My read on all this data;

You will meet a tall dark stranger...in Dec 2017.
She will have a "BMO" briefcase full of US$$ and a Russian accent....
follow her...she will lead you to Connecticut.....its a high risk reward strategy.

What about the possibility of a rate induced housing correction affecting the book value of all those 
mortgages ??
Maybe they have all this sold off somehow or hedged...but I am not convinced CMHC etc will bail them out 100%
I also find they have been "Trumpflated" ++ and still mostly doing business in a terrible economy...ours.