We've been monitoring closely what is going on in the U.S. We don't see the same conditions here at all. The U.S. market is much more developed than the Canadian market. The Canadian market is growing rapidly, but has only started to grow over the last few years. Institutions and unregulated players in the U.S. have been doing this for quite some time. It's probably 2% of the Canadian mortgage market, and it's closer to 15% in the U.S. We don't see much activity in new originations. It may be 5% here; it's closer to 20% in the U.S.
A few institutions are very interested in this, small institutions, and some unregulated players in Canada are interested in this market. We would, as part of our job, be looking at what those institutions are doing. The U.S. market is giving us lots of examples of what to look at. We're not seeing the exotic mortgages; we're still seeing 25-year amortization with three- to five-year fixed terms. Also, in the U.S. the interest deductibility of interest payments when you have a mortgage is a big driver to borrow more than you would borrow here.
Mortgage insurance is playing a big role in Canada as well; all the high-ratio mortgages must be insured if they're offered by a bank. Predominantly the lenders are regulated institutions in Canada. There are new players—