Thank you, Mr. Chair, and thank you to all the witnesses for appearing here.
I'd first like to ask a question about CMHC to Mr. Serré. It's my understanding that until 2006, the maximum length of a mortgage that CMHC would ensure was 25 years, but as of, I believe, the fall of 2006, that changed, so that for the first time CMHC would insure mortgages for up to 40 years with zero down payment. Is that correct?
I'm interested as to why this change was made. Did CMHC request that, or was it imposed on you, or how did this come to pass? It looks suspiciously like a U.S. subprime-type arrangement.