Mr. Chair, this question is regarding the insured mortgage purchase program.
As I understand it, banks are allowing payment deferrals for people affected by COVID-19, but they are also double-ending on the interest charged, first during the deferral period and then when the deferred amount is added to the back end of the mortgage, where it is then charged interest again. Lenders, as I understood from the testimony, are actually benefiting and profiting from allowing people to defer their mortgages.
Is CMHC looking into putting pressure on the lenders that have loans that are CMHC insured not to double-end them and simply to defer the payment interest-free? If that does not occur, the person putting down the bare minimum, for example, 5%, six months ago, who has lost his or her job to COVID-19 and wishes to defer payments could possibly be in a situation where his or her loan-to-value ratio exceeds 95%, depending on when the purchase was made.