I don't know if I'm wrong, but I'm not aware of any insured party throughout our entire economy that pays no premium and no deductible with respect to CMHC, except for the Canadian banks. The home buyer pays the insurance premium, and in the event of a mortgage default loss, the Canadian taxpayer insures that loss through CMHC, at no deductable to the bank. When I buy a home and I pay that CMHC premium, it doesn't insure me at all. It doesn't give me anything. In fact, if I lose my house because I default on my mortgage and there's a loss on the liquidation of my home, the insurance is there for the bank. The effect of this is that 100% of the profit of each mortgage issued in Canada goes to the bank or the lender, and 100% of the risk for CMHC-backed mortgages goes to the taxpayer.
Do you consider that it is possibly a perverse incentive for lending that the lender gets all the profit and the taxpayer gets all the risk?