Those buyers paid hefty premiums for CMHC Insurance.  What makes you think the insurance premiums aren't high enough to cover any defaults?  Are you aware that CMHC raised their premiums in March of 2017 and the Federal Government scooped $3Billion out of CMHC?  CMHC has never previously has to go to taxpayers to fund defaults.  What makes you think they will have to in the future?  Show me the facts?