Yes. The expectation at the time of the mortgage insurers was that this would be a niche product and that the underwriting standards would be consistent with a 25-year amortization mortgage. In other words, the individuals who qualified for a 40-year-long amortization mortgage would also have qualified for a 25-year amortization mortgage.
By and large, that second bit has been true. So I would contrast the subprime component of the American market on the eve of their crisis with a very low “subprime” component of the Canadian mortgage stock as it stands—