This is a big discussion. I'll try to make it really simple.
For the members that maybe haven't looked at this dynamic, in Canada we have a fairly vibrant private lending market. By and large, these are one-year mortgages. They are very short-term mortgages with high interest rates, typically to borrowers who do not qualify at traditional lending institutions.
There are two problems. One is the ultra-short-term nature of these loans. The second is that the funding behind them is often very flighty. It's often coming from retail investors. Many times they're leveraging a home equity line of credit to lend privately and pocket the difference.
There are some concerning dynamics there, and I do worry that we may see a bit of a liquidity issue there. That's where I'm looking first, and then we'll see where it goes.