Thank you for the question and for the opportunity to respond.
First, If would say that CMHC's mandate as set out under the National Housing Act would not be affected by this provision. In fact, the market has long been open to new entry. CMHC does provide mortgage insurance in all parts of Canada, including in the north, on reserve, rural, single-industry towns, and so on. In fact, a very significant proportion of CMHC's business now is in markets that are not served by the only existing private mortgage insurer.
I would not necessarily accept the presumption, the basis of your question, that the new entrants would necessarily eat into the market share of CMHC or Genworth. That's something that will be a function of the new products and pricing that the new entrants bring to the market. Moreover, I'm not sure that it's safe to say as well that new entrants would necessarily only go for the less risky mortgages. At least some of the new entrants who have testified before the committee and who we've been dealing with in our regular day-to-day work have actually targeted the so-called near prime segments of the market; that is, the higher risk, the lower credit scorers who currently are not eligible for mortgage insurance. Some of the new entrants are targeting that slice of the market.