We know that in the U.S. many of those who make the risk assessment clearly got it very wrong. I want to express concern that the Canadian public might be on the hook for private insurers. In other sorts of insurance, the insurance industry underwrites its own liabilities. I'm concerned about the public.
I would like to ask Ms. Kinsley a question. You talked about CMHC underwriting mortgages that private insurance carriers don't normally underwrite. Because the private insurers only take on the most profitable mortgages, are they cherry-picking mortgages in a way that undermines CMHC? It seems there are many positive aspects that Canadians get from CMHC. Would CMHC be able to earn even more money for Canadians if the private insurers weren't cherry-picking those better risks?