I have a couple of observations, Mr. Maloway.
First of all, again, we have to be really, really careful not to conflate what's happening south of the border with what's happening in Canada. I do think that south of the border we saw a lot of underwriting problems and loose practices, and those have come back to haunt us.
In Canada, by contrast, we've always prided ourselves—and this has been the fact—that we are very prudent, careful lenders. And, quite frankly, Canadians are very, very careful borrowers; they pay back. Our lending standards, our credit adjudication, has not changed. As a result, we see in the Canadian marketplace a very solid, very secure set of mortgage conditions. We haven't had the problems of the United States—not even close. So when the cycle turns—and of course there is a business cycle, as you know—the strength of our system is that we remain prudent lenders. We don't change our credit standards.
Now, we have to take into account the much higher risk out there, and we have to be extra careful. But it's not a case of “slack before“ and “careful now”. I think the strength of the Canadian system going into this crisis is evidence of that.