We're purchasing mortgage-backed securities guaranteed by the Canada Mortgage and Housing Corporation. These are the same sorts of securities that are purchased on the market. Sometimes they are purchased as NHA mortgage-backed securities, which have mortgage-like flows, and sometimes these are put together into what is called the Canada mortgage bond, a fixed-rate bond, which has payments that are more like a five-year Canada bond than a mortgage-related flow.
So all of the underlying mortgages are insured against default in the first step. They may be insured against default when they are originated, because federally regulated financial institutions are obliged to ensure against default on any mortgage for which the loan-to-value ratio is 80% or above at origination.
We also have lower ratio mortgages in there too. Again, those are all insured against default as a first step. That happens through what's called portfolio insurance, where the lender brings either to CMHC or to one of the private insurers a portfolio of loans, which is examined loan by loan, and then a price is negotiated to insure the portfolio.