Thank you.
I'm going to continue discussing some of the mortgage related parts we've already begun today. When it comes to housing, Canadians don't choose to be heavily in debt from mortgages. They participate in the market they live in, and the price is the price. We know that in many centres the prices are very high, and if a person is going to own their own home they must take on these large debts.
I want to make a comment about a point, Governor, that you spoke about, the trade-off between a consumer choosing to pay the insurance fee for a high-ratio mortgage as opposed to putting the additional money down. I've been a mortgage broker for over 20 years. When a borrower is confronted with the choice between a lower interest rate, paying an insurance fee that's amortized over the life of the mortgage, and the option, then, to put less money down, almost every borrower chooses the lower down payment. That's just a human nature type of decision that most people will make. This business about perverse incentives, I think, maybe ought to be a concern over what behaviours are being encouraged.