Yes, I would agree with the essence of what Mr. Levings has indicated.
I would point out, sir, that the RMBS market is still in its relative infancy. We have seen a variety of RMBS issuances. We think that's going to continue to grow and develop, albeit not perhaps at the pace the industry would want to see it develop at.
The other comment I would make around five-year terms for first-time homebuyers is that there's a general a belief that if you're working you're going to get promoted once or twice in the next five years and there will to be certain lifestyle implications for you. You may inherit money or whatever the case may be. At the end of five years, economically, the borrowers are going to be further advantaged as it relates to transferring or renewing their mortgage versus being locked in for that seven- to ten-year period.
The longer the term, the better it is for the mortgage insurance from a default point of view.