Yes, the essence of what you've said is correct, but I'll make a few corrections to the technicalities.
While the global economic downturn did not arise in Canada, it had a ripple effect in Canada. The quality of our housing market and our borrowers was strong, but the implication of the downturn was that banks didn't have the same degree of access to capital to continue to lend to qualified borrowers as they had in the past. So it was a liquidity crisis exactly as you've described. The question then became how could we assist in our role as the national housing agency.
We said to the government, by way of advice, “We have insured mortgages already with many of these lenders, so let's bring those mortgages to the broader capital market”. We have a program today that does that, and we were very successful at being able to raise money in the capital markets when ostensibly they were shut to most other issuers. But in addition, in the unique program that was introduced, that only went so far. Investors said, “While we like you only to a degree--”