Well, to be clear, we're talking about bringing into legislation a contract framework that has previously governed the relationship between the Government of Canada, through the Department of Finance, and the private insurers.
Transparency is almost everywhere to be desired, and it certainly is here. One, from the point of view of private insurers who do publish quarterly statements through OSFI, we want to know the risks to which participants in the financial institutions framework are exposed as part of an ordinary financial stability mandate. What's new and different here is potentially bringing CMHC fully within that framework.
I think it's absolutely superb that CMHC is well capitalized, that its lending activities are managed prudently, and that its securitization activities are professionally run. This is absolutely terrific news. Canada's public service employees and its crown agencies to all appearances do a very good job. What's important, though, is that Canadians, Parliament, taxpayers, and others should see it, and that's what this framework potentially does. We should understand better the risks to which Canadian taxpayers are exposed.
If you compare, for instance, the public documents, the annual reports and financial reports prepared by CMHC, with the regular reporting from Fannie Mae and Freddie Mac in U.S., it's night and day. We know a lot more about the exposures of Fannie Mae and Freddie Mac in the U.S. than we do in Canada.