Mr. Speaker, I would also like to congratulate my colleague on his first speech in the House. I look forward to working with him on the finance committee in the months and years to come.
We heard very clearly from officials that people who want a mortgage and do not have more than 20% as a down payment, they have to have insurance on their mortgage. Therefore, if we want people to have the ability to buy houses in this country, there has to be insurance to backstop them. In this case, the Canadian government is actually making money from that process.
We have had a system in place with both private insurers and CMHC working to fill that need in the marketplace. I would like the member to address why that is actually a really good system and why it would be very difficult if we were not able to do that to enable people to buy homes.