Thanks very much, Chair.
Thanks to all of our witnesses today. I found your testimony very insightful and I have learned a lot. Thank you.
First of all, I just want to circle back to you, Mr. Levings. I'll start with you as I believe it was you who was speaking about this earlier.
What I've heard from the two of you today is that the primary risk for defaults is driven by the unemployment rate. Is that correct?