That would be just fine.
What is clear, though, is that, instead of using covered bonds, which are basically backed up by solid and excessive collateral, banks are overwhelmingly using government-backed insurance, either by having their customers pay for it up front or by bundling up all their mortgages and getting an insurance stamp from you, or Genworth or Canada Guaranty. They are choosing to use government-backed insurance instead of using collateral.
Do you not believe that this is creating a major distortion in our housing system, which allows the banks to have the profit and the taxpayers to have the risk, and housing prices to skyrocket as a result?