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  Could be, although I do want to reassure committee members that we are very confident through our stress testing that we have sufficient capital on hand to absorb most foreseeable losses—any foreseeable losses.

Finance committee  Thank you for your kind remarks. By the way, I'm very proud that Romy Bowers, from inside the company, a terrific leader, will succeed me. She takes over on Monday, as announced. Basically, it's because the provinces and territories in general, in large part, were willing to sup

Finance committee  Well, we have significant imbalances in certain housing markets. I would say that, given how prices have grown ahead of economic fundamentals, there's certainly more risk of downside than risk of upside in housing markets. What we've done, the principal measure right now, in ad

Finance committee  That, I'm afraid, is a question for the Government of Canada and the ministers responsible, and the advice I give them is secret.

Finance committee  I'm happy to respond to that question. I'm very sorry about this. Needless to say, at CMHC we share in the tragedy and the fact that the pandemic has made things worse for homeless people and has likely increased the number of homeless people. I don't know the number you're l