Yes, I think that's broadly correct.
Mortgage debt is correlated to the value of your house. When you go for an uninsured mortgage loan, you cannot take out a loan that is larger than 80% of the value of the house. If you want to purchase mortgage insurance, you can get to a 90% loan-to-value ratio, or even as high as 95% for homes under $500,000.
The mortgage credit—and this is one of the strengths of our financial system—is the sound underwriting criteria that lenders apply to mortgage loans. That mortgage debt is increasing, but so is the value of the housing assets—or historically, they have increased—so there's a correlation there.