I would say there were two changes. I think the biggest change wasn't particularly in the October regulations but in the changes announced by the Superintendent of Financial Institutions in mid-November increasing the mortgage insurance premiums on loan-to-values below 80%. We compete directly with the schedule I banks, and we've competed on interest rates. The first change the minister made was that we can no longer provide refinancing on.... When a borrower comes to us and it's a refinance loan, we can no longer purchase mortgage insurance.
The double whammy—it almost makes the first one irrelevant—is that the superintendent increased the capital that mortgage insurers have to hold to two to three times a similar amount of capital that a bank has to hold. The mortgage insurers just increased all their insurance premiums, and they've increased to a point where we can no longer afford to pay those premiums. As a result, we're not competitive with the schedule I banks any longer. It has probably eliminated our ability to deliver a competitive mortgage product in the conventional space.