This article gives me pause, does Steve Mennill understand the changes CMHC made to portfolio insurance and refinancing mortgages. The drop in revenue is because CMHC and the government no longer allow refinancing utilizing portfolio insurance. That is it. The business is not coming back unless CMHC changes its' guidelines. Whether the change was good for Canadians and CMHC or bad is a long involved discussion,  But the fact the VP for insurance does not know why their revenue dropped is both telling and amazing. .