I would echo almost all of that sentiment.
I think we heard from CMHC on Monday that of the 165% debt-to-income ratio, 73% of that was actually mortgage debt. The rest of it must be change, and that is tied to not great assets.
If that's the case, mortgage debt is almost a forced savings plan for a good number of Canadians. Therefore, making it more difficult for folks to start to build an asset base by virtue of their first-time purchase is detrimental to the whole Canadian economy.
The other thing I would very quickly address, if I can, because you made mention that the Canadian backstop on the mortgage should be an insurance program, is that our financial system is probably the best regulated in the world. We have oversight of the lenders and we have oversight of the insurers who are insuring those lenders. Bankruptcies need to occur long before the Canadian taxpayer is really exposed to any liability there.
I think those are very far entailed issues for us to consider.