My question related to CMHC's financial health, and you confirm that it is in good financial health.
Canadians are familiar with two particular components of CMHC. The first is social housing; the second is the guarantee program for people who cannot put at least 20% down on a home purchase. In general, the proposal to make the Office of the Superintendent of Financial Institutions responsible for CMHC's assets and securitization activities is not bad in itself. It will eliminate taxpayers' liability for a major organization.
Where I see a problem in the direction you are going is when you talk about privatizing the activities. There are two factors. The first is that the private sector has never considered social housing to be a priority. There are no particular incentives for it to invest in social housing. The other factor relates to guarantees. CMHC occupies that niche because of imperfections in the market. This is somewhat the same as for the student loan program, where the private sector does not guarantee loans to borrowers who might present more of a risk.
That is why I think CMHC meets needs that the private sector could not meet. So how can you think that CMHC is in competition with the private sector?