This is anecdotal, but what we've observed is that as the mortgage insurance rules have tightened, more and more borrowers are being forced into what we would call the private banking space, not necessarily unregulated because there are the MFCs that are in a way regulated, but really into private banking.
What that means is that they're obtaining a first mortgage up to 80% loan-to-value that isn't insured and that then doesn't require the 25-year amortization or the interest rate stress test. They are going to a private lender to obtain another 10% or 15% for the remaining portion of their loan. That will be at a higher cost, but it's still reasonable to the consumer because it's the only way they can now afford a home.
Our view is that those borrowers represent good-quality borrowers who we were insuring all day long before the change. They are now being forced into this more expensive option simply because the interest rate stress test is very severe, and in our view, too severe.