Yes, you've nailed it bang on. Unfortunately these changes make it much more difficult for our monoline lenders, the lenders who actually develop and keep a competitive landscape. There's an inability to refinance, or if they can refinance, they have to do it at a substantially higher cost now. The biggest impact we see is the suspension of the ability to insure a portfolio. I can give you an example of what's happened because of that. On the secondary financing space, what we call the all-day mortgage space, so, second mortgages, private lenders, and mortgage investment corporations, three or four years ago about 3% of our overall national volume was done through these channels, and today it's 12%. It's growing very quickly. We're making it more difficult for Canadians. Our kids are out there just trying to retire some of that high-interest credit card debt. That's usually what they're refinancing their home for, or to maybe help their child go to university. They are actually going to secondary finance sources at rates or 8%, 10%, or 12%. It's actually costing them much more.
On February 8th, 2017. See this statement in context.