Mr. McKay, I do not know the exact number. It has been quite low with the economy being strong for the past few years, so the default rate has not been high. That area, though, historically does represent a level of risk in Canada. When you go back over the past 30 years, there have probably been five declines in prices, significant declines probably in the 20% to 30% range. Part of the mortgage insurance coverage is covering that long-term macro risk that happens.
On February 19th, 2007. See this statement in context.