Yes, I can. You're right. We are looking already at the idea of refinancing before the actual government programs and mortgages come to an end, but we are facing a hurdle. Most of the co-ops we're looking at are actually financed through the direct lending program of the Government of Canada, through CMHC. Those are for fixed terms. They're closed terms. Any mortgage holder in the room will know what a closed mortgage term is. That's what applies to these housing co-ops.
The problem is that when they want to get out of these loans to refinance them and rebundle them with additional debt, what they're being told is that all of the interest that will be due to the remainder of the term—even if there are four years left on the term—is due and payable, which is, of course, completely unsustainable and completely unreasonable.
We're not saying that CMHC shouldn't be entitled to some penalty for its pains, but if you're telling me that CMHC can't take.... It talks about obligations on the other side, to bond holders through the crown borrowing facility. If you're telling me that CMHC can't find a way to get the return it needs to get—which is below 2% right now—for the remainder of that term through reinvesting, then I'm going to say you're not being serious.
There are ways CMHC could manage its money, manage its financing, and manage the program where it would not need to lose that kind of.... It's saying it will have to keep paying the bond holders, therefore it has to keep charging the full interest. We're saying find another way to pay the bond holders. If you get $1 million back on a prepayment, fantastic.