The biggest risk is that right now, the liability of the Government of Canada for CMHC is just under $600 billion, which is about one-third of Canada's GDP. That's an enormous amount of money, and that's an enormous liability. I'm not suggesting that it's going to fructify. But there's no need for a government agency to be doing this when we have one of the strongest institutional financial sectors in the world. And it's not just the banks. Everybody focuses on the banks, which are extraordinarily well managed. People don't realize that we have outstanding competencies in the insurance sector, and I'm talking about casualty, life, and property.
Here we are with these outstanding companies, all regulated by OSFI. Yet we're hamstringing them and tying their hands behind their backs to give a competitive advantage to a government agency that once had a valuable function...[Technical difficulty—Editor] But today the markets have matured, and we can diversify and distribute the risk by making sure that we have a competitive private mortgage insurance market, as we do for property insurance, casualty insurance, and so forth.