That's a fair point. I do want to thank Mr. Routledge because he has actually been offering direct answers to the questions.
So if ultimately you have one per cent net equity in your house and house prices go back just to 2020 levels—we're just talking about going back to where they were a couple of years ago—and prices drop by 25% then, you're 24 percentage points under water on your mortgage.
Now, if you can't make your mortgage payments because you're on a variable rate mortgage—and you've just acknowledged that half of new mortgages are variable—and you default, then you hand your house over to the bank in a 24% loss position, and the bank hands the bill over to Ms. Bowers over at CMHC, who then passes it on to taxpayers in the form of mortgage insurance payment. That is the risk we're facing now.
I want to know what immediate action you're taking, Mr. Routledge, to address the—