Since our government was elected in January 2006 we have taken action three times to tighten the mortgage insurance market: in July 2008, February 2010, and January 2011. Then there are the most recent initiatives in the budget bill about governance and supervision of CMHC. We will take further steps if necessary to tighten the mortgage insurance market.
CMHC was created after the Second World War with a mandate to make sure there was adequate housing for veterans after the war. So it had an affordable housing or social housing mandate when it was created. It has grown over the years to have a component that is a significant financial institution in Canada. Federally regulated financial institutions in Canada are regulated by the Superintendent of Financial Institutions, who reports to Parliament through the Minister of Finance.
The office has a very good reputation. Our banks, as you know, did not require bailouts when we went through the very difficult credit and recession crises a few years ago. A good part of that is due to the excellent regulatory and supervisory skills of the Office of the Superintendent of Financial Institutions.
That office will now do the monitoring, governance, and supervision of that part of CMHC, which is the securitization and commercialization branch.