It is apparent to me that if CMHC and other mortgage insurance providers have felt the need to increase premiums on their insurance products, only to see the CMHC have too much capital for their payout requirements, that more oversight is required in determining how much premiums should cost. I realize that the CMHC is back-stopped by the Federal government, and thereby funded by taxpayers, but it's a bit of a stretch to call these payments a "special dividend". How about calling it a reappropriation of capital from home buyers - and ones that are generally less financially capable to afford it - to a government institution that seeks to create new income streams.
I would prefer to see an adjustment made to the exhorbitent premiums charged for high ratio mortgages to provide some relief for lower income and first time home buyers instead of what feels to me as another tax.