Finance committee  I might have guessed that was the source of the quote. I think in that particular quote, if I caught the first part right, he's talking about a scenario under lender risk sharing? Is that correct?

Finance committee  I would start by saying that lender risk sharing is a concept out for consultation right now. What Mr. Mauris is doing is forecasting how a lender risk-sharing program would eventually be priced into the market, and I don't think that's a given at this stage.

Finance committee  Yes, and I don't agree with that. I'm happy to have an offline conversation to understand how he's connecting the ability to refinance with the recent policy changes, because I'm missing how he's making that connection. But with respect to lender risk sharing, which I understand

Finance committee  Pricing decisions belong to the lender. We don't set prices. We set capital requirements, and if lenders and insurers choose to pass the capital requirements on to consumers in the form of higher prices, that's a business decision and not a regulatory decision. I think Mr. Maur

Finance committee  I don't have any particular data around individual institutions' liquidity. One of the things that we're tracking both at the bank and OSFI is the proportion of mortgages that are secured through us, whether or not the originators of mortgages hold the mortgage on their balance s

Finance committee  Is your question specifically around the availability of funding for mortgages when you mention liquidity?

Finance committee  If there's a sudden sharp rise in interest rates, which I think is a genuine risk, whether you live in Kelowna or the greater Toronto or greater Vancouver region, the cost of your mortgage payment will go up because interest rate policies aren't regional. If you have entered that

Finance committee  I would come back to the first question this afternoon from Mr. Sorbara, about what we worry about. I'm a regulator. I get paid to worry. But my biggest worry is that we keep thinking the history is what will happen in the future, and we get complacent. We get asked that question

Finance committee  There has been a range of policies, so I guess it's difficult to talk about any one of these policies, but in general the things that OSFI has done and some of the recent things that changed the mortgage insurance market are actually not designed to target housing. They are desig

Finance committee  I think I can give a short answer. The underwriting requirements that most banks have in place look for the down payment not to be in the form of debt. If it isn't a form of debt, then that debt gets factored into the overall debt service ratio, and these are the measures that we

Finance committee  Our role at OSFI is to give advice relative to our mandate, which is the protection of depositors and policy holders—the stability of banks, basically. We talked to the Department of Finance about a narrow slice of the many policy considerations that somebody in their chair needs

Finance committee  As I said in my opening remarks, each of us here today has a very distinct mandate and a role to play in the financial sector, but we work very closely. There are a number of committees, some of which are actually empowered in legislation, through which we share information. We a

Finance committee  Do we pay close attention to that? Yes, absolutely. The letter that I mentioned in my opening remarks included comments on exactly that issue, reminding lenders that it's very important to be diligent about assessing a borrower's capacity to repay, and particularly where that cap

Finance committee  In my last job, I was in British Columbia. We were looking at this question in earnest a year or so ago. We determined that about the closest thing to a source of information that would give you this information is the real estate sector. They'll track through their contracts of

Finance committee  Thank you for your question, and I apologize that I must answer it in English. I'm actually not going to answer it, really, because I don't think I have appropriate data. I don't think that's a piece of information that our office would necessarily gather.