed Securities in Canada?

After watching the movie the Big Short I heard all about mortgage backed securities. It makes me nervous to learn that a major Canadian bank is putting together a similar type of product. I am not saying it will be filled with bad mortgages but it does raise a question for me is why now when we have overvalued real estate in Vancouver and Toronto. Why would a business whose purpose is to lend to people be taking any default risk off of their balance sheet and sell it to their clients. Some financial institutions in the states did the same thing prior to the subprime meltdown in 2007/2008. For more information about me visit http://www.stockstory.ca/about/about-the-site