Finance committee  Sure. Our business is focused on the residential aspect of mortgage insurance. Where there are aspects of mixed use properties that can be attributed to residential value, we clearly look for those opportunities, and within the Canadian marketplace we will also be looking for those types of opportunities.

Finance committee  How do we make sure that the uninsurable...?

Finance committee  We have a focus on the long term for the business, as well as the individual borrower and the lending community.

Finance committee  That is one factor in the equation, of course. But we have a commitment to serve communities, home buyers, across all segments of the marketplace. To circle back to Ms. Wasylycia-Leis's earlier comments, I'd like to point out that PMI has a pretty extensive record of serving underserved communities in the United States, as well as other countries, where we are long established.

Finance committee  No. We serve markets because we want to serve markets. That includes the native American markets as well. You'll see that we have extensive experience in serving the native American population with creative and innovative products. I expect that we could find ways to help in Canada as well.

Finance committee  Sure. This really addresses that cherry-picking issue as well. We think there is an opportunity to better serve these additional segments of the consumer marketplace, in particular first-time homebuyers who are self-employed, new immigrants, or those who may have some credit blemishes they're recovering from.

Finance committee  I'd like to address that question. If I understand correctly, could new competition increase the level of risk in the marketplace, and will that increase the level of risk the government has to pay out on its guarantee? Clearly, there are many safeguards in the current system today.

Finance committee  I'd like to respond to the point about a long-term commitment to the marketplace. I think you know that PMI is a participant in the Australian, New Zealand, Hong Kong, and European markets, and we don't take those decisions lightly to enter new markets. It's a significant investment in terms of capital, in terms of human resources, and in terms of management attention.

Finance committee  Good afternoon and bonjour, Mr. Chair, members of the committee. I am David Liu, vice-president of international markets of the PMI Group Inc. Founded in 1972, and based in California, the PMI Group Inc., through its operating subsidiaries, is one of the largest providers of mortgage insurance, reinsurance, and related credit enhancement products in the United States, Australia, New Zealand, Hong Kong, and throughout the European Union.