That's where Mr. Butt and I may differ here. Actually I would agree with him that if indeed a mortgage is high, and that's the reason why a co-op is trying to get out of it, to refinance it at a lower rate, somebody is going to have to carry that difference, and I respect that. If it's a closed mortgage, that's a business arrangement and it has to be respected. But in the case where the mortgage rate is low and CMHC could reinvest it at the same or even higher money, therefore the primary lender, whoever the bondholder is, is not affected, all it would need is a directive from the government to do that, correct?
On July 26th, 2012. See this statement in context.