I think an insurance without a deductible is a bad idea. Banks should have to pay something if they made a bad loan. This would ensure a little more scrutiny on their part.
I also think that having to requalify on renewal of your mortgage is a very bad idea that could easily create a perfect storm of foreclosures. House values in Toronto and Vancouver could easily go down 25% or more IMHO. It would seem a very bad idea to ask people for a ton of cash money at renewal if they've made their mortgage payments like good little boys and girls. Most people will be unable to pay.
I agree w both points above ^.
I don't think the changes will be implemented until later in the year, so hopefully they have some time to get it right.
Selfishly, I want owners to have to stump up at renewal for any negative equity mortgages. I want prices to fall, but I think it would be healthier for the city in the long run.