There are regulations now. This adds to the regulations and it adds the new function to existing government capacity. I don't think it's a revolutionary concept. It doesn't cause any upheaval; it simply adds a dimension to the process. It's necessary now, because up until this moment the bulk of the mortgage insurance has been carried by CMHC, from the point of view of certain public policy principles. So by opening it up, one could make the assumption that private mortgage insurers will put the public policy first. And many we heard from said by all means, they will.
All we're saying is let's be sure. Let's give government the capacity to check for that. If there's a problem, then we can take action. But do not leave it open and only say it's a business decision when in fact we're talking about fulfilling a public policy issue.
Remember, we're not talking about broad mortgage insurance. We're talking about mortgage insurance that's required because people don't have enough to put as a down payment. So we're talking about low-income Canadians, about people wanting to be homeowners but not having the means, and trying to make it possible.
I think if the government wants to go down this path, it has to marry the business objectives with some form of public policy criteria.