Mr. Gary Tobin:

I can see where the Senator is coming from. I will divide this issue into two. We have the current mortgage holder and then we have the future mortgage holder. We are not convinced this Bill will necessarily do very much for current mortgage holders. The reality is that if institutions cannot sell non-performing loans then the Central Bank and the regulators are still going to insist that they address those loans. One of the ways those loans could be addressed is by repossession. It is a plausible scenario that in a situation where loans cannot be sold we could see an increase in repossessions. Similar to Mr. Sibley, I do not have a crystal ball and I am not trying to predict the future. I am just trying to give an honest opinion of what might happen.