Human Resources committee  Thank you. Yes, I am aware of that. The answer depends in part on the type of student housing we are talking about. We limit what you might consider typical student resident housing to housing on campus. Think of that as quads with a common kitchen. Basically what we do, through mortgage loan insurance, is facilitate the financing of the construction of these facilities, again on a commercial basis.

Human Resources committee  Yes, we are.

Human Resources committee  Correct--for new applications.

Human Resources committee  We're currently in the process of negotiating the announcement with Ontario. That is one of the jurisdictions where there has been no announcement made.

Human Resources committee  Again, there has been nothing committed at this point until that announcement between us and Ontario proceeds.

Human Resources committee  What we have done in anticipation of this delay is we have continued.... We have delivery agents who work with the program in Ontario. While we can't commit new funds until this agreement goes ahead, we are encouraging them to accept applications--they are doing this--and to do due diligence work with respect to being in as ready a position as possible the moment the agreements are announced.

Human Resources committee  If we do not spend the money by March 31, it would lapse, or we would request a reprofiling from government.

Human Resources committee  Correct.

Human Resources committee  We expect it will be probably no later than the end of November. A number of provincial elections are causing some delay, but provided those clear up fairly quickly.... We don't anticipate any difficulty. It's just a question of the environment we found ourselves in.

Human Resources committee  The framework was agreed to by all provinces and territories in July. We are now going through the process of signing bilateral agreements with each jurisdiction to implement that framework. At this point, five of those agreements have been announced, and we are concluding the agreements in the other jurisdictions.

Human Resources committee  No, they aren't typical years. Certainly not only was the economy going through difficult times, but obviously borrowers themselves were having some difficulty, so our claims did increase. Our arrears rates did increase. But I think it needs to be put into perspective. First of all, mortgage insurance is expected to go through ups and downs in economic cycles.

Human Resources committee  Again, that's up to provinces and territories. They're responsible for the design and the delivery of programs. We currently deliver RRAP in only five jurisdictions, and in fact two of those jurisdictions have decided to take on the delivery themselves. So it will be up to them to decide how they want to conduct the program going forward, if in fact they want to continue with that stream at all.

Human Resources committee  The number actually is about $69 billion. Just to go back a bit, these were mortgages that were already insured by CMHC or the private sector, that were sitting on the balance sheets of financial institutions. When the economic downturn hit, the banks needed a way to access new funds to continue to allow credit to flow.

Human Resources committee  It's just the flexibility with which they can spend that money that has been expanded.

Human Resources committee  Unchanged. It's exactly the same.