We've done our own “back of the napkin” math on this as well. A lot of times people talk about the maximum purchase price, but to do that you have to assume that a household is making exactly $120,000. That number comes in somewhere around $550,000 for a home. The average family with, let's say, $75,000 is probably looking to potentially be able to purchase a home worth $340,000 to $350,000.
The concern for us is not even necessarily that. Home prices are already out of reach of what the program mathematically allows you to attain. It's generally that most of the folks who would qualify under the program would have qualified for an insured mortgage anyway, and they actually would have qualified to borrow a little more than this program allows them to. Therefore, not only are you restricted in your purchasing power through the already reasonably strict regulatory environment under B-20, but if you take part in this program, your purchasing power is actually reduced even further, all things being equal.
Incomes don't necessarily match home values across the country, as you will know intuitively. There are certain areas of the country where I don't think it's going to have very much application at all, and there are some areas where there are probably more families that would qualify. However, even in those regions we're pretty skeptical about the level of take-up that's going to occur.