CM is exposed a bit more to housing in general, but nothing is that much different than other banks. As one of the smaller banks it often gets discounted, and it did run into serious financial trouble in the early 1990s. OFSI is releasing new mortgage stress rules later this year and this could impact banks' capital requirements. CIBC does have $50B in negative amortization mortgages (as of July 31). But at 7X earnings with a 7.05% dividend these risks are at least partially priced in. We would expect it to move with the other banks in a rally, if we ever get one in the sector.
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