I'll question Mr. MacKenzie first.
Mr. MacKenzie, we've heard a lot of testimony here at committee arguing that many owners of households may appear to be stable because of their accumulated home equity, but in practice they could be short on liquidity, and they're vulnerable to refinancing challenges and rising mortgage payments when they refinance, as well as the cost of insurance, taxes and maintenance.
My question for you today is this: Are you seeing more homeowners who are asset rich but cash poor? I thought that was always a farming term, but I guess it's spread to home ownership as well.
What specific mortgage market changes, whether around underwriting, refinancing flexibility or product design, would you recommend to help stabilize these issues?