Finance committee  We have taken a good look, from a policy perspective. Internationally, there are very limited public insurers. Probably Norway would be one exception. It is guaranteed by the government but is mandated to operate in a very specific segment of the market. Where there are private i

Finance committee  I think that may be the same question that was just asked, and my answer would be no, to the extent by law, which is required--people have to have mortgage insurance--whether it's us or the private sector competitor providing it, it would be the same risk to the government.

Finance committee  Yes.

Finance committee  This is the increase for private insurers you're speaking of? You're asking...I'm sorry.

Finance committee  I think to the extent it's reflective of the growth in the overall mortgage market and the fact that any borrower who puts down less than a 20% downpayment needs to be insured...I would say whether it's insured by the private insurer or ourselves, the risk would be the same.

Finance committee  We think it's about $200 billion.

Finance committee  This is an arrangement they would have with the Department of Finance. I wouldn't be privy to those details.

Finance committee  Yes, the essence of what you've said is correct, but I'll make a few corrections to the technicalities. While the global economic downturn did not arise in Canada, it had a ripple effect in Canada. The quality of our housing market and our borrowers was strong, but the implicati

Finance committee  Certainly. We ended up purchasing to hold the mortgages that were already insured at a fee revenue to the Government of Canada. So the banks ended up with the liquidity they needed, the Government of Canada made money, and we ended up with no bigger risk than the risk we had thr

Finance committee  Could I answer that one, as odd as it may seem?

Finance committee  It goes to a technical rule with respect to what kind of capital the lenders who are the beneficiaries of our insurance policies have to set aside. Under international banking rules, if you are, as we are, a 100% government entity, you don't have to put aside any capital. In orde

Finance committee  Frankly, I don't see an increase as a result of the change in the legislation. As has been mentioned many times, really what the legislation is doing is formalizing or codifying practice today. As I said in my opening comments, because we have been in a competitive environment fo

Finance committee  Nothing.

Finance committee  Exactly.

Finance committee  Yes. A home buyer can either add it to the mortgage and amortize it over time with the mortgage, or pay it upfront.