Finance committee  Perhaps in response to another question.

Finance committee  I don't quite agree. Thank you for your comments about my service. The “politics aside” reference I smirked at because, of course, I have served you, sir, as minister—

Finance committee  —and the current Liberal government as well, proudly I should say. The mortgage insurance is required by the Bank Act, so it's mandated by Parliament, not CMHC. I will say that CMHC makes a significant amount of profit, in the neighbourhood of a billion dollars or so a year, off

Finance committee  We run stress tests every year outlining a range of scenarios. We, of course, retain capital for the purposes of that, as do the other mortgage insurers. The private mortgage insurers in addition have private equity capital ahead of them. All of that is absorbed before the gover

Finance committee  Our capital is in the many billions of dollars. Right now I think we have around $16 billion in capital. There's also something called “insurance for business losses not yet recorded”. There are a couple of categories, but it's in the many billions of dollars.

Finance committee  Well, I don't think the taxpayers do get all the risk. By the way, in response to your prior question on mortgage insurance, we have $438 billion of that on our books, and mortgage funding or securitization is about half a trillion—$500 billion. That, by the way, has the credit

Finance committee  Five hundred billion, yes—

Finance committee  —of securitization timely payment guarantee through CMHC.

Finance committee  That would have behind it—I'm sorry to talk over you—insurance for the credit exposure.

Finance committee  Yes.

Finance committee  Thank you, Mr. Chair. I'm pleased to be here on behalf of the Canada Mortgage and Housing Corporation to update the committee on our response to the COVID-19 pandemic. I am especially pleased that my presence today is my last official act as a federal public servant. The health

Human Resources committee  We're also looking at the national housing co-investment fund and the availability of those dollars to help support additional projects. To the extent that we can help them with that pile of money, we actually expand the effectiveness of that RHI process.

Human Resources committee  As far as Quebec is concerned, we have committed $178 million out of the Canada-Quebec RHI agreement. That's $57 million for the City of Montreal, $7 million for Quebec City, and $115 million allocated under the project stream that's being administered by the Société d'habitation

Human Resources committee  Correct.

Human Resources committee  I'm happy to confirm it.