Hi Andrew from Toronto. You point is well taken and, I have more questions. Please keep this conversation going. Let's suppose that the mortgage originated by HC are more or less solid and ignore these faulty applications by those 45 mortgage brokers.  These mortgages are backed by GIC certificate. ( I understand these guys at HC are leverage 30/1). Another fact is that Canadians paying an arm and leg for shelters' services, left with nothing to save for rainy days. In fact most are swimming into debts(-ve saving rate) Could this be a case of where the reality is starting to creep up and that there will be less and less savings to back up these mortgages? Could this be that people are withdrawing their savings to cover for life expenses or try to protect the little they have? Boy, we have a bigger problem then. Never mind the fraud. Let's not forget, Canada has been flagged all over the world for being over leveraged. So international savers will come to save us.