There has been a range of policies, so I guess it's difficult to talk about any one of these policies, but in general the things that OSFI has done and some of the recent things that changed the mortgage insurance market are actually not designed to target housing. They are designed to target debt related to housing. We take an interest in it because that debt, as I said, is 80% on the balance sheets of the institutions that we regulate.
Looking at these policies through the lens of what they are doing to housing is, in my view, and probably my colleagues' view, not the lens that we tend to look at them with. We look at how they affect mortgages, not the houses, and how those mortgages then affect consumer debt, the risk profile of financial institutions, and the broader economy.
We may be talking apples and oranges here, in terms of their effect on the actual housing market relative to their effect on consumer debt or the mortgage market.