Dr. Martha O'Hagan-Luff:

That is a valid question. We can think of person A in 2006 at five times his or her salary and a 100% loan-to-value mortgage, who believed there was not a huge risk of the property market falling, and then we can take person B, who is taking out a mortgage now at 70% loan-to-value and two and a half times his or her salary; those are completely different risk profiles.