With respect to the mortgages that are still out there, the issue is that with a longer-amortization mortgage there's very little amortization obviously in the early years; effectively, a household is just paying interest. The risk is that five years out or even 10 years out, as interest rates normalize, it is beginning a more conventional mortgage anew. In effect there has been no equity built up in the house, unless overall house prices have risen substantially over that period.
That increases the risk to the individual household, since, as you know, mortgages are repriced every five years in this country, even if you have a fixed-rate mortgage.
It has been one of the concerns that low debt servicing costs today, with longer-amortization mortgages, do not necessarily mean low debt servicing costs tomorrow. In fact, they likely imply higher debt servicing costs tomorrow. This is one of the risks in the structure of household debt; you're right.